Dynamics of Demand of index insurance
保险监管英语
保险监管英语Insurance RegulationThe financial industry has undergone significant transformations in recent years, with increased complexity and interconnectedness posing new challenges for regulators. One of the critical areas within this landscape is the insurance sector, which plays a pivotal role in the overall financial stability and risk management of modern economies. Effective insurance regulation has become increasingly crucial in ensuring the solvency and resilience of insurance companies, protecting consumers, and maintaining the integrity of the financial system.The primary objective of insurance regulation is to safeguard policyholders and ensure the stability and soundness of the insurance industry. This is achieved through a multifaceted approach that encompasses various aspects of insurance operations, such as capital requirements, risk management practices, consumer protection measures, and market conduct oversight. Regulators strive to strike a delicate balance between fostering a competitive and innovative insurance market while upholding robust prudential standards and consumer safeguards.One of the fundamental aspects of insurance regulation is the establishment of capital adequacy requirements. Insurance companies are required to maintain a certain level of capital reserves to ensure their ability to meet their contractual obligations to policyholders. These capital requirements are typically based on the nature and complexity of the risks underwritten by the insurer, taking into account factors such as the types of insurance products offered, the diversification of the insurer's portfolio, and the overall risk profile of the company. Regulators closely monitor the capital position of insurance companies and intervene when necessary to address any potential solvency concerns.Risk management practices are another critical area of insurance regulation. Insurers are expected to have robust risk management frameworks in place to identify, measure, and mitigate the various risks they face, including underwriting risks, investment risks, and operational risks. Regulators may require insurers to adopt specific risk management techniques, such as stress testing and scenario analysis, to assess their resilience to adverse events and ensure the appropriate management of their risk exposures.Consumer protection is a fundamental pillar of insurance regulation. Regulators strive to ensure that insurance products are designed and marketed in a transparent and fair manner, with clear disclosure ofrelevant information to consumers. This includes requirements for insurers to provide clear and comprehensive policy documentation, adhere to fair pricing practices, and handle claims and complaints in a timely and efficient manner. Regulators may also establish guidelines for the distribution and marketing of insurance products, aiming to prevent misselling and protect the interests of policyholders.In addition to prudential regulations, insurance regulators also oversee the market conduct of insurers. This includes monitoring compliance with rules and regulations governing sales practices, conflict of interest management, and the treatment of customers. Regulators may impose restrictions or sanctions on insurers that engage in unfair or deceptive practices, with the goal of maintaining the integrity and public trust in the insurance industry.The regulatory landscape for the insurance sector has become increasingly complex, with the emergence of new risks, such as cyber threats, climate-related risks, and the growing influence of technology-driven innovations. Regulators must keep pace with these evolving challenges and adapt their supervisory frameworks accordingly. This often involves collaboration with other financial regulators, both domestically and internationally, to ensure a coordinated and comprehensive approach to insurance regulation.Moreover, the insurance industry itself is subject to ongoing transformation, with the advent of new business models, distribution channels, and product innovations. Regulators must strike a balance between fostering innovation and maintaining appropriate safeguards, ensuring that the regulatory framework remains responsive to the changing dynamics of the insurance market.In conclusion, effective insurance regulation is crucial for the stability and resilience of the financial system. By establishing robust prudential standards, consumer protection measures, and market conduct oversight, regulators play a vital role in safeguarding policyholders, promoting industry soundness, and maintaining public trust in the insurance sector. As the insurance landscape continues to evolve, regulators must remain vigilant, adaptable, and collaborative to address the emerging challenges and maintain a well-regulated and resilient insurance industry.。
保险经济学术语英文
保险经济学术语英文Insurance Economics TerminologyActuarial Science: The study of the mathematical and statistical analysis of risk, particularly in the insurance and finance industries.Adverse Selection: The tendency of individuals with a higher risk profile to be more likely to purchase insurance, leading to an imbalance in the insurance pool.Annuity: A series of periodic payments made to an individual for a fixed period or for life, often used as a retirement income product.Arbitrage: The practice of taking advantage of a price difference between two or more markets, with the goal of making a profit.Asset-Liability Management (ALM): The process of managing the balance between an organization's assets and liabilities to ensure that it can meet its financial obligations.Basis Risk: The risk that the value of a hedging instrument does not perfectly offset the value of the underlying exposure, leading to potential losses.Behavioral Economics: The study of how psychological, cognitive, and emotional factors influence economic decision-making.Catastrophe Bond (Cat Bond): A type of insurance-linked security that transfers the risk of catastrophic events, such as natural disasters, to the capital markets.Coinsurance: A cost-sharing arrangement in insurance where the policyholder and the insurer both pay a portion of the covered expenses.Deductible: The amount that the policyholder must pay out-of-pocket before the insurance company begins to cover the remaining costs.Diversification: The practice of investing in a variety of assets to reduce the overall risk of a portfolio.Endowment: A sum of money or other financial assets that are donated to an institution, such as a university or charity, to provide a permanent source of income.Equity-Linked Insurance: A type of life insurance product that combines traditional life insurance with investment in equity markets.Hedging: The practice of taking an offsetting positionin a related asset to mitigate the risk of adverse price movements.Indemnity: The compensation paid by an insurance company to a policyholder for a covered loss or damage.Insurable Interest: The requirement that an individual or entity must have a legitimate financial interest in the subject of an insurance policy in order to purchase it.Moral Hazard: The tendency of individuals to engage in riskier behavior when they are protected from the consequences of their actions, such as through insurance coverage.Pension: A regular payment made to a person, typically by an employer or the government, upon retirement or after a period of service.Reinsurance: The practice of insurers transferring portions of their risk portfolios to other insurancecompanies to reduce the likelihood of having to pay a large claim.Risk Aversion: The tendency of individuals to prefer a guaranteed, lower-return option over a higher-risk, higher-return option.Securitization: The process of converting illiquid assets, such as loans or mortgages, into tradablesecurities that can be sold to investors.保险经济学术语精算学: 研究风险的数学和统计分析,尤其是在保险和金融行业。
供应与需求概念 英语解释
供应与需求概念英语解释The Concept of Supply and Demand: An English ExplanationThe fundamental economic principles of supply and demand are essential for understanding the dynamics of any market. These principles govern the relationship between the availability of a good or service and the desire of consumers to acquire it. In this essay, we will explore the concept of supply and demand, its underlying factors, and the implications it has on the functioning of markets.Supply refers to the quantity of a good or service that producers are willing and able to sell at various prices during a given period. The supply of a product is influenced by several factors, including the cost of production, the number of producers in the market, the availability of resources, and the level of technology. As the price of a product increases, the quantity supplied also rises, as producers are incentivized to increase production to capitalize on the higher prices. Conversely, as the price decreases, the quantity supplied declines, as producers find it less profitable to maintain the same level of production.On the other hand, demand refers to the quantity of a good orservice that consumers are willing and able to purchase at various prices during a given period. The demand for a product is influenced by factors such as the price of the product, the income of consumers, the prices of related goods, and consumer preferences. As the price of a product decreases, the quantity demanded increases, as consumers are more inclined to purchase the product. Conversely, as the price increases, the quantity demanded decreases, as consumers become less willing to pay the higher price.The interaction between supply and demand is the foundation of the market mechanism. The equilibrium price of a product is determined by the point where the quantity supplied and the quantity demanded are equal. At this point, the market is in a state of equilibrium, and there is no tendency for the price to change. If the price is above the equilibrium level, there will be a surplus of the product, as the quantity supplied exceeds the quantity demanded. This will lead to downward pressure on the price, as producers compete to sell their excess inventory. Conversely, if the price is below the equilibrium level, there will be a shortage of the product, as the quantity demanded exceeds the quantity supplied. This will lead to upward pressure on the price, as consumers compete to acquire the limited supply.The concept of supply and demand also has important implications for the allocation of resources in an economy. In a market-basedeconomy, the prices of goods and services serve as signals to producers and consumers, guiding the allocation of resources to the most valued uses. Producers will allocate their resources to the production of goods and services that are in high demand and can be sold at profitable prices, while consumers will allocate their limited resources to the purchase of the goods and services that provide the greatest utility.Furthermore, the concept of supply and demand can be applied to various markets, including the labor market. In the labor market, the supply of labor is determined by the number of people willing and able to work, while the demand for labor is determined by the need for workers to produce goods and services. The equilibrium wage rate is determined by the interaction of the supply and demand for labor, and this wage rate serves as a signal to guide the allocation of labor resources in the economy.In conclusion, the concept of supply and demand is a fundamental principle of economics that governs the functioning of markets. It explains the relationship between the availability of a good or service and the desire of consumers to acquire it, and it has important implications for the allocation of resources in an economy. Understanding the principles of supply and demand is essential for anyone seeking to understand the dynamics of markets and the broader economic landscape.。
竞争性对抗与竞争动态概论
引导案例
破坏性创新：战胜竞争对手的法宝
举例： • 施乐受到了来自佳能的破坏性创新。 • 苹果的iPhone破坏了整个移动电话和 个人电脑市场，创造出了智能手机市 场。 • 随着iPad不断改进它的图像功能，游 戏平台硬件制造商和软件制造商开始 感受到了威胁。
OPENING CASE
DISRUPTIVE INNOVATION: WINNING RIVALRY BATTLES AGAINST COMPETITORS
• OPENING CASE
• 开篇案例及启示
OPENING CASE
P119
DISRUPTIVE INNOVATION: WINNING RIVALRY BATTLES AGAINST COMPETITORS • Clayton Christensen, a Harvard professor and author of The Innovator’s Dilemma, defines “disruptive innovation” as: • “an innovation that makes it so much simpler and so much more affordable to own and use a product that a whole new population of people can now have one. • 《创新的困境》的作者哈佛教授克莱顿· 克里斯坦
which can be subdivided into (segments)
I.e., Financial industry
Examples from text (p. 123)
Industry Financial Market Market Segment Product Segment
保险专业英语(单词+简单问题)(主要应对面试)
1.再保险reinsurance2.投保人applicant3.保险人insurer4.被保险人insured5.受益人beneficiary6.暂保单cover note7.保险单policy of insurance8.投保单proposal form9.保单certificate of insurance10.批单rider11.简易保单（保险凭证）the slip12.除外条款clause of exceptions13.免赔额条款deductible clause14.共保条款coinsurance clause15.责任条款duty clause16.代位求偿条款subrogation clause17.偿付能力insolvency18.监管regulate19.欺骗性的deceptive20.保费prepium21.投机speculate22.投保to propose23.保险利益insurable interest24.人寿保单life assurance policy25.债权人creditor26.债务人debtor27.定期保单time policy28.养老保险、年金保险annuities insurance29.交税延期tax-postpone30.巨灾catastrophe31.欺诈行为fraud32.养老基金pension fund33.保险责任coverage34.保险密度insurance density35.保险深度insurance penetration36.遗产heritage37.准备金reserves38.禁止反言estoppel39.弃权waiver40.解除合同dissolution of contract41.保单现金价值cash value42.不可抗辩条款incontestable clause43.年龄误告条款misstatement of age44.宽限期条款grace period provision45.复效条款reinstatement provision46.自杀条款suicide clause47.不丧失价值条款non-forfeiture values and options48.保单贷款条款policy loan clause49.自动垫缴保费条款automatic premium loan clause50.保险金给付任选条款settlement options51.定期寿险term life insurance52.终身寿险whole life insurance52.生存保险pure endownment insurance53.两全保险endowment insurance54.分红保险participating life insurance55.万能寿险universal life insurance56.投资连结保险unit-link life insurance57.健康保险health insurance58.疾病保险disease insurance59.医疗保险medical insurance60.失能收入损失保险disability income insurance61.长期护理保险long-term care insurance62.意外伤害保险accidental insurance63.等于equal to64.乘以multiply by65.除以divide66.加上plus67.减去minus68.人身保险personal insurance69.团体人身保险group personal insurance70.机动车辆保险automobile insurance71.家庭财产保险insurance of contents71.企业火灾保险fire insurance72.企业工程保险engineering insurance73.建筑工程保险construction insurance74.安装工程保险erection insurance75.货物运输保险cargo transportation insurance76.利润损失险loss of profit insurance77.1.what’s the definition of risk?risk means uncertainty about future loss or the ability to predict the occurrence or size of a loss.2.what’re the types of risks?pure risk and speculative risk1).pure risk means that the risk can only suffer loss and have no chance to gain benefit.2).speculative risk means that the risk is able to gain benefit while suffering loss.3.what are the ways of handing risks?1).risk avoidance2).risk dispersal3).loss control4).risk restraining5).risk retention6).risk transfer4.what’re the kinds of hazards?1).physical hazards2).adverse selection3).moral hazard4).psychological hazard5.what’re the differenes among risk,peril and hazard?1).a peril is a cause of a loss.2).a hazard is a condition that may creat or increase the chance of a loss due to a given peril.3).a risk is used to indicate a condition that there is a possibility of loss.6.what’s the definition of insurance?1).from the perspective of the legal,insurance is a kind of contract.2).from the perspective of the economy,insurance is a system of transfering risk.3).from the perspective of the society,insurance is a kind of behavior that helps each other.7.what’re the social functions of insurance?1).spreading out risks2).compensating for loss3).investment and providing for a better utilization of capital4).social management8.what are the characteristics of insurance?1).from the perspective of the legal,insurance is legal.2).from the perspective of the economy,insurance is commercial.3).from the perspective of the society,insurance is helpful.9.what are the differences between the commercialinsurance and the social insurance?1).the applicant who buy a commercial insurance is volunteer,but the social insurance is bought by a compulsive way.2).the premium of the commercial insurance is paid by the applicant only,but the premium of the social insurance is paid by the applicant,the company that the applicant work in and the government.10.what are the categories of insurance?1).life insurance2).health insurance3).accidental insurance4).properity insurance5).liability insurance6).credit insurance11.what’s the definition of reinsurance?reinsurance is an economical behavior caused by the insurer to transfering risk,because the insurer concerns the loss will have a bad effect on the stability of company.12.what’s the definition of deductive clause?insurance proceeds are payable only after theinsured has paid a certain amount of the loss.13. what’s the definition of coinsurance clause?coinsurance clause is used by judging if the sum of money compared with the insurance benefit is enough in property insurance,for example,there is an 80% coinsurance clause,if the sum of insurance has become 80% of the insurance benefit,the insurer will regard it as an enough sum proposal.14. what’s the definition of duty clause?the parties to an insurance contract are obligated to perform the duties imposed by the contract.15. what’s the definition of subrogation clause?if an insurance company pays a claim to an insured for liability or property damage caused by a third party,the insurer succeeds to the right of the insured to recover from a third party.16.what’s the definition of insurance contract?insurance contract is an agreement which stipulates rights and obligations of applicants and insurers. 17.what’s the definition of the principle of insurance interest?insurance interest clause means that the applicantand the insured must have interest of subject-matter insured.18.how to affirm the insurance interest in the property insurance?if a person has some rights of one thing,such as ownership,rights of possession,right to use,creditor’s rights and so on,the person has the insurance interest of the thing.19.what’re the significances of the principle of insurance interest ?1).to prevent the behavior of gamble2).to prevent moral risk3).to limit the highest sum of money that the insurer pays to the insured20.what’s the definition of the principle of utmost good faith?the principle of utmost good faith means that the two parties of the contract should told the other all important details which can affect the insurer whether to accept a insurance and to increase the premium ,and they can’t do any spurious behavior. 21.what’s the definition of the obligation of notification?the two parties of the contract should notify the other all important details in written form or by verbal way before signing the contract .22.what’s the applicant’s obligation of notification? 1).before signing the contract,the applicant should answer the insurer’s questions according to the facts 2).after signing the contract and in the period of validity,if the level of risk increases,the applicant should notify the insurer.3).if the subject-matter insured has been transferred or the details of contract has been changed,the applicant should notify the insurer.4).after the peril,the applicant should notify the condition of subjet-matter insured to the insurer in time.23.what’s the definition of pledge?pledge means that the applicant should guarantee whether to do something and whether something exits or not.24.what’re the definitions of waiver and estoppel? 1).waiver means that one party of the contract notifies or indicates that he will give up certain right.2).estoppel means that if one party of the contract has given up certain right ,he couldn’t ask for the right again.25.what’s the definition of the principle of loss compensation?the principle of loss compensation means that if the peril that the contract records happens,the insured may ask for compensation from the insurer according to the contract,but the insured couldn’t gain extra benefit. 26.what’s the definition of the principle of proximate cause?the principle of proximate cause means that if a cause which makes a peril happens is in the range of insurance obligation,the insurer should compensate for the loss of the insured.27.what’s the definition of incontestable clause? incontestable clause means that if a contract has taken effect for 2 years,the insurer couldn’t relieve the contract by the reason that the insured didn’t perform the obligation of notifying.28.what’s the definition of the misstatement of age?if the applicant notifies a wrong age when heproposed the insurance,his premium or compensation money would be adjusted according to the ture age. 29.what’s the definition of the grace period provision?this provision means that even the applicant doesn’t pay the prepium,the contract is still on effect in the grace period.30.what’s the definition of the reinstatement provision?this provision means that if a policy losses efficacy because the applicant doesn’t pay the preium in time, the applicant may apply for reinstatement during a certain period.31.what’s the definition of reinstatement?reinstatement means that all the rights and oblibations recorded in the policy are maintained,such as :insurance coverage,insurance deadline,and so on. 32.what’s the definition of suicide clause?suicide clause means that the insurer pays the insured compensation due to suicide only after the policy has been on effect for 2 years.33.what’s the definition of the non-forfeiture values and options?non-forfeiture values and options means that theapplicants have rights to choose different ways to use the cash value of the policy.34.what’s the definition of the policy loan clause?policy loan clause means that the applicant may pledge his life assurance policy to the insurer to apply for a loan.35.what’s the definition of the automatic premium loan clause?automatic premium loan clause means that if one applicant couldn’t pay his premium in time,the insurer could use the cash value of the policy to replace the premium.36.what’re the types of life insurance?1).term life insuranceterm life insurance is that only if the insured’s life is end,the insurer would pay insurance money,and its term is fixed.2).whole life insurancewhole life insurance is that only if the insured’s life is end,the insurer would pay insurance money,and it’s term is the insured’s whole life.3).pure endowment insurancepure endowment insurance is that only if the insured is alive during the ruled period,the insurer could pay insurance money.4).endowment insuranceendowment insurance is that regardless of the insured is alive or dead,the insurer would pay insurance money.5).participating life insuranceparticipating life insurance is that the insurance company will allot bonus which is from last accounting year to the clients in a certain proportion.6).universal life insuranceuniversal life insurance is that its method to pay prepium is flexible and its insurance money may be adjusted.7).unit-link life insuranceunit-link life insurance protects the insured and at the same time it possesses at least one investment count which owns some property.37.what’s the definition of the annuities insurance?annuities insurance is that only if the insured is alive the insurer would pay insurance money,and thetime of paying cycle is no more than one year.38.what’s the denifition of the health insurance?health insurance is that only if the insured is ill or suffers accidents the insurer wouly pay compensation.39.what’re the types of the health insurance?1).disease insurancedisease insurance is that only if the insured gets illness which is recorded on the contract the insurer pay the insurance money.2).medical insurancemedical insurance is that only if the insured is cured by the medical behaviors which are recorded on the policy the insurer would pay the insured medical fee. 3).disability income insurancedisability income insurance is that only if the insured is no able to work because of the illness or accidents which are recorded on the policy the insurer would pay the insurance money.4).long-term care insurance40.what’s the definition of the deductible excess? w hat’s its role in insurance company?1).the insurer only undertake the part which is morethan a certain sum of money,and the part which the insurer doesn’t compensate is the deductible excess. 2).the deductible excess plays an important role in insurance company,it helps company to save much unnecessary cost and reduce moral risk.41.what’s the definition of the accidental insurance?accidental insurance is that only if the insurer is dead or disabled due to the accidents recorded on the insurance contract the insurer would pay the compensation.42.。
2010-09-13欧元区经济预测 英文版
[suggested new layout using the text of IF Sep 09]September 2010EU recovery progressing within an uncertain global environmentThe economic recovery in the EU, while still fragile, is progressing at a faster pace than previously envisaged. In particular, real GDP growth for both the EU and euro area surprised markedly on the upside in the second quarter of 2010. This strong performance stemmed from an export-driven industrial rebound, in line with the continued strong dynamics of global growth and trade in the first half of the year. Encouragingly, signs of a revival in domestic demand, including private consumption, also became evident, particularly in Germany. While a moderation of EU GDP growth in the second half of the year is still foreseen, some momentum from the second quarter should feed-through to the following quarters, lifting the previously expected quarterly profile somewhat. This improved outlook is supported, inter alia, by sentiment indicators for the EU pointing to continuing expansion of activity in the months ahead, with signs that the recovery is also broadening across sectors. However, the global economy is still expected to go through a soft patch in the second half of the year, implying a dampening effect on EU export growth. In addition, although financial-market conditions have partly recovered from the acute tensions experienced last May, the situation remains tenuous, and adverse effects on bank credit provision to the economy cannot be ruled out.Based on an update for the seven largest EU Member States focusing on growth and inflation this year, the economic outlook for the EU has been revised up from the Commission's spring 2010 forecast. Real GDP growth is now projected at 1.8% in the EU and 1.7% in the euro area in 2010. Upward revisions are reported for all seven Member States considered in this interim forecast and notably so for Germany, where the underlying dynamics appear to have gained much more strength than earlier anticipated. Notwithstanding exchange-rate developments and the recent weather-related price increases of some agro-commodities, slack in the economy, subdued wage growth and low inflation expectations are keeping inflation in check. The inflation forecasts for 2010 are broadly unchanged, with HICP inflation projected at 1.8% and 1.4% in the EU and euro area respectively.Amid continued high uncertainty, risks to the EU growth outlook remain elevated, even if they are broadly balanced.Graph 1: Softer GDP growth aheadSource: European CommissionGraph 2: Continued subdued HICP inflationSource: European Commission2Interim forecast September 2010Global recovery loosing momentumThe world economy recovered by more than expected in the first half of 2010, led by strong growth in emerging market economies, particularly in Asia. World trade also performed strongly, with trade in goods returning to pre-recession levels by mid-year. Despite some loss of momentum in the second quarter, annual growth in global trade (excl. EU) is now expected to average around 12% in 2010 in volume terms, up from about 10% in the spring forecast.Looking ahead, the global economy is set to moderate somewhat in the second half of 2010, although a 'double-dip' seems unlikely. This follows from the expected weaker support from inventory building going forward and the phasing out of stimulus measures. Leading indicators, such as the global Purchasing Managers' Index (PMI) for manufacturing, though remaining in expansion territory, have declined in recent months, suggesting that the global manufacturing cycle has peaked in the second quarter. Despite the expected soft patch, global GDP (excl. EU) is projected to grow by some 5% in 2010, up by ¼ pp. compared to the spring forecast.Graph 3: Softening global growth and trade-15-10-55100001020304050607080910113035404550556065World trade, CPB (ma3, LHS)Global PMI - manufacturing output (ma3, RHS)Source: CPB - Netherlands Bureau for Economic Policy Analysis, European CommissionThe global recovery is still expected to be uneven and is surrounded by major uncertainties. On the one hand, growth in emerging economies remainsrobust, supported by the rebound in global trade, commodity price developments and solid domestic demand. On the other hand, the recovery is still fragile in several advanced economies. While investment in equipment should continue to benefit with some lag from the increase in global demand, consumption remains constrained in these economies. Moreover, the resurfacing of global imbalances, high debt levels and lingering tensions in sovereign-debt markets are also weighing on the outlook.Financial markets affected by a retreat from riskOver the last few months, financial markets have partly recovered from the sovereign-debt crisis, though significant challenges remain in place. With concerns about the strength of the economic recovery increasing in some parts of the world, a retreat from risk has become a key determinant of financial-market developments.While sovereign-bond spreads in most European countries have narrowed somewhat since May 2010, they are still significantly above the levels seen at the beginning of the year. More recently, benchmark sovereign-bond yields have fallen to historic lows in the EU, with spreads vis-à-vis German bunds widening again in some Member States. Similarly, corporate-bond spreads have narrowed since May, but also remain substantially above their levels of early 2010. New bond issuance has resumed on the back of mostly better-than-expected corporate results. With concerns about sovereign debt receding, markets' attention has shifted from banks' solvency positions to banks' refinancing risk.Bank credit provision to the economy has come into focus over the past months. So far lending growth to households has remained very moderate in the euro area and the UK, whereas bank credit to non-financial corporations continued to shrink over the summer. The latest ECB survey provides evidence of renewed tightening of bank credit standards, at least for enterprises. The reported factors behind this are renewed constraints in banks' access to funding and liquidity management, owing to tensions in sovereign-debt markets. These developments suggest that support from the credit side to the economic recovery could materialise somewhat later than envisaged in the spring.3Interim forecast September 2010Improved prospects for the EU economyThe recovery of the EU economy gained ground in the second quarter of 2010. GDP growth picked up sharply, by 1.0% q-o-q in both regions, after growth of just 0.3% in the first quarter. This outcome was above the consensus estimate (which was 0.6% for the euro area) and the Commission's spring forecast (0.4%).While exports continued to support the recovery, expanding by a sizeable 4%, the second quarter also saw a rebalancing of growth towards domestic demand. Indeed, the contribution of private investment and consumption to GDP growth (0.6 pp. in the EU and euro area) exceeded the combined contributions of inventories and net exports (0.3 pp.). As expected in the spring, the second quarter figure also partly reflects temporary factors, such as a technical rebound in construction activity following the harsh winter.Graph 4: A rebalancing of EU growth across demandcomponents-2.5-2.0-1.5-1.0-0.50.00.51.01.507Q108Q109Q110Q1Inventories Net exportsDomestic demand (excl. inventories)GDP (q-o-q%)Source: European CommissionLooking ahead, GDP growth is set to moderate in the second half of the year. This stems from the expected softening in the global economy, along with the fading of the temporary factors that kick-started the recovery.Based on an update of the outlook for the seven largest Member States, GDP is now expected to expand by 0.5% in the EU and euro area in the third quarter, and by 0.4% and 0.3% respectively in the fourth. This represents a slight upward revisioncompared to the quarterly profile presented in the spring forecast, on account of some spill-over of the momentum from the second quarter.High-frequency indicators support the improved outlook for the EU economy. For instance, the Commission's Economic Sentiment Indicator (ESI) has recovered from the adverse impact of tensions in financial and sovereign-bond markets in May-June, to currently stand above its long-term average. Similarly, the composite PMI remains firmly in the zone that indicates expansion, despite a slight easing in August. As for sectoral patterns, the broad-based nature of the latest survey readings is also encouraging. It suggests that the expected spill-over from the export-led industrial rebound to the rest of the economy is gradually materialising.Graph 5: Brighter prospects for EU equipment investment-12-10-8-6-4-20240001020304050607080910-7-6-5-4-3-2-1012Equipment investment (LHS)Industrial confidence (ma3, RHS)*ma3=3 months moving averageSource: European CommissionFurther support to the view that the recovery is broadening can be found in data that are closely correlated with developments in private investment and consumption. For example, the degree of capacity utilisation is approaching a level (just above 80) which traditionally implies expanding equipment investment in the euro area. At the same time, the profit situation of firms has improved. On the consumption side, while disposable income remains weak, the decline in the household saving rate from its peak during the crisis, subdued inflation and stabilising labour-market conditions bode well for consumer spending in the near term.4Interim forecast September 2010Graph 6: Private consumption expanding again in the euroarea-0,9-0,6-0,30,00,30,60,91,21,51,80001020304050607080910121314151617Private consumption (LHS)Source: European CommissionGrowth forecast for the EU economy revised upFor 2010 as a whole, GDP growth is now forecast at 1.8% in the EU and 1.7% in the euro area. This represents a sizeable upward revision compared to the spring forecast (1.0% for the EU and 0.9% for the euro area), reflecting a higher carry-over from the first half of the year and the elements discussed above. However, this aggregate picture masks uneven developments across Member States, confirming the Commission's expectation of a multi-speed recovery within the EU. This is not surprising given differences in the scale of adjustment challenges and ongoing rebalancing within the EU and euro area.Inflation in the EU to remain moderateConsumer price inflation increased moderately in the first half of 2010. This upward trend reflected an increase in global commodity prices, as well as the impact of upward base effects from the food and energy components.Euro-area headline HICP inflation rose to 1.5% in the second quarter of 2010, in line with the spring forecast. Core inflation (i.e. HICP inflation excluding energy and unprocessed food) appears to have bottomed out at 0.8% in the same period, decreasing from 1.5% one year earlier. In the EU, headline inflation was 2.0% in the second quarter, 0.3 pp. higher than in the spring forecast, largely due to a surprise in the UK.Weak labour-market conditions kept wage growth subdued in the euro area in the first quarter of 2010. At the same time, annual unit-labour-cost growth was negative, reflecting improving productivity and only modest growth in compensation per employee.Looking ahead, the headline inflation rate for 2010 is expected to hold at 1.8% in the EU, while in the euro area it is marginally revised down to 1.4% (-0.1 pp. compared to the spring forecast). However, within the euro area, projected developments are somewhat divergent, with France being the only Member State with an upward revision, following increases in administered prices. Outside the euro area, inflation has been revised up, in particular in the UK on account of a stronger-than-expected pass-through to the headline inflation rate from exchange-rate and commodity-price developments, as well as due to changes in indirect taxation.Graph 7: EU underlying inflation remains subdued1.01.21.41.61.82.02.22.42.62.83.000010203040506070809106.57.07.58.08.59.09.510.0Core inflation (HICP excl. energy and unproc. food, LHS)Unemployment rate (RHS)y-o-y%% of labour force (inverted scale)Source: European CommissionDespite revisions at the Member State level, the underlying inflation trends identified in the spring forecast remain valid. The remaining slack in the economy and weak labour market conditions are expected to keep core inflation at historically low levels, while the headline rate may prove to be volatile in the second half of 2010, driven both by changes in commodity prices related to the outlook in advanced economies and base effects.Interim forecast September 2010Brighter growth outlook bodes well for the labour market and public financesIn keeping with the usual pattern – whereby labour- market developments follow those of GDP with a time lag of half a year or more – the labour-market situation has started to stabilise in recent months. The first quarter of 2010 saw job shedding ease to 0.2% q-o-q in the EU (from some 0.8% a year earlier) and come to an end in the euro area. Similarly, the unemployment rate has held steady since the spring, at 9.6% in the EU and 10.0% in the euro area.As for the outlook, survey indicators of firms' employment expectations point to moderate job creation going forward, as does the PMI employment index which crossed the 50-mark in May. Taken together with the strong upward revision to economic growth in 2010, it seems that the labour market may hold up somewhat better this year than expected at the time of the spring forecast. Nonetheless, conditions are set to remain weak, reflecting, inter alia, the partial unwinding of support measures and ongoing structural adjustment across sectors and firms. At Member State level, a continuation of the divergence observed to date in labour-market performance is also expected. Turning to public finances, additional consolidation measures taken since the publication of the spring forecast and the better-than-expected growth outlook will help improve the 2010 budgetary position in the EU and euro area.A full assessment of prospects for public finances and the labour market will be carried out in the Commission's upcoming autumn forecast.High uncertainty, but broadly balanced risks Uncertainty at the current juncture is high, with non-negligible risks to the EU growth outlook clearly evident. While these risks go in both directions, they appear broadly balanced for 2010. On the upside, the impetus from the export-led industrial rebound to private consumption could prove stronger than assumed in the baseline, as was the case in the first half of the year. The broad-based improvement in sentiment indicators of late bodes well for a similar outcome in the period ahead. Moreover, in so far as the labour market continues to surprise on the upside – as it has done for some time now – the feed-through to private consumption could be even more pronounced. The materialisation of these risks would add to the self-sustainability of the EU recovery. Likewise, the spill-over to be expected from the pick-up in activity in Germany to other Member States may materialise to a greater extent than expected at present, further strengthening the recovery.On the downside, softening global demand in the second part of 2010 – beyond that allowed for in the baseline – poses a risk for EU export growth. Second, the still relatively fragile financial-market situation remains a concern. While markets have recovered somewhat from the recent crisis, renewed turbulence in sovereign-debt markets could trigger further increases in funding costs and additional credit tightening, with adverse consequences for confidence and economic activity. A third downside risk relates to the fiscal consolidation underway in a number of Member States. This should help dissipate market concerns about fiscal sustainability, but may weigh more on domestic demand in the short term than currently envisaged. Regarding the inflation outlook, risks also appear to be broadly balanced for 2010. While strengthening activity and a weaker than previously assumed euro represent upside risks, weak labour-market conditions, as well as low inflation expectations, suggest that these pressures are likely to be offset in the near term.5Interim forecast September 2010Growth and inflation prospects in the seven largest Member States1. Germany – strong recovery becoming more broad-basedThe German economy has rebounded vigorously from the crisis, posting five consecutive quarters of robust growth since the second quarter of 2009. Despite the harsh weather conditions around the turn of 2009-10, the underlying growth momentum remained largely intact and turned out considerably stronger than projected in the Commission's spring forecast. A brisk rebound in world trade and expansionary monetary and fiscal policy were the main driving forces behind this turnaround. The initially largely export-driven recovery is increasingly becoming more broad-based with domestic demand contributing more strongly to growth in the second quarter than net exports.In the second quarter of 2010 real GDP growth culminated at over 2%, the highest quarterly rate since reunification. A particularly sharp increase in exports and a surge in construction activity – reflecting a rebound after the impact of severe winter weather and the kicking-in of public infrastructure projects as part of the fiscal stimulus – contributed to this exceptionally brisk pace. The weaker economic outlook for the US and a possible moderation of growth in Asia are likely to imply a softening of the export dynamics in the second half of the year. However, domestic demand components are set to gather further strength and to sustain a relatively lively recovery. The robust labour market which, despite the scope of the downturn, was barely affected should boost household confidence. Thus, private consumption will continue to be buoyed by falling unemployment, stronger wage growth as working hours are being extended again, still moderate inflation and fiscal relief measures. Rising capacity utilisation, low interest rates and the strong financial position of the corporate sector should support private investment activity, which will additionally be boosted by the expiry of favourable depreciation rules at the end of the year. Hence, despite some slowdown in the quarterly growth rates, real GDP is projected to grow by close to 3½% in 2010. Despite higher energy prices and a depreciation of the euro, HICP inflation has remained contained so far and is expected to accelerate only moderately in the coming months. Annual average HICP inflation is projected at just above 1.0% this year.2. Spain – temporary setback in mid-2010 Economic activity in 2010 is forecast to decline by 0.3% following a fall of3.7% in the previous year. Specifically, the first and second quarters of 2010 recorded positive quarterly growth, largely driven by temporary factors, though these positive effects will fade over the second half of the year.The VAT-rate increase which became effective on 1 July, led to a front-loading of consumption plans from the second to the first half of 2010, which seems consistent with the deterioration observed in retail sales in the third quarter. After growing significantly in the beginning of the year, car sales are also dropping sharply in the third quarter, reflecting the end of the car-scrapping schemes. Thus, private consumption is projected to contract in the second half of the year. Investment will remain weak: while the ongoing adjustment in the housing sector is projected to continue, public investment is set to fall as a result of the cut in public spending scheduled for the second half of 2010. Therefore, quarterly GDP growth is expected to record a temporary fall in the third quarter, but should turn positive in the fourth. For the year as a whole, domestic demand is set to lower GDP growth by nearly 1¼ pps.In the external sector, exports recorded better-than-expected growth at the beginning of 2010, consistent with the recovery of world demand. However, the growth contribution of net exports is expected to be close to 1 pp. compared to 2.7 pps. in 2009 as a result of an important rebound of imports in 2010, driven by a positive evolution of final demand.The inflation rate continued to increase, to 1¼% and above 1½% in the two first quarters of 2010 respectively. It is expected to rise to 1¾% at the end of the year, with an annual average of just above 1½% for 2010, on the back of higher oil prices and the VAT hike. After a significant increase in 2009, real wages are expected to stagnate in 2010,67Interim forecast September 2010following higher inflation and lower nominal wage increases included in recent agreements.Graph 8: Commission's Economic Sentiment Indicators (ESI) and components: differences from the long-term averages(last obs. Aug. 2010)-50-40-30-20-1001020ES NL IT PL FR EA UK EU DEManufacturing Services Consumers Construction Retail ESISource: European Commission3. France – gradual recovery on the back of subdued demandThe French economy has been gradually recovering from recession since the second quarter of last year. For 2009 as a whole, however, it experienced a significant decline of GDP (-2.6%), though less so than the euro area (-4.1%). This was mainly due to the absence of major domestic imbalances, relatively large economic stabilisers, the comparatively low degree of openness of the economy, combined with the limited size of the manufacturing sector, as well as the resilience of private consumption. Unlike the case in several other EU countries, there has been almost no acceleration in growth in the first half of 2010, with GDP expanding at an average quarter-on-quarter rate of 0.4%. In the second quarter of 2010, activity grew by 0.6% q-o-q. As before, domestic demand was the main driver of growth, complemented by the impact of a deceleration in destocking. In spite of the recovery in world trade and the depreciation of the euro, net trade was a drag on growth, as imports expanded strongly.The same structural features that partly shielded the French economy during the crisis will continue to contain the pace of expansion. Although business climate indicators are close to their long-termaverage, they have recently levelled off and remain below their historical recovery levels. This suggests a slowdown of economic expansion compared to the second quarter of 2010. Domestic demand is also set to grow at a moderate pace because the inventory cycle is becoming less supportive. Private consumption will mirror the weakness of disposable income and the after-effects of the car-scrapping premium. Investment growth should be limited given still large spare capacity. The still favourable developments in world trade combined with the euro depreciation are expected to have a positive but limited effect . All in all, GDP is likely to grow by 0.4% and 0.3% in the third and fourth quarter respectively, implying an annual growth rate of 1.6% for 2010 as a whole.HICP inflation reached 1.8% in the second quarter as the rise in oil prices was amplified by a base effect from last year. In 2010, inflation is set to average 1.6% while core inflation is expected to remain subdued. The high unemployment rate and the need for firms to remain competitive in an export-led recovery are likely to weigh on prices.4. Italy – exports contribute to a moderate upturnItaly's real GDP expanded by almost ½ pp. in both the first and the second quarter of 2010 and is expected to grow by 1.1% in the year as a whole. The 0.3 pp. upward revision compared with the Commission's spring 2010 forecast is explained by the better-than-anticipated growth impulse from external demand and a revised 2009 quarterly growth profile.The moderate recovery of the Italian economy is projected to be mainly driven by the industrial sector, thanks to the rebound in exports after the collapse recorded in 2009. The upturn in external demand is providing some support to investment in equipment, which also benefited from tax incentives that expired at the end of June. By contrast, investment in construction is expected to remain weak in the coming quarters. Finally, the still fragile labour-market situation is set to continue weighing on the dynamics of private consumption.As regards the quarterly profile of GDP growth, the most recent data on industrial production andInterim forecast September 2010business confidence suggest economic expansion in the third quarter of 2010 to continue at broadly the same pace as in the first two quarters of the year. The recovery is then projected to ease somewhat in the last quarter of 2010, due to the expected deceleration in global demand.The short-term outlook for the Italian economy appears subject to both upside and downside risks. On the one hand, global demand could prove stronger than anticipated, with positive spillovers also for firms' investment. On the other hand, possible renewed tensions and uncertainty in financial markets might affect economic agents' confidence.After declining markedly in 2009, HICP inflation picked up in the first half of 2010, due to the fading of favourable base effects from energy prices. In 2010 as a whole, inflation is projected to increase to 1.6% on average. This is 0.2 pp. lower than in the Commission's spring 2010 forecast, mainly because of less dynamic commodity prices.5. The Netherlands – maintaining moderate momentumThe recovery of the Dutch economy, which started in the second half of 2009, gained momentum in the first half of 2010, resulting in quarter-on-quarter GDP growth of 0.5% and 0.9% in the first and second quarter, respectively. Economic activity benefitted from a strong upswing in the inventory cycle and a rebound of investment in the second quarter, due mainly to a replacement of equipment. Although exports proved to be an important growth driver again – taking advantage of the acceleration in world trade and reflecting the sensitivity of the Dutch economy to external demand – net exports were a drag on growth, as imports posted even stronger growth in both the first and the second quarter of 2010. Private consumption showed some signs of recovery, especially in the first quarter, but this was in large part due to the low temperatures boosting households' energy consumption.The momentum of economic growth created in the second quarter is expected to continue partially in the third quarter, leading to quarter-on-quarter growth of 0.4%. With the fading of some temporary growth drivers, such as stock building, real GDP growth is expected to weaken again in the fourth quarter to 0.3% q-o-q, so that annual real GDP growth is projected to reach 1.9% in 2010. Private consumption is likely to remain subdued throughout the second half of 2010, given a strong and rapid decline in wage growth, as reflected in recent wage agreements. Additionally, limited support for private consumption is expected to stem from labour-market developments, in spite of the latter having outperformed expectations. The positive growth dynamics of investment displayed in the second quarter are likely to slow down, especially towards the end of 2010, reflecting a loss of demand momentum and a below-average capacity utilisation. Net trade is most likely to contribute to growth only moderately, given the expected softening of world-trade growth.The annual HICP inflation rate was historically low in the first half of 2010, reaching 0.4% in the second quarter. It is projected to increase in the third quarter, mainly as a result of a positive contribution of energy prices coming from a base effect. Overall, for 2010, inflation is expected to reach 1.1%.Graph 9: Uneven GDP developments across Member StatesSource: European Commission6. Poland – manufacturing sector leads the recoveryEconomic activity continued to be strong in the second quarter of 2010, with GDP growth reaching 1.1% q-o-q. The upswing was driven by a strong manufacturing sector (industrial production (s.a.) grew by 10.5% y-o-y in the second quarter of 2010)8。
英语作文动物老虎危险
英语作文动物老虎危险Title: The Perilous Predicament of Tigers: A Call for Conservation。
Tigers, majestic creatures of the wild, evoke a sense of awe and admiration. However, beneath their captivating allure lies a perilous reality: the danger they pose to both humans and ecosystems. This essay delves into the hazards associated with tigers and underscores the urgent need for conservation efforts to mitigate these dangers.First and foremost, tigers are formidable predators equipped with sharp claws, powerful jaws, and keen senses. Their predatory nature makes them a significant threat to livestock and, occasionally, humans who encroach upon their territories. Incidents of tiger attacks on humans, though relatively rare, can have devastating consequences, leading to injury and loss of life. Furthermore, the fear instilled by these attacks can perpetuate negative perceptions of tigers, fueling retaliatory killings and exacerbatinghuman-wildlife conflicts.Beyond the immediate dangers posed to human safety, the decline of tiger populations has far-reaching implications for ecosystems. As apex predators, tigers play a crucialrole in maintaining the balance of their respective habitats. By regulating prey populations, they prevent overgrazing and help preserve the health of vegetation. Moreover, their presence influences the behavior of prey species, thereby shaping the dynamics of entire ecosystems.However, rampant habitat loss and poaching have pushed tiger populations to the brink of extinction. Deforestation, driven by agricultural expansion and logging, has fragmented tiger habitats, reducing their available range and exacerbating human-tiger conflicts. Additionally, the illegal wildlife trade continues to thrive, driven by demand for tiger parts in traditional medicine and luxury goods markets. These combined threats have led to a precipitous decline in tiger numbers, with some subspecies teetering on the edge of extinction.In light of these challenges, concerted conservation efforts are imperative to safeguard both tigers and human communities. Conservation initiatives should prioritize habitat protection and restoration to ensure theavailability of suitable living spaces for tigers. This entails preserving large contiguous tracts of forest and establishing wildlife corridors to facilitate the movementof tigers between fragmented habitats. Furthermore, efforts to mitigate human-tiger conflicts are essential, involving measures such as community-based conservation programs, livestock insurance schemes, and the promotion of sustainable land-use practices.Moreover, combating poaching and illegal wildlife trade demands a multifaceted approach, encompassing law enforcement, international cooperation, and demandreduction strategies. Strengthening anti-poaching patrols, enhancing intelligence-gathering capabilities, and imposing strict penalties on wildlife traffickers are crucial stepsin curbing the illicit trade in tiger parts. Simultaneously, efforts to raise awareness and change consumer behavior are vital for reducing the demand for tiger products anddisrupting the market dynamics driving poaching.Education also plays a pivotal role in fostering a deeper appreciation for tigers and their ecological significance. By engaging local communities, schools, and the broader public, conservation organizations cancultivate a sense of stewardship towards tigers and inspire collective action to protect them. Public outreach initiatives, such as eco-tourism programs and educational workshops, can provide opportunities for people to learn about tigers and witness firsthand the beauty of their natural habitats.In conclusion, while tigers symbolize strength and grace, they also represent a complex conservation challenge fraught with peril. From the threat they pose to human safety to their pivotal role in maintaining ecosystem balance, tigers command our attention and care. By addressing the root causes of their decline and implementing effective conservation strategies, we can secure a future where tigers roam freely in the wild, enriching our world with their presence. The time to act isnow, for the fate of tigers and the health of our planet are intertwined.。
船舶英文缩写
翻译练习材料
1、被动语态英汉相比，英语多用被动语态，而汉语则少用，其愿因之一也许是汉语系意合语言，这个“被”字完全可以被“融化”掉。
此外，汉语表达被动的方式比较丰富。
下段共计14个谓语动词，竟用了13个被动语态。
As oil is found deep in the ground, its presence cannot be determined by a study of the surface. Consequently, a geological survey of the underground rocks structure must be carried out. If it is thought that the rocks in a certain area contain oil, a “drilling rig” is assembled. The most obvious part of a drilling rig is called “a derrick”. It is used to lift sections of pipe, which are lowered into the hole made by the drill. As the hole is being drilled, a steel pipe is pushed down to prevent the sides from falling in. If oil is struck, a cover is firmly fixed to the top of the pipe and the oil is allowed to escape through a series of valves.2、长句练习（1）There is nothing more disappointing to a hostess who has gone to a lot of trouble or expense than to have her guest so interested in talking politics or business with her husband that he fails to notice the flavor of the coffee, the lightness of the cake, or the attractiveness of the house, which may be her chief interest and pride.（2）Multitudes of bees used to bury themselves in the yellow blossoms of the summer squashes.This, too, was a deep satisfaction; although, when they had laden themselves with sweets, they flew away to some unknown hive, which could give back nothing in requital of what my garden had contributed.（3）Coupled with the growing quantity of information is the rapid development of technologies which enable the storage and delivery of more information with greater speed to more locations than has ever been possible before.（4）The thought that she would be separated from husband during his long and dangerous journey saddened Mrs. Brown.技巧练习段落On one of those sober and rather melancholy days，in the latter part of Autumn，when the shadows of morning and evening almost mingle together，and throw a gloom over the decline of the year，I passed several hours in rambling about Westminster Abbey.There was something congenial to the season in the mournful magnificence of the old pile；and，as I passed its threshold，seemed like stepping back into the regions of antiquity，and losing myself among the shades of former agesGlobalization and Diversity, What Do They Mean for Translators?---Speech at the Opening Ceremony of FIT Fourth Asian Translator’s ForumFirst, I want to thank you, in my own name and in the name of the FIT Executive Committee, for your kind invitation. We come from different countries. Please let me introduce my colleagues of the executive committee of FIT: Ms. Bente Christensen from Norway, Vice President of FIT; Mr. Peter Krawutschke from the U.S., Treasure of FIT; Ms. Miriam Lee from Ireland, Secretary-General of FIT; Ms. Sheryl Hinkkanen from Finland, hostess of the next FIT World Congress in 2005. I am also happy to introduce Mr. Ari Penttilä, President of the Finnish Association of Translators and Interpreters. He will also wait for you at Tampere, Finland next year. We are all thrilled to be here, in a part of the world we do not visit very often.Our profession is growing. It is growing everywhere. The demand for our services is growing in volume because of globalization, and it is also growing in the number of languages translated because of emerging economies like yours, in China. For instance, Chinese is more and more in demand in the West Coast of Canada and a brand new TV Channel aimed at the Chinese community in France just hired 14 translators from Chinese to French. I really think this is a sign of vigor and health for the profession and, considering what has been done so far in China, it is probably not the last time we see each other.Globalization is not coming. It is upon us and we see it in the news everyday. It has meant, for our profession, the creation of international providers of translation services and of a new discipline called localization. These big translation companies have also created or are using new tools which enhance the translator’s performance, sometimes for the good, som etimes not. Sometimes, the translator is torn between conflicting requirements and is not given the right conditions to do a proper professional work. That is where professional associations and FIT have a role to play. They have to set guidelines for their members and their members’ clients so that translation is carried out professionally in order to avoid errors that can sometimes be fatal. We do not say it often enough, but a mistake in, say, assembly instructions of an electric device, can be very damaging, as can be an error in the numbers of a very important financial report. Professional translation is crucial as it is the warranty of good international communications, hence efficient trade and exchanges between countries and economies. It is our role,as associations, to make the public aware of the necessity of professional translation and to fight the belief that anyone who is bilingual can be a translator. If it were so easy, we would not have created university degrees, would we?We have to do it, and we have to do it together. That is the strength of FIT. All together, we have to convey the same message of quality and professionalism, through our associations, through the regional centers and through FIT as an international body.But globalization does not mean that we have to leave out culture and diversity. UNESCO has issued a Universal Declaration on Cultural Diversity which, in the UNESCO General Secretary’s own words “aims both to preserve cultural diversity as a living, and thus renewable treasure that must not be perceived as being unchanging heritage but as a process guaranteeing the survival of humanity”.To me, diversity means first and foremost people understanding each other and exchanging. And how are they going to understand each other if not through translation and translators?Translation and translators are therefore going to be increasingly in demand in the years to come. That is why I am talking of a golden age for our profession. Never in history have we been so indispensable to trade, culture, peace, and humanity. However, translators in general are very discreet people and do not know how to market their skills. The nature of our work requires from us to render a message and disappear, so that the final reader does not realize it is a translation. We are so accustomed to disappear that we forget how indispensable we are.Just imagine one day in the world without translation. The United Nations, the World Trade Organization and all the NGOs, the transnational companies, TV channels, newspapers, etc. would all be mute. We are like the electricity in the wires and the water in the tap. They are so natural to most of us that it is only when they are unavailable that we realize how useful they are.Keep that in mind and spread the word!I want to wish you all a very fruitful and successful meeting, and thank again the Translators Association of China for their warm welcome and exquisite hospitality. Betty CohenPresident of the International Federation of Translators （FIT）直译与意译rules every achiever knowsThis might involve routine daily decisions—something as simple as skipping a favorite late-night TV show and getting to bed early, to be wide awake for a meeting the next morning. Or it might involve longer-term resolves. A young widow with three children decided to invest her insurance settlement in a college education for herself. She considered the realities of tight budget and little free time, but these seemed small sacrifices in return for the doors that a degree would open. Today she is a highly paid financial consultant.The secret of such commitment is getting past the drudgery and seeing the delight. “The fact is that many worthwhile endeavors aren’t fun,” say one syndicated radio and TV commentator. “True, all work and no play makes Johnny a dull boy. But trying to turn everything we do into play makes for terrible frustrations because life—even the most rewarding one—includes circumstances that aren’t fun at all. I like my job as a journalist. It’s personally satisfying, but it isn’t always fun.”翻译文体篇A：It has been noted with concern that the stock of books in the library has been declining alarmingly. Students are requested to remind themselves of the rules of the borrowing and returning of books, and to bear in mind the needs of other students. Penalties for overdue books will in the future be strictly enforced.B: The number of books in the library has been going down. Please make sure you know the rules for borrowing, and don’t forget that the library is for everyone’s convenience. So from now on, we’re going to enforce the rules strictly. You have been warned!本文作者是一位美国报纸专栏作家，幽默大师。
房贷利率 英语
IntroductionMortgage interest rates represent a critical component in the homebuying process, exerting a profound influence on the affordability, financial planning, and overall real estate market dynamics. These rates, which are determined by a complex interplay of economic indicators, monetary policies, and market forces, serve as the cost of borrowing for prospective homeowners, dictating the size of their monthly payments and the total amount repaid over the loan's lifespan. This comprehensive analysis delves into the multifaceted aspects of mortgage interest rates, examining their determinants, implications, and the ways in which they shape the housing landscape.I. The Determinants of Mortgage Interest RatesA. Macroeconomic Factors1. Central Bank Policies: Central banks, such as the Federal Reserve in the United States or the Bank of England in the UK, play a pivotal role in setting the benchmark interest rates through their monetary policy decisions. By adjusting short-term interest rates, central banks aim to control inflation, stimulate economic growth, or stabilize financial markets. Changes in these benchmark rates directly impact mortgage rates, as lenders often base their pricing on these benchmarks, such as the federal funds rate or the London Interbank Offered Rate (LIBOR).2. Inflation Expectations: Inflation erodes the purchasing power of money over time, and lenders compensate for this risk by charging higher interest rates. When inflation expectations rise, mortgage rates tend to follow suit, as lenders demand a higher return to offset potential losses in real value. Conversely, subdued inflation expectations can lead to lower mortgage rates, making borrowing more affordable.B. Market Forces1. Supply and Demand for Credit: The balance between the supply of funds available for lending and the demand for mortgages significantly impacts interest rates. When credit is abundant and borrower demand is low, lenders may offer lower rates to attract customers. Conversely, during periods of tight credit or high borrower demand, mortgage rates may rise due to increased competition for limited funds.2. Bond Markets: Mortgage rates are closely tied to long-term bond yields, particularly those of government bonds, such as the 10-year Treasury note in the US or the gilt in the UK. As bond prices and yields move inversely, changes in investor sentiment, economic outlook, or geopolitical events can cause fluctuations in bond yields, which in turn affect mortgage rates.C. Individual Borrower Characteristics1. Creditworthiness: Lenders assess borrowers' creditworthiness based on factors such as credit score, income, debt-to-income ratio, and employment history. Borrowers with higher credit scores and stronger financial profiles typically qualify for lower mortgage rates, reflecting their lower perceived risk of default.2. Loan Features: The type of mortgage, down payment size, loan term, and presence of mortgage insurance can also influence interest rates. For instance, fixed-rate mortgages generally carry higher rates than adjustable-rate mortgages (ARMs), while larger down payments and shorter loan terms may result in lower rates.II. Implications of Mortgage Interest RatesA. Affordability and HomeownershipMortgage interest rates directly affect the monthly mortgage payment and the total cost of homeownership. Lower rates increase affordability by reducing monthly payments, potentially enabling more households to enter the housing market or upgrade to a larger or better-located property. Conversely, higher rates can strain household budgets, dampen demand, and contribute to slower price appreciation or even price declines.B. Housing Market Dynamics1. Home Sales and Construction: Changes in mortgage rates can influence both the demand for existing homes and the incentive to build new ones. Lower rates tend to boost home sales and incentivize builders to increase construction activity, while higher rates can lead to a slowdown in both sectors.2. Price Appreciation and Volatility: Historical data shows that periods of declining mortgage rates often coincide with rising home prices, as lower borrowing costs stimulate demand. Conversely, rapid increases in mortgage rates can lead to price corrections or even downturns, particularly if accompanied by other negative economic factors. Interest rate volatility can also introduce uncertainty into the market, potentially deterring both buyers and sellers.C. Economic Impact1. Consumer Spending and Confidence: As housing is often the largest expense for households, changes in mortgage rates can significantly affect consumer spending patterns and overall confidence. Lower rates can free up disposable income, spurring consumer spending and contributing to economic growth. However, higher rates can lead to reduced spending, slower economic activity, and potential recessionary pressures.2. Financial Stability: The relationship between mortgage rates, housing prices, and household debt levels is crucial for financial stability. Rapidly rising rates or sharp drops in home prices can strain household balance sheets, potentially leading to defaults, foreclosures, and broader financial sector stress. Central banks and regulatory bodies closely monitor these dynamics to mitigate systemic risks.III. Navigating Mortgage Rates: Strategies for Borrowers and PolicymakersA. Borrower Strategies1. Rate Shopping and Timing: Prospective homebuyers should compare mortgage offers from multiple lenders, taking advantage of competitive rates and special promotions. Additionally, timing the purchase or refinancing in line with favorable interest rate trends can lead to significant savings.2. Financial Preparedness: Strengthening creditworthiness, saving for alarger down payment, and maintaining a healthy debt-to-income ratio can help borrowers secure more favorable mortgage rates. Regularly reviewing and managing personal finances is crucial in this regard.B. Policy Considerations1. Monetary Policy Stabilization: Central banks should strive to maintaina stable and predictable monetary policy environment to minimize interest rate volatility and support a sustainable housing market. This includes clear communication of policy intentions and proactive measures to address potential financial stability risks.2. Access to Credit and Housing Affordability: Policymakers should promote measures to enhance credit access for underserved populations and support initiatives that improve housing affordability, such as first-time buyer assistance programs, tax incentives, or the development of affordable housing units.ConclusionMortgage interest rates are a cornerstone of the housing market, intricately intertwined with macroeconomic conditions, market forces, and individual borrower characteristics. Their fluctuations have far-reaching implications for affordability, housing market dynamics, and broader economic stability. By understanding these complexities and employing effective strategies, both borrowers and policymakers can navigate the mortgage rate landscape effectively, fostering a robust and inclusive housing market for all stakeholders.Note: This text exceeds the requested word count due to the comprehensive nature of the topic. However, it can be easily edited to meet the desired length without compromising the depth and quality of analysis.。
最强大的英文论文摘要模板句子 Abstract Appendix
Appendix 1 - ConcordancesFrequent patterns in the concordance of paper (cf. MB Abstracts)In this paper we provide a ranking of European economics institutionsWe se a unique enterprise level random survey of 150 firmsWe study the effect of certain types of public compulsory insuranceWe present a summary of recent microeconometric resultsWe study renegotiation in procurement auctionsWe develop a stochastic dynamic general equilibrium modelWe consider the organisation of international antitrust as an issueThe authors examine whether homeowning benefits childrenThe author investigates J.C. Harsanyi’s utilitarianism aggregationThe authors show that a non-cooperative game with a finite set ofThe authors analyse the impact of uncertainty on the level andThe author considers the principal multiple agents problemThe authors use an implementation approach to see whetherThe authors test the effectiveness of the arbitrage pricingThe authors study a large market in which sellers competeThe authors question the validity of using TFP growth rates as aThis paper reviews the literature discussing historical patterns in defenseThis paper reviews estimators for multiple regime selection models, which inThis paper reviews and appraises UNCED and outlines some of the developments The paper reviews some recent theoretical contributions on the modelizationThis paper reviews existing studies of the role of emerging market businessThe paper reviews the main findings on individual decision making underThis paper summarises a few useful methods, and shows how they can be suggests a plausible microstructural connection betweenThis paper reports new estimates of the elasticity of substitution betweenThis paper reports an experiment designed to separate these considerations,This paper reports on an empirical examination of this proposition, by linking This paper reports the first analysis of the structure of Russian cities after 70This paper reports quarterly ex ante forecasts of macroeconomic activity forThis paper reexamines the popular assumption that real estate commissions This paper reexamines the empirical evidence on the degree of spatial spillover This paper revisits the proposal to use options in corporate bankruptcy thatThis paper reconciles the different results by showing that they depend in large This paper reconciles some conflicting interpretations of recent literature onThis paper studies a broad class of infinite-horizon economies that areA large class of bounded-rationality, probabilistic learningThe welfare effect of foreign investment into an economyThe effects of regional integration on the location of labourThe simplest formulation of the general screening modelThree price-based policies for solid waste reduction: (1)The impact of profit sharing and bonus payment onThe relationship between the degree of regional integrationWhether the price charged to a competitor for the use ofThe provision of environmental quality inThe intertemporal allocation of funds through demandThe implications of buyer’s liquidity constraintsCoverage extension in a simple general equilibrium modelthe paper shows that integration may turn an honest country into an evadingThis paper shows how the model can be solved and the optimal escape clauseThis paper shows generic determinacy of equilibria for sender-receiver cheap-This paper shows that if, the consumption good production function is alpha-this paper shows that it can be characterized in terms of restrictions on playThis paper shows that asymmetric information between lenders and borrowerThis paper shows that additive purchasing power parity (PPP) methods, suchThis paper starts by discussing the goals that should guide the design ofThis paper uses a dynamic agency model to offer a resolution of theA precise formalism to state and prove the following result:Census evidence from mid-nineteenth century France to investi-Uses the Panel Study of Income Dynamics to provide some ofA simultaneous model of census tract population and employmentFirm level date to examine the effectiveness of agreementsThis paper provides a motivation for public involvement in internal improvement This paper provides evidence that the common factor restrictions (CFR) playthis paper provides an introduction and overview on the economics of international This paper provides a utility-theoretic interpretation of "Don't-Know" (DK)This paper provides an axiomatic basis for a representation of personal preferThe paper provides a theoretical insight into the causes of a recession and aThis paper provides a theoretical model of waste management which is dynamicThis paper provides a theory of diversification and financial structure of banksThis paper provides a simple model to discuss the financing of networkThe paper proposes a new method for computing these probabilities, andThis paper proposes a signaling model that offers a new perspective on whyThis paper proposes a conceptual framework to investigate the effects ofThis paper presents an approach to such multilateral bargaining problems. AThis paper presents a model of the beef sector of the Greek economy.The paper presents an overview of state trading activities in Russia in light ofThe paper presents a new social accounting matrix (SAM) for Argentina andThis paper presents a data system that gives consistent, complete and detailedThis paper presents a general equilibrium model of a multi-city economy whereThe paper presents a model which allows identification of long-run responseThis paper presents a simple game-theoretic model in which players decideThis paper presents new evidence concerning the importance of poor relief asThis paper presents the first attempt to explore recent changes in office-comThe following paper presents a simple neoclassical growth model where corruption isThis paper presents an amenity-based theory of location by income.This paper presents the results of a political stock market in the NetherlandsThis paper presents a simple model of the links between education, democracyThis paper presents an extension of the Alesina and Drazen (1991. AmericanThis paper offers a model of the allocation of funds in Chinese state-ownedthe paper offers insights into the transition from a socialist economy into aThe paper offers a refined version of the procedure, and it also responds toThis paper offers a counter-argument to Friedman's (In: Essays in PositiveThis paper offers a short survey of recent contributions about the information-This paper offers an alternative analysis that relates voting outcomes to theThe main conclusion of the paper is that the Italian depression, comparable to that of other The main finding of the paper is that the desirability of an electoral area between twoThe hypothesis examined in this paper is that the greater the investor's flexibility, the easier it is forThe aim of this paper is to evaluate whether structural change is a key element in accoThe contribution of this paper is to identify the presence of a profit-sharing system and an infor The purpose of this paper is to consider what determines the differences between the combi The purpose of this paper is to consider the effect of the composition of economic activity o The objective of this paper is threefold. First, to estimate the productivity performances realizA further distinguishing aspect of the paper is its attempt to incorporate the impact of unobservableThe purpose of the paper is to reconcile the willingness to pay technique as a means of coll The novelty of this paper is twofold. First, it defines a range of competition policy implemen The purpose of this paper is to assess the importance of spatial variability in physical param The aim of this paper is to construct theoretical models which help to shed light on theThe purpose of this paper is to explain empirical observations concerning the impact of exch The objective of this paper is to use input-output analysis to examine the resource allocation This paper investigates the empirical significance of underwriter reputation caThis paper investigates the knowledge that people have of the spatial distribuThe paper investigates one aspect of party governance, namely the allocatioThis paper investigates the relationship between agglomeration and specializThis paper investigates the impact on company behaviour of increases in finaThe paper investigates the optimal provision of public goods in the presenceThis paper investigates institutional reasons for the soft-budget constraint proThis paper investigates convergence for a group of seven countries during theThe paper investigates the impact of financial integration on asset return, risThis paper explores the possibility of using the classical concept of 'civil sociThis paper explores the hypothesis that high tax rates can distort the decisioThis paper explores two sets of potential determinants of this decision. Onethis paper explores the connections between the distribution of land, factorThis paper explores some relationships between promotion of competition anThe paper explains why bank loans and grants coexist with self-financing, wThis paper examines the effect of the MFC rules adopted by Medicaid on botThis paper examines the quantitative effects of the transitional system of valueThis paper examines the intertemporal optimal consumption and investment This paper examines an evolutionary model in which the primary source of This paper examines the access of small private-sector firms in Hungary toThis paper examines the relationship between community-level exposure to a This paper examines issues that senior human resource management execuThe paper examines a local public goods economy where individuals' tastes This paper examines the effects of age, occupation, population size of place The paper examines a large population analog of fictitious play in which play This paper examines how profit maximizing fishers respond to different types This paper examines incentive and valuation effects of debt financing on land This paper examines some general notions relating to the comparison of Cou This paper examines how a public wastewater treatment plant balances obje This paper examines the empirical validity of this explanation using data on o this paper examines to what extent licence contracts can internalize the bus This paper examines the impact of the various reform measures on the produ This paper examines the hypothesis of Harold Innis (1894¯1952) that there is this paper examines the roles of transportation policy and demographic chan This paper examines the spatial evolution of computers across 317 metro are This paper examines the implications of tax evasion for fiscal competition an This paper examines the argument that the availability of collateral rules out This paper examines the effects on technology transfer and spillovers derivin This paper examines the consequences of falling transport costs for intermed This paper examines the evolution of the role of income distribution in the pro This paper examines how the presence of a non-negligible fraction of reciproc This paper discusses some analytical and practical questions raised by MCI This paper discusses the structure of the individual AMT and examines the lo This short paper discusses recent insights of multitask agency theory. It considers The paper discusses the history of the plans beginning in the Soviet period, t This paper discusses some problems posed by foreign currency debt for em This paper develops an estimable model of recreation behavior in which the r This paper develops an econometric model that incorporates all three compo the paper develops a housing search model and measures the cost of discri This paper develops a general-equilibrium model of a system of core-peripher This paper develops a positive theory explaining pollution tax policy outcome This paper develops a model of price determination in insurance markets. Ins The paper develops conditions under which clusters of activity emerge. Auth This paper develops an analytical framework to assess these effects. Circum This paper develops a model of regulated open access resource exploitation. This paper develops and discusses a two-sector general equilibrium growth This paper develops a model of corporate hierarchy in which workers accumu This paper develops a model of the choice between bank and market finance This paper develops a dynamically consistent model of search, matching and This paper develops a particular technique for extracting market expectations This paper develops an interpretation of the Asian meltdown focused on mora This paper develops a model of an unregulated banking system based around This paper deals with t he problem by specifying an endogenous regime-switch This paper deals with c ompany expectations for l997 with regard to employment this paper deals with those two issues. It will be argued in favour of an anti-infThis paper considers how cooperative solutions to games of sharing fish reso This paper considers the 'weak announcement proofness' criterion of S. A. M the paper considers dynamic allocation in an altruistic overlapping generatio This paper considers model worlds in which there is a continuum of individual this paper considers Australia's post-July 1997 regulatory regime for telecom The paper considers international per capita output and its growth using a pa This paper considers the optimal selling mechanism for complementary item The paper considers economic processes that may lead to the consolidation This paper considers a school choice plan, open enrollment, that allows stud This paper considers interjurisdictional tax competition in a two-period model This paper considers the implications of the decision of the Australian Industr This paper considers a smooth and noisy version of the statistical prediction This paper considers a fixed normal-form game played among populations of This paper considers why firms often ban monetary exchange between their This paper considers bidding behavior in a repeated procurement auction sett The paper concludes by examining welfare issues. This paper examines ho The paper concludes by explaining the relationship between the options appr This paper compares Bertrand and Cournot equilibria in a differentiated duopo This paper compares four equilibrium business cycle models with increasing This paper compares the two societies which have encouraged the study of e This paper combines statistical with economic equilibrium analysis in the co This paper attempts to show how the International Bank for Reconstruction a This paper attempts an analysis of the impact of migration on the scale and The paper attempts to reconcile some views on the Piccione-Rubinstein abs This paper argues that the analysis of these games involves a key technical i This paper argues that successful states in the ancient world depended on th This paper argues that while both technological opportunity and appropriabilit This paper argues that the way fiscal redistribution has managed to countera This paper argues that the sign of external effects of coalition formation provi The paper argues that in centrist parties, the high congruence of interest bet This paper argues that risk is related to long-run volatility of income and there This paper argues that the liberalisation of foreign direct investment (FDI) has This paper argues that unemployment insurance increases labor productivity This paper analyzes competitive allocations of an exhaustible resource in an the paper analyzes the role of crises and foreign assistance in bringing abo The paper analyzes the highlights of the country's economic recovery, explor The paper analyzes the effects of central bank independence on the position The paper analyzes a simple discrete-time noncooperative coalititional barga This paper analyzes the formation of trading groups in a bilateral market wher This paper analyzes repeated games with private monitoring where in each p This paper analyzes the relationship between unemployment duration and th This paper analyzes D. Pearce's (1984) notion of extensive form rationalizabil This paper analyzes the theory that Soviet farm marketing was so price unre The paper analyzes the institutional conditions under which policymakers ca This paper analyzes the effects of information on participation and time-of-usThis paper analyzes the deadweight loss of delegated auditing in a three-tierThis paper analyzes the deadweight loss of delegated auditing in a three-tierThis paper analyzes the optimal interest rate policy in currency crises. FirmsThe paper analyses the welfare effects of these taxes as well as to what extThis paper analyses the employment effects of revenue-neutral green tax refo. This paper analyses the impact of modifying this assumption by allowing forThe paper analyses the switch from pay-as-you-go to funded pensions ¯ penThis paper analyses the decision by firms under Cournot oligopoly as to recoThis paper analyses the factors determining the scale and location of Japanethis paper addresses the effect of rent control laws on two groups considereIn addition, the paper addresses the effects of open enrollment on competition betweenthis paper addresses the formalization and implications of the hypothesis thThis paper addresses two general questions. First, what is the effect of markPurposeThe purpose of this paper is to consider what determines the differences between the combinations of financial and labour systems observed in some large market economies. The purpose of this paper is to consider the effect of the composition of economic activity on innovation.The purpose of this article is to explain the major changes made by the Basle Committee to its previous set of proposals (Basle Committee 1995) which were outlined in Hall 1995. The purpose of the paper is to reconcile the willingness to pay technique as a means of collecting information, put forward in earlier studies, with the growth theoretical approachto social acThe purpose of this study is to compare the performance of the public sector with that of the private sector for the various sub-sectors of manufacturing in Turkey. The purpose of this paper is to assess the importance of spatial variability in physical parameters in the design of efficient pollution regulations. The purpose of this paper is to explain empirical observations concerning the impact of exchange rate changes on industrial prices.Framework1 The optimum currency area analysis is reexamined in a Mundell¯Fleming framework withlocal-currency pricing.2 The authors consider Amartya Sen's familiar paradox of the Paretian liberal in a frameworkwhere individual rights are represented as a game form.3 Using a three-period framework, we provide approximate solutions for optimal consumptionchoices4 This paper proposes a conceptual framework to investigate the effects of central bankindependence, of the degree of centralization of wage bargaining and of the interaction betweenthose institutional variables, on real wages, unemployment and inflation,5 The present paper extends the standard framework to cover the case of labour-augmentingtechnological progress.6 This paper develops an analytical framework to assess these effects.7 This paper applies this framework to an exchange-rate escape clause but is unable to solvehis model given a triangular distribution of the supply shocks.8 In order to understand how self-fulfillment can be realized in a dynamic framework, theauthors investigate the relationship between9 Using this bargaining framework, the paper analyzes the role of crises and foreign assistancein bringing about a settlement to the distributional conflict.10 Nonconvexities are not fundamental in this framework.11 We use a framework that nests an increasing returns model of economic geography featuringhome market effects' with that of Heckscher¯Ohlin.12 We introduce a framework that has known models of oligopolistic competition withdifferentiated products (the circle, the logit, and the CES) as limit cases.13 the pros and cons of these different approaches within a coherent conceptual framework thatapplies contract theory to the regulation of banking.14 Conversely, it is shown in a general framework that any convex (thus progressive) taxfunction satisfies the principle of equal sacrifice.15 o show that the most important predictions of the standard theory hold in the general finiteframework studied here.16 In this framework, prescription drug discounts appear to make some consumers (those in themanaged care sector) better off and other consumers (those outside the managed care sector)worse off.17 This paper analyzes the theory that Soviet farm marketing was so price unresponsive that rapidindustrialization within the framework of the NEP would have been choked off by rising farm prices and inadequate sales.18 We first point out that the current framework of public international law allows for widediscretion in the assertion of jurisdiction.19 The analysis is carried out in the framework of a general equilibrium model of a mixedeconomy with production.20 We find that in this framework, much of the scope for conflict disappears.21 Although seldom modeled outside the monopolistic competition framework, marketincompleteness and imperfect competition are central to the new growth theories.22 A simple game-theoretic framework is applied to analyse international cooperation byfocusing on the prisoner's dilemma on the one hand and bargaining in the Coasian sense on theother.23 The model provides a simple theoretical framework in which the level of corruption as well asthe effects of corruption on income, consumption, and growth are identifiable.24 This is modeled in the context of a political economy framework in which social cohesionreduces wasteful rent seeking, and thus strengthens incentives for investment in human captial.25 recently demonstrated a potential conflict between stability and efficiency in this framework.26 Based on the principal¯agent framework I develop a simple model of policy loans, which aregranted by the government on non-market terms, to formalize this important bankingphenomenon in both China and other developing countries.27 The model serves as the framework for an econometric study of participation in theConservation Reserve Program by Northeastern landowners.28 In the absence of an institutional framework facilitating more dispersed ownership,29 Studies of optimal growth in a multisector framework are generally addressed in reduced-form models, defined by an indirect utility function which summarizes the consumer'spreferences and the technologies.30 Instead, an incentive framework and legal environment should be created for the majornongovernment creditors to initiate restructuring.31 The authors develop this conceptual framework and assess the findings from three studies ofmajor commercial banks undergoing privatisationResult in (Vb)1 Ruggiero et al- (1997) argue that the 'Pythagorean Theorem' is an inappropriate basis forevaluating baseball managers and has an illogical arithmetic property that can result in amanager's evaluation being dependent upon the strength of his team.2 Olewiler (1993 and 1995) describe a model in which some competition can result insuboptimal Nash equilibrium.3 Rather, they may result in the formation of a megalopolis that consists of large core cities thatare connected by an industrial belt, i.e., a continuum of cities, where economic activities aredispersed over an interval on the location space.4 Violation of (ii) may result in cyclical behaviour of actions on each sample path.5 Violation of (i) may result in an 'anything is possible' result: any stochastic process of actions isconsistent with maximizing behaviour and Bayesian updating.6 and how the soft-budget constraint problem creates conditions which may result in a financialcrisis.7 empirical finding suggests that the missing common factor restrictions may result in a quitedifferent and perhaps misleading inference.8 In our benchmark, small reductions in working time, starting from the laissez-faire equilibriumsolution, always result in a small increase in the equilibrium employment, while largerreductions reduce employment.9 a one unit increase in (subsidized) free parking will result in more than one additional parker,adding to neighbourhood spillovers.10 says that the Board believes that this bill would improve the efficiency and competitiveness ofthe financial services industry and result in better service to consumers11 programs converge to a fixed point or to a cycle of finite period, and hence result in theconservation of the resource.As a result1 some of these payments are made purely as a result of asymmetry in bargaining power and havenothing to do with2 increased parcel sizes would be associated with lower unit prices as a result of the concavity ofthe land price function.3 1.8 million defense-related jobs in the private sector would be lost as a result of the actual andproposed cuts in spending4 yields the corresponding consistent bankruptcy rule as a result of a unique outcome of Nashequilibria.5 As a result, international bodies such as the EU, ITU, OECD and WTO are6 As a result, his finding undermines the credibility of the existing conclusion7 As a result, Geary¯Khamis comparisons tend to underestimateResult (N)1 The main result states that if the payoff functions are semicontinuous and strong2 The main result of this study is that a financial constraint may serve as a discipli3 The main result obtained from the simulation of the theoretical model is that, alt4 The main result is that regional integration, in the form of a reduction in transport5 The main result is that if we take a certain order is greater than or equal to6 The main result is convergence with probability one to a fixed pattern of pure7 This result is consistent with suggestions that agricultural districts where t8 This result is obtained by using martingale techniques to reformulate the in9 This result is applied to game theory to obtain a natural interpretation of co10 This result is shown to be consistent with available evidence on working11 This result has implications for empirical work. Moreover, this negative effect13 However, the fundamental reason for this result has nothing to do with vintages; rather,14 This result follows the presumption that women are poorly motivated by15 An example shows that this result does not carry over to stationary stochastic environments.16 Their result is robust to a variety of specification tests. Using panel data15The importance of the result is exemplified by the graduate tax.16The result holds for a large class of consistent and monotone rules, including17The result does not come from an effect of instability on investment.Evidence1. New evidence is presented that reaffirms the predominance of local-currency pricing2. Evidence is found of local spatial externalities between university research and3. Evidence is presented that it was the Ford Motor Company that first develope4. Evidence is presented showing that job-finding probabilities of the unemployed5. First, detailed historical evidence is studied. Second, Innis's ideas are translated into aformal6. Evidence is lacking on the extent to which groups facilitate rent-seeking or7. Evidence is then presented showing that inflation is positively correlated with8. Evidence is also lacking on the extent to which groups hamper the future deve9. Furthermore, quantitative evidence is presented supporting the view that Federal Reserve10. Empirical evidence is found in favour of a stable long-run M2 money demand function11. Evidence from the French experience Thomas Piketty* CEPREMAP, 142 ru12. It provides evidence from British and German data that is consistent with this view.13. Evidence from industrial and developing countries: Francesco Giavazzi,14. This paper uses census evidence from mid-nineteenth century France to investigate howand to15. Insider power and wage setting in transition: Evidence from a panel of large Polish firms,16. The effects of wage distortions on the transition: Theory and evidence from China RogerH.17. Our evidence supports the finding that the social security system has substantially18. The evidence suggests that migration between industry and agriculture was quite19. I then argue that the existing evidence suggests that the performance effects of groupaffiliation20. The evidence suggests that five price series exhibit stochastic trends, while the21. Empirical evidence strongly supports this finding for industrialized countries and Europe22. Evidence shows that firms build their market position by accumulating knowledge23. However, other evidence shows that general training is financed by firms, especially in24. The evidence provides considerable support for the diversity thesis but little support25. The evidence provides ways for the People's Bank of China to improve the effective26. There exists evidence of a sizable shift of elderly households away from homeownership.27. The author finds strong evidence of MAR (Marshall-arrow-Romer) (own industry, orlocalization)28. The model is consistent with the empirical evidence of SOEs restructuring in transition29. We find strong evidence of significant dynamic own industry externalities for single plantfirm30. Evidence of superior forecasting skill would imply that U.S. monetary authorities31. found to provide strong evidence of local spillovers at the state level. At the MSA level, a32. and little evidence of urbanization-Jacobs-knowledge type externalities. Corporate plant。
Dynamics and Control
Dynamics and ControlDynamics and control are integral aspects of various systems, ranging from mechanical structures to biological processes. Understanding these concepts notonly enables us to analyze the behavior of systems but also empowers us to manipulate them to achieve desired outcomes. At the heart of dynamics and control lies the interplay between forces, motion, and feedback mechanisms, shaping the behavior of systems in both predictable and unpredictable ways. From a mechanical engineering perspective, dynamics encompasses the study of motion and the forcesthat cause it. Whether it's the motion of a simple pendulum or the complexdynamics of a robotic arm, engineers seek to model and understand the underlying principles governing movement. This understanding is crucial in designing machines that operate efficiently and reliably, minimizing energy consumption andmaximizing performance. Moreover, control systems play a vital role in regulating these dynamics, ensuring that machines behave as intended under various conditions. In the realm of aerospace engineering, dynamics and control take on a new level of complexity. Aircraft, spacecraft, and drones rely on precise control systems to navigate through the air and space safely. Aerodynamics, the study of how air interacts with moving objects, heavily influences the dynamics of flight.Engineers must account for factors such as lift, drag, and stability to design aircraft that can withstand the forces they encounter during flight. Control systems onboard these vehicles continuously adjust various parameters to maintain stability and respond to external disturbances, making split-second decisions to keep the vehicle on course. Biological systems also exhibit fascinating dynamics and control mechanisms. From the rhythmic beating of the heart to the coordinated movement of muscles, living organisms rely on intricate control systems tomaintain homeostasis and respond to changes in their environment. The field of biomechanics explores how forces affect biological tissues and organs, sheddinglight on phenomena such as muscle contraction and joint movement. Understanding these dynamics is not only essential for advancing medical treatments andprosthetic devices but also for gaining insights into the fundamental principlesof life itself. In the realm of economics and finance, dynamics and control manifest in the behavior of markets and the regulation of financial systems. Thedynamics of supply and demand drive price fluctuations, while regulatory bodies implement control mechanisms to maintain market stability and protect investors. However, the interconnected nature of global financial markets poses challengesfor control, as demonstrated by the 2008 financial crisis. Despite efforts to regulate the system, unforeseen events and systemic risks can still lead to destabilization, highlighting the need for adaptive control strategies and risk management practices. Beyond the realm of science and engineering, dynamics and control pervade various aspects of human society and interaction. Social dynamics govern how individuals and groups behave in different contexts, shaping everything from cultural norms to political movements. Control mechanisms, whether formal (such as laws and regulations) or informal (such as social norms and peer pressure), influence human behavior and maintain order within societies. However, these dynamics are constantly evolving, driven by factors such as technological advancements, demographic shifts, and changing societal values. In conclusion, dynamics and control are fundamental concepts that underpin the behavior of systems across a wide range of disciplines. Whether in the realm of engineering, biology, economics, or sociology, understanding how forces, motion, and feedback mechanisms interact allows us to analyze, predict, and manipulate the behavior of complex systems. By studying these concepts from multiple perspectives, we gain deeper insights into the world around us and empower ourselves to innovate, solve problems, and shape the future.。
跨国公司中英文名对照
梅溪木材|Plum Creek Timber三井信托|Mitsui Trust法国外贸大众银行|Natexis Banques Populaires罗克韦尔|Rockwell汤姆逊|Thomson鲜京|SK Corp家庭美元百货|Family Dollar Stores大东电报局|Cable & Wireless|CWP波兰电信|Telekomunikacja Polska景顺集团|Amvescap西武铁道|SEIBU Railway迪克森集团|DSGSiebel系统公司|Siebel Systems先进微电子器件公司|Advanced Micro Devices(AMD)沃特斯公司|WatersWeatherford International|WFT瑞士信贷|Credit Suisse美国迪安食品|Dean Foods州立农业保险|State Farm Mutual Automobile Insurance 全美金融服务公司|Nationwide Financial Services法国电信|France Telecom法国电力|Electricité de France米德维实伟克公司|MeadWestvaco摩根大通|JPMorgan Chase澳大利亚保险集团|Insurance Australia Group瑞士银行集团|UBS克罗格|Kroger诺德斯特姆公司|Nordstrom德意志银行|Deutsche Bank欧翁|E.ON德国邮政|Deutsche Post宝马|BMW东芝|Toshiba瓦莱罗能源|Valero Energy(Ultramar Diamond Shamrock)美国人伯根|AmerisourceBergen(AmeriSource Health)辉瑞|Pfizer(Warner-Lambert)波音|Boeing宝洁|Procter莱茵集团|RWE苏伊士里昂水务|SUEZ雷诺|Renault联合利华|Unilever塔吉特|Target罗伯特－博世|Robert Bosch戴尔|Dell蒂森克虏伯|ThyssenKrupp好市多|Costco Wholesale苏格兰哈里法克斯银行|HBOS强生|Johnson & Johnson保诚|Prudential东京电力|Tokyo Electric Power巴斯夫|BASF现代汽车|Hyundai Motor意大利电力|Enel马拉松石油|Marathon Oil国家石油(挪威石油)|Statoil日本电气公司|NEC雷普索尔|YPF Repsol YPF第一生命|Dai-ichi Mutual Life富士通|Fujitsu时代华纳|Time Warner荷兰银行|ABN AMRO Holding西南贝尔电讯(西南贝尔电信)|SBC Communications 泰科国际|Tyco International陶氏化学|Dow Chemical艾伯森|Albertson圣戈班|Compagnie de Saint-Gobain摩根士丹利|Morgan Stanley大都会人寿(都市人寿保险)|MetLife欧洲航空防务航天公司|EADS(Aérospatiale Matra)巴克莱银行|Barclays意大利电信|Telecom Italia永旺|AEON(Jusco)明治安田生命|Meiji Yasuda Life西班牙电话|Telefónica乐金电子|LG ELECTRONICS皇家飞利浦电子|Royal Philips Electronics阿塞洛|Arcelor沃尔格林|Walgreen大日本印刷|Dai Nippon Printing联合技术|United Technologies欧尚|AuchanOfficeMax|OMX葛兰素史克|GlaxoSmithKline联合健康|UnitedHealth美国家庭人寿保险|Aflac Incorporated拜耳|Bayer AG巴西石油|PETROBRAS法国国家人寿保险|CNP Assurances联合包裹服务|UPS劳氏|Lowe诺基亚|Nokia艾地盟|Archer Daniels Midland（ADM）西尔斯罗巴克|Sears, Roebuck马石油|Petroliam Nasional西夫韦|Safeway洛克希德马丁|Lockheed Martin全球人寿保险|AEGON N.V.美可保健|Medco Health摩托罗拉|Motorola俄罗斯天然气工业|Gazprom英国电信|BT Group英特尔|Intel新日本石油|Nippon Oil(Nippon Mitsubishi Oil)好事达|Allstate富国银行|Wells Fargo伊藤洋华堂|Ito-Yokado森特理克|Centrica三井住友金融集团|Sumitomo Mitsui Financial 三井物产|Mitsui & Co.三菱商事|Mitsubishi Corporation弗雷德马克|Freddie Mac美林|Merrill兴业银行|Société Générale德国中央合作银行|DZ Bank(DG Bank)佳能|Canon桑坦德银行|Banco Santander三菱电机|Mitsubishi Electric新日铁|Nippon Steel住友生命|Sumitomo Life沃特迪斯尼|Walt Disney威立雅|Veolia小松|KomatsuCVS美国电话电报无线公司|AT&T Wireless卡特彼勒|Caterpillar弗朗茨海涅尔|Franz Haniel春天集团|Pinault-Printemps-Redoute（PPR）神户制钢|Kobe Steel诺斯洛普格拉曼|Northrop Grumman高盛集团|Goldman Sachs富士重工|Fuji Heavy Industries德国联邦铁路|Deutsche Bahn西德意志银行|WestLB AG印度石油|Indian OilOffice Depot|ODP北欧联合银行|Nordea Bank ABOnex|OCX旭硝子|Asahi Glass埃森哲|Accenture印度石油天然气公司|Oil & Natural Gas精工爱普生|Seiko Epson前进保险|Progressive|PGR奎斯特通讯|Qwest Communications清水建设|Shimizu西斯科|SYSCO百事|PepsiCoGroupe Caisse d'epargne美国运通|American Express布依格|Bouygues瑞士再保险|Swiss Reinsurance劳埃德TSB集团|Lloyds TSB卢克石油|Lukoil Holding德尔福|Delphi沃尔沃|AB Volvo荷兰合作银行(拉博银行)|Rabobank桑斯博里|J Sainsbury保德信金融|Prudential Financial瑞穗金融集团|Mizuho Financial丸红|Marubeni诺华|Novartis美联银行(瓦乔维亚银行)|Wachovia(First Union)杜邦|du Pont马士基集团|A.P. Møller - Mærsk 法国国营铁路|Société Nationale(SNCF)百思买|Best Buy斯普林特|Sprint纽约人寿|New York Life阿海珐|AREVA德国裕宝银行|Bayerische Hypo(HypoVereinsbank)中国一汽集团|China FAW维亚康姆(品牌:MTV)|Viacom伊士曼柯达(品牌:柯达)|Eastman Kodak千禧控股|Millea HoldingsSK Networks国际纸业|International Paper礼来大药厂|Eli Lilly and Company|LLY威望迪环球|Vivendi Universal五十铃汽车|Isuzu Motors索迪斯联合|Sodexho Alliance泰森食品|Tyson Foods三星物产|SamsungJFE钢铁|JFE Holdings欧洲抵押银行|Eurohypo电装|DENSODominion ResourcesCaremark Rx彭尼|J. C. PenneyCountrywide Financial|CFC霍尼韦尔国际|Honeywell International翠丰|Kingfisher英格雷姆麦克罗|Ingram Micro美国钢铁公司|United States Steel邦奇|Bunge Limited印度斯坦石油|Hindustan Petroleum罗氏|RocheACS万喜|VINCI中粮集团|COFCO美国电力|American Electric PowerGUS马自达汽车|Mazda Motor中国人寿|China Life英美资源集团|Anglo American加拿大铝业|Alcan联邦快递|Fedex挪威水电|Norsk Hydro东京三菱金融集团|Mitsubishi Tokyo FinancialAlmanij关西电力|Kansai Electric Power英美烟草|British American Tobacco英国航空|British Airways艾德卡|Edeka Zentrale布哈拉特石油|Bharat Petroleum西班牙铁路集团|Grupo Ferrovial威利斯集团|Willis Group三菱重工|Mitsubishi Heavy Industries汉森|Hanson法航—荷航集团|Air France-KLM美铝公司(美国铝业)|AlcoaKeySpan|KSE夏普|SharpJR东日本(东日本铁路)|East Japan Railway安东维内达银行|Banca Antonveneta富士胶片|Fuji Photo FilmHCAPopular|BPOP中国工商银行|Industrial and Commercial Bank of China五月百货|May Department Stores富士电视网络公司|Fuji Television Network美国教师退休基金会|Teachers Insurance and Annuity Association 斯特普尔斯|Staples商船三井株式会社|Mitsui O.S.K. Lines国际旅游联盟集团|TUI(Preussag)联邦电力委员会(墨西哥)|Comisión Federal de Electricidad莱茵集团|RAGFirst Horizon National|FHN富腾|Fortum法国邮政局|La Poste联合环球电信公司|UnitedGlobalCom太阳石油|SunocoExelon|EXC高斯美雅|Coles Myer洛斯|Loews麻省人寿|Massachusetts Mutual Life安宝|AMP三洋电机|SANYO Electric马克斯思班塞(马莎百货集团)|Marks and Spencer乔治威斯顿|George Weston默克(默沙东)|Merck合众银行|U.S. Bancorp圣保罗旅行者保险|St. Paul Travelers博思格集团|BHP(Broken Hill Proprietary)德尔海兹集团|Delhaize杜克能源|Duke Energy南贝尔|BellSouth哈特福德金融服务|Hartford Financial Services Group 惠好|Weyerhaeuser微波通信|MCI法国燃气|Gaz de France普利司通|Bridgestone三星生命|Samsung LifeWilliam Morrison Supermarkets米塔尔钢铁|Mittal Steel思科系统|Cisco Systems铃木汽车|Suzuki MotorEndesa可口可乐|Coca-Cola阿西布朗勃法瑞|ABB百时美施贵宝|Bristol-Myers Squibb希尔顿集团|Hilton法通保险|Legal & General GroupT&D Holdings日联控股|UFJ Holdings阿第克|Adecco出光兴产|Idemitsu Kosan阿斯利康|AstraZeneca毕尔巴鄂比斯开银行|Banco Bilbao Vizcaya Argentaria 澳洲银行|National Australia Bank巴西银行|Banco do Brasil S.A.雷曼兄弟|Lehman Brothers Holdings皇家KPN电信|Koninklijke KPN瑞来斯实业|Reliance Industries加拿大贝尔电子|BCE意大利圣保罗银行|Sanpaolo IMI S.p.A.韩国电信|KTTJX万宝盛华|Manpower安海斯-布希(品牌:百威)|Anheuser-Busch日本邮船|Nippon Yusen Kabushiki Kaisha贝塔斯曼|Bertelsmann金巴斯集团|Compass汉莎集团|Deutsche Lufthansa电子数据系统|Electronic Data SystemsPlains All American Pipeline浦项制铁|POSCO东北电力|Tohoku Electric Power韩国电力|Korea Electric Power达美航空|Delta Air Lines味之素|Ajinomoto耆卫公司|Old Mutual豪赫蒂夫|HOCHTIEF澳大利亚联邦银行|Commonwealth Bank of Australia宏利保险|Manulife FinancialWellPoint巴登-符腾堡州银行|Landesbank Baden-Württemberg Gasunie新闻集团|News威廉希尔|William HillFlserv玛格纳|Magna中油公司（台湾）|CHINESE PETROLEUM CORP.全国保险|Nationwide澳大利亚电信|Telstra雅培|AbbottKFW Bankengruppe|Kreditanstalt für Wiederaufbau哈利伯顿|Halliburton阿尔卡特|Alcatel中化集团|China National Chemicals Import(Sinochem) CRH三菱化学|Mitsubishi Chemical中国农业银行乌尔沃斯|WoolworthsCosmo Oil康卡斯特|ComcastPremcor|PCO金佰利(金百利克拉)(品牌:可丽舒)|Kimberly-Clark Dexia雷神|Raytheon甘保险集团|Groupama韩华集团|Hanwha Chemical斯道拉恩索|Stora Enso Oyj爱迪生|Edison(Montedison)米其林|MichelinVattenfall明尼苏达矿业制造|3MMediceo Holdings迪尔|Deere胜腾|CendantLuxottica Group安泰|Aetna乔治亚-太平洋|Georgia-PacificKOC集团|Koç Holding A.S.艾默生电气|Emerson Electric中部电力|Chubu Electric PowerVNU日本航空|Japan Airlines联合百货|Federated Department Stores西班牙石油公司|Compañía Española de Petróleos, S.A.移动通信公司|TDC技术数据|Tech Data利宝相互保险|Liberty Mutual加拿大自然资源|Canadian Natural Resources藤泽药品工业公司|Fujisawa Pharmaceutical三菱汽车|Mitsubishi Motors全美汽车租赁|AutoNation凯马特|Kmart莎莉|Sara Lee大陆|Continental AG通用动力|General Dynamics鹿岛|Kajima Corporation上海宝钢集团|Shanghai BaosteelTNT N.V.(TPG N.V.)超价商店|SUPERVALU国家电力供应公司|National Grid意大利联合信贷银行|UniCredit施乐|Xerox加拿大皇家银行|Royal Bank of Canada阿克苏诺贝尔|Akzo Nobel庞巴迪|Bombardier住友商事|SumitomoMGIC Investment麦当劳|McDonald大成建设|Taisei中国建设银行|China Construction BankBanco BradescoCincinnati Financial中国南方电网|CHINA SOUTHERN POWER奥托集团|Otto GmbH新日矿|Nippon Mining三井住友保险|Mitsui Sumitomo InsuranceITT工业|ITT Industries日本烟草|Japan Tobacco康德摩根|Kinder Morgan赛诺菲安万特|Sanofi-AventisPublix Super Markets新加坡航空|Singapore Airlines加拿大鲍尔集团|Power Corporation of Canada Dreyer's伟创力|Flextronics伟世通|Visteon安巴克金融集团|Ambac Financial安进|Amgen华盛顿互助|Washington Mutual范妮梅|Fannie Mae美利坚公司|AMR泰国国家石油|PTT美泰玩具|Mattel住友电工|Sumitomo Electric曼恩集团|MAN兆丰金融控股|Mega Financial Holding伊藤忠|ITOCHU基因泰克|GenentechGap联合电力公司|United Utilities德国商业银行|Commerzbank瑞士人寿|Swiss Life单化联盟|Alliance UniChem德事隆公司|Textron固特异轮胎橡胶|Goodyear Tire美敦力|Medtronic沙特基础工业公司|Saudi Basic Industries日本通运|Nippon Express阿特拉斯科普柯|Atlas Copco美一银行|Bank One康尼格拉|ConAgra FoodsMigros高通|QUALCOMM信诺|CIGNA联合航空|UAL可口可乐企业|Coca-Cola Enterprises联合商业银行|Banca Intesa百事装瓶集团|Pepsi Bottling克里斯汀迪奥|Christian Dior爱生雅集团|Svenska Cellulosa Aktiebolaget旭化成|Asahi Kasei伊维尔德罗拉|IBERDROLA桑达克斯|Centex旭电|SolectronHumana|HUM东海旅客铁道|Central Japan Railway凸版印刷|Toppan Printing汉高|Henkel丘博|Chubb惠而浦|Whirlpool戴姆勒克莱斯勒|DaimlerChrysler Corporation通用电气|General Electric雪佛龙(雪佛龙德士古)|Chevron Corporation安盛|AXA日本电报电话|Nippon Telegraph美国国际集团|American International西门子|Siemens家乐福|Carrefour日立|Hitachi忠利保险|Assicurazioni Generali松下电器|Matsushita Electric Industrial麦克森|McKesson惠普|Hewlett-Packard中信泰富|Citic Pacific日产汽车|Nissan Motor长江基建|Cheung Kong伯克希尔哈撒韦|Berkshire住友金属工业|Sumitomo Metal埃尼|EniState Bank of India家得宝|Home Depot英杰华|Aviva(CGNU)德国电信|DEUTSCHE TELEKOM弗莱森电讯|Verizon Communications国家电网（中国）|State Grid Corporation of China 朝日啤酒|Asahi标致|Peugeot麦德龙|METROSampo|SAMAS日本制纸|Nippon PaperZions Bancorp|ZION欧姆龙|OMRON三菱UFJ证券|Mitsubishi UFJCOSMOTESanmina-SCI|SANMNorthern Rock东京急行|Tokyu美国邮政|United States Postal希捷|Seagate Technology法国巴黎银行|BNP Paribas宣威-威廉斯公司|Sherwin-Williams中国石油天然气|China National Petroleum索尼|Sony卡地纳健康|Cardinal Health皇家阿霍德|Royal Ahold阿尔特里亚|Altria墨西哥石油|Mexicanos美国银行|Bank of America沃达丰|Vodafone特易购|Tesco慕尼黑再保险|Münchener Rückversicherungs日本生命|Nippon Life菲亚特|Fiat苏格兰皇家银行|Royal Bank苏黎世金融|Zurich Financial农业信贷银行|Crédit AgricoleNational Bank of Canada瓦里安|Varian捷普集团|Jabil CircuitArchstone-Smith Trust|ASNPublicis盐野义制药|Shionogi哈拉娱乐|Harrah's Entertainment欧莱雅|L'Oréal卡夫食品|Kraft Foods日本邮政|Japan Post(Japan Postal Service)伊莱克斯|AB Electrolux巴伐利亚银行|Bayerische Landesbank中国银行|Bank of ChinaSkanska拉法基|Lafarge沃斯利集团|Wolseley皇家邮政集团|Royal Mail Holdings(Consignia)赛诺菲圣德拉堡|Sano-Synthélabo西北相互|Northwestern Mutual皇家太阳保险|Royal & Sun Alliance Insurance Group plcAutoZone卡尔施塔德-奎勒|Karstadt Quelle日本财产保险公司|Sompo Japan Insurance(Yasuda Fire & Marine Insurance) Sempra EnergyTIM拉卡德尔|LagardèreWesfarmers惠氏|Wyeth(American Home Products)Infosys公司|Infosys Technologies和记黄埔|Hutchison Whampoa阿尔斯通|ALSTOM吉列|Gillette阿拉美达赫斯|Amerada Hess康力斯集团|Corus雅虎|Yahoo!达能集团|Groupe DanoneBanco Comercial PortuguesSHV Holdings地铁公司|MTR大荣|Daiei爱信精机|Aisin Seiki赫斯基能源|Husky Energy里尔|Lear雅虎日本|YAHOO JAPANFirst Data公众电力公司|Public Power理光|Ricoh来德爱|Rite Aid永明金融|Sun Life Financial普洛斯|ProLogisBoston ScientificBAE SYSTEMS南非金田|Gold FieldsTakeda Chemical IndustriesPPL住友化学工业|Sumitomo Chemical皇家加勒比海邮轮集团|Royal Caribbean Cruises巴帝电信|Bharti Tele挪威消费食品集团|Orkla波兰商业银行|Bank Polska Kasa Opieki|(Bank Pekao）RemgroBanca Fideuram|FIBK西日本旅客鉄道|West Japan Railway俄罗斯储蓄银行|Sberbank美国北方银行|TD Banknorth国民银行|National Bank of Greece中华开发工业银行|China Development Financial马来西亚国际船运|Malaysia International ShippingC.R. Bard|BCR路易威登|LVMH Moet Hennessy Louis VuittonJefferson-PilotCarnival台湾积体电路制造股份有限公司|Taiwan Semiconductor Mfg.斯伦贝谢|Schlumberger史密斯集团|Smiths GroupApplied Materials力拓矿业集团|Rio Tinto喜力|HeinekenMBNALiberty MediaNEC电子公司|NEC ElectronicsFifth Third Bancorp柯尼卡|Konica Minolta高露洁|Colgate-PalmoliveEisaiNomura HoldingsIllinois Tool WorksIntuit威娜|WellaEMC澳洲石油集团|Woodside Petroleum丰田工业|Toyota IndustriesFox Entertainment GroupInvestorCintas洲际酒店集团|InterContinental Hotels国家半导体公司|National SemiconductorMTN Group Limited |M-Cell LtdAutomatic Data Processing塔利斯曼能源集团|Talisman Energy俄罗斯统一电力|OJSC Surgutneftegas电通广告|DentsuSeven-Eleven Japan迅销|Fast Retailing先灵葆雅|Schering-PloughLennar恒生银行|Hang Seng BankWiproEFG Eurobank ErgasiasClear Channel Communications西诺乌斯金融公司|Synovus FinancialDIRECTV GroupEcolab纽约时报|New York Times爱尔康|AlconSMC网络|SMC NetworksGannettAlliance & Leicester国家电力公司(马来西亚)|Tenaga Nasional Berhad DDI POCKET爱迪生国际|Edison International美国电讯|America Telecom纽约银行|Bank of New York恒基兆业地产|Henderson Land Development奥地利电讯|Telekom Austria新加坡电信|Singapore Telecommunications富邦金控|Fubon Financial HoldingForest LaboratoriesCIT集团|CIT Group底特律能源|DTE EnergyMarsh & McLennanReed Elsevier NV圣乔治银行|St.George BankAmerica Movil苏格兰&纽卡斯尔|Scottish & Newcastle InterActiveCorp斯特拉塔|XstrataAvaya道明银行|Toronto-Dominion BankMBIA罗尔斯罗依斯|Rolls-Royce加莱赫集团|Gallaher Group正大制药|Taisho Pharmaceutical澳洲布莱堡工业集团|Brambles Industries王子制纸株式会社|Oji PaperNational City英国天空广播公司|British Sky Broadcasting Group BG Group汤姆森|Thomso南方|Southern Co.日本大和运输公司|Yamato TransportNetwork Appliance九龙仓集团有限公司|Wharf Holdings雅芳产品|Avon Products3i Group尤克斯|YUKOS索威公司|SolvayGroupe UCB台湾塑胶工业股份有限公司|Formosa Plastics Biogen IdecCareer Education齐默|Zimmer HoldingsBB&T瑞士电信|Swisscom新鸿基地产发展有限公司|Sun Hung Kai Properties CSX运输公司|CSXStryker德固赛|DegussaHennes & Mauritz墨西哥电话|Telefonos de Mexico意法半导体|STMicroelectronicsBrascan蒙特利尔银行|Bank of MontrealTeva Pharmaceutical IndustriesSunGard Data SystemsTeliaSonera南非英美铂业|Anglo American Platinum理索纳银行|Resona Holdings亚马逊|阿莫林公司|AmerenCox通信|Cox CommunicationsHudson City Bancorp渣打集团有限公司|Standard Chartered印尼电信|Telekomunikasi IndonesiaBOC集团|BOC Group爱德万株式会社|AdvantestNEXT葡萄牙电力公司|Energias de Portugal百特国际|Baxter International国泰航空公司|Cathay Pacific Airways利洁时|Reckitt BenckiserCoachMarvell Technology Group耐克|NIKE美国标准公司|American Standard埃克西尔能源|Xcel Energy大金工业|Daikin Industries淡水河谷公司|Companhia Vale do Rio DoceNTT DATA烟草|USTIGM金融公司|IGM Financial中银香港|BOC Hong KongLaboratory Corp. of AmericaEquity Residential近畿日本铁路|Kintetsu(Kinki Nippon Railway)JS|Tostem Inax HoldingSnam Rete Gas太阳信用银行|SunTrust Banks松下电工株式会社|Matsushita Electric Works静冈银行|Shizuoka Bank雅高集团|Accor法国煤气液化公司(法国液化空气有限公司)|L'Air Liquide 希腊银行|Alpha BankDnB NOR辛辛那提能源|CinergyAnalog DevicesOPAP乔鼎资讯|Promise TechnologyElectrabel纳伯斯工业|Nabors Industries乐天公司|RAKUTENTorchmark奥地利国际银行|Bank Austria Creditanstalt中国海洋石油总公司|CNOOCD.R. Horton友达光电|AU Optronics吉百利(吉百利史威士股份有限公司)|Cadbury Schweppes 日本NOK株式会社|NOKChiron快捷药方公司|Express Scripts凯乐格|Kellogg日本电产|NidecT.Rowe Price贝尔斯登公司|Bear Stearns长江实业(集团)有限公司|Cheung Kong Holdings英可金属|IncoL-3 通信公司|L-3 Communications意大利维罗纳银行|Banco Popolare di Verona e Novara KBC Bancassurance HoldingCNA FinancialInterpublic Group墨菲石油公司|Murphy Oil西方石油|Occidental Petroleum中外制药|Chugai PharmaceuticalLegg Mason西田信托|WESTFIELD TRUSTRegions FinancialBritish LandBJ服务公司|BJ Services中国钢铁|China Steel奈特-里德|Knight-Ridder通用食品|General MillsASML HoldingNewmont MiningMylan LaboratoriesSLM林肯国民集团|Lincoln National康宁公司|Corning帕尔迪房屋公司|Pulte Homes美国Medimmune生物制药公司|MedImmune马来西亚电讯|Telekom Malaysia德国证券及衍生工具交易所|Deutsche Borse哈利-戴维森|Harley-Davidson南亚塑胶工业|Nan Ya Plastics佳腾公司|Guidant联发科技|MediaTekFirstRand弗里波特-麦克莫兰铜金矿公司|Freeport-McMoRan Copper UnionBanCal昆士兰保险集团股份有限公司|QBE Insurance斯沃琪集团|Swatch Group澳洲地产集团|WestfieldTransoceanCheckPoint软件技术有限公司|Check Point Software Technologies H&R Block罗门哈斯|Rohm and Haas可口可乐希腊瓶装公司|Coca-Cola HellenicAlteraAES发电有限公司斯克里普斯|E. W. ScrippsCDWGBL集团|Groupe Bruxelles Lambert标准银行|Standard BankGlobalSantaFeVodafone K.K.怡安保险|Aon喜达屋|Starwood Hotels & Resorts三共株式会社|Sankyo新生银行|Shinsei BankAutoroutes du Sud de la France资本一号金融服务公司|Capital One Financial美信集成产品公司|Maxim Integrated ProductsGolden West FinancialTelkom集团|TelkomApollo Group诺和诺德|Novo Nordisk帝国石油|Imperial Oil王者银行|Sovereign Bancorp道富公司|State Street帝国烟草公司|Imperial Tobacco GroupIMS Health星巴克公司|Starbucks欧力士|ORIXOTP银行|OTP Bank柯尔|Kohl's山特维克|Sandvik印度斯坦利华公司|Hindustan Lever北电网络|Nortel Networks泰勒斯|TELUSCEPSA福斯特|Fosters Group澳洲博彩集团|Publishing and Broadcasting论坛公司|Tribuneabertis infraestructuras布朗-福曼公司|Brown-Forman加拿大人寿金融公司|Great-West Lifeco伊顿公司|Eaton纽约社区银行|New York Community Bancorp希腊电信|Hellenic TelecommunicationsAlltel保乐利加|Pernod Ricard组合国际计算机|Computer Associates International中国信托金融控股股份有限公司|Chinatrust Financial Holdings Union Planters奎斯特诊断|Quest Diagnostics先正达|Syngenta日本京瓷株式会社|Kyocera英克隆制药公司|ImClone横滨银行|The Bank of Yokohama阿达迪斯|AltadisNational Commerce Financial华硕电脑|Asustek Computer加拿大管道公司|Enbridge三菱地所|Mitsubishi Estate明讯电讯公司|Maxis Communications Berhad中华电信|Chunghwa TelecomMediobanca罗克韦尔自动化公司|Rockwell AutomationPNC金融服务集团|PNC Financial Svcs.派克汉尼汾|Parker HannifinmmO2米高梅|MGM Mirage美国南方银行|AmSouth BancorporationCopec希尔顿酒店|Hilton Hotels墨西哥电视集团|Grupo TelevisaLimited Brands新西兰电信|Telecom Corp. of New Zealand香港电灯集团|Hongkong Electric Holdings香港中华煤气|Hong Kong & China Gas意大利器械工业投资公司|Finmeccanica住友信托银行|Sumitomo Trust & Banking(Sumitomo Bank)Tele2美国微芯科技公司|Microchip Technology伊兰|Elan回声之星通信公司|EchoStar CommunicationsITV菲尔普斯.道奇公司|Phelps Dodge朗讯科技|Lucent Technologies大阪瓦斯|Osaka GasNorth Fork Bancorporation奥姆尼康集团|Omnicom Group法国依视路公司|Essilor Interational电子艺界|Electronic Arts华盛顿邮报|Washington Post泰国暹罗水泥集团|Siam Cement Group联合太平洋|Union Pacific当纳利父子公司|R.R. Donnelley & Sons台湾化学纤维股份有限公司|Formosa Chemicals & Fibre 软体银行|Softbank三井不动产|Mitsui FudosanMcGraw-HillGGP地产公司|General Growth Properties美国通用配件公司|Genuine Parts华侨银行|OCBC Bank联盟计算机服务|Affiliated Computer Services孟山都公司|MonsantoCompagnie Financière RichemontMarshall & Ilsley达乐公司|Dollar General美光科技|Micron Technology亿旺资讯服务|Advanced Info Service(AIS)Banco Itau久保田商事株式会社|KubotaAlleanza AssicurazioniALTANA仁科公司|PeopleSoftXTO能源公司|XTO Energy西雅那银行|Banca Monte dei Paschi di Siena美国艾利公司|Avery Dennison纽威尔集团|Newell Rubbermaid信越化学工业株式会社|Shin-Etsu ChemicalCapitalia沃那多房地产信托公司|Vornado Realty Trust奥地利第一储蓄银行|Erste Bank奇美电子|Chi Mei Optoelectronics日东电工|Nitto Denko普莱斯多姆|Placer DomeUnión Fenosa法国电视一台|TF1|Télévision Francaise 1ROHM株式会社|ROHMT-Online InternationalSymantec国泰金控|Cathay Finacial HoldingsPaychex日本任天堂株式会社|Nintendo丹纳赫集团|DanaherInditex戴文能源|Devon EnergyAngloGold Ashanti曼氏集团|Man Group英国联合食品集团|Associated British Foods Allied Domecq大和证券|Daiwa Securities Group箭牌糖类有限公司|Wm. Wrigley Jr.优尼科|UnocalFanuc西科姆|Secom芬欧汇川|UPM-Kymmene吉列德科技|Gilead SciencesAIFUL怡和控股有限公司|Jardine Matheson Holdings Power Financial太古公司|Swire Pacific瑞典商业银行|Svenska HandelsbankenCasino,Guichard-PerrachonBoots Group太阳微系统|Sun Microsystems中国石化|China Petroleum & Chemical(Sinopec) TDK鲜京电信|SK Telecom北方信托|Northern Trust美国有线电视系统公司|Cablevision SystemsKLA-Tencor统一爱迪生|Consolidated Edison诺福克南方|Norfolk Southern公众贮藏公司|Public Storage萨瓦德尔银行|Banco SabadellGenworth Financial甲骨文(日本)|Oracle Corporation Japan Beiersdorf(品牌:妮维雅)路透集团(品牌:路透社)|Reuters Group村田制作所|Murata Mfg.花王株式会社|KaoLinde阿纳达科公司|Anadarko Petroleum中国联通|China Unicom国际游戏科技公司|International Game Technology 日本中国电力株式会社|Chugoku Electric Power麒麟麦酒|Kirin Brewery马来亚银行|Malayan Banking泛加输油管道|TransCanadaMoody'sWalmart de Mexico江森自控|Johnson Controls嘉信理财集团|Charles Schwab斯堪尼亚公司|Scania帕卡|PACCAR联华电子|United MicroelectronicsSynthes广达电脑|Quanta Computer培生集团|Pearson圣犹达医疗用品公司|St. Jude MedicalSmith & Nephew菲利普·莫里斯公司(品牌:万宝路)|Philip Morris USA 富达国民金融公司|Fidelity National Financial ForeningsSparbankenCharter One Financial柏灵顿资源|Burlington Resources梅赛德斯-奔驰|Mercedes-Benz瑞穗信托银行|Mizuho Trust & BankingApacheEOG资源|EOG Resources英特布鲁|Interbrew科美利加|Comerica美国电话电报公司|AT&T东京瓦斯|Tokyo Gas基因酶|Genzyme东方乐园|ORIENTAL LAND亨氏|H.J. Heinz东京威力|Tokyo ElectronTelenor公共服务企业集团|Public Service Enterprise Group 凤凰城网络大学|University of Phoenix Online MediasetLand Securities科凯国际集团|KeyCorp雀巢(品牌:雀巢咖啡)|NestléBroadcomCompanhia de Bebidas das Americas费森尤斯医疗|Fresenius Medical Care葡萄牙电信|Portugal TelecomSeronoCEMEX壳牌加拿大|Shell CanadaBecton,DickinsonGoogle洛罗斯公司|Loblaw中电控股有限公司|CLP Holdings英飞凌科技|Infineon Technologies西班牙大众银行|Banco Popular Espanol武富士|Takefuji安特基|Entergy宜家|IKEA日光Cordial|Nikko Cordial赛灵思公司|Xilinx北欧斯安银行|Skandinaviska Enskilda BankenPitney BowesPPG Industries梅隆金融公司|Mellon FinancialBiomet古奇|Gucci伯灵顿北方圣特菲|Burlington Northern Santa FeXL Capital肯德基|KFC西伯利亚石油公司|Sibneft安捷伦科技|Agilent Technologies凌特公司|Linear TechnologyFranklin Resources夏奈尔|Chanel阿迪达斯|adidas-Salomon劳力士|Montres Rolex利盟国际|Lexmark International西南航空公司|Southwest AirlinesZaraAnthem奥迪|AUDI爱尔兰联合银行|Allied Irish Banks金霸王|Duracell蒂芙尼|Tiffany新加坡星展集团|DBS Group Holdings爱马仕|Hermès International赫兹|HertzHOYA株式会社|HOYA路易威登(品牌:轩尼诗)|LVMH Moët Hennessy Louis Vuitton 德州公用|TXUSABMiller帝亚吉欧(品牌:皇冠伏特加)|DiageoSasol卡蒂亚|Cartier阿比国民银行|Abbey National雅诗兰黛|Estée Lauder路易威登(品牌:酩悦香槟)|LVMH Moët Hennessy Louis Vuitton普莱克斯公司|Praxair苹果电脑|Apple Computer普拉达|PardaBulgariNorilsk NickelProgress Energy乔治·阿玛尼|Giorgio Armani金宝汤|Campbell SoupUnivision CommunicationsRAS霍德班克公司|HolcimLevi Strauss & Co.(品牌:LEVI'S)太平洋煤气电力|PG&E西蒙地产|Simon Property东丽株式会社|Toray Industries大华银行|United Overseas Bank默克制药|Merck KGaA保时捷|PorscheKeyenceAdobe Systems爱尔兰银行|Bank of IrelandFPL Group英国航空管理|BAABelgacom加拿大石油公司|Petro-CanadaACOMMobile Telesystems爱力根公司(眼力健有限公司)|Allergan M&T银行|M&T Bank先灵|Schering西班牙天然气|Gas Natural SDG森科能源|Suncor Energy安达保险集团|ACEEquity Office PropertiesScottish & Southern Energy Autostrade好时食品|Hershey Foods英格索兰|Ingersoll-Rand山之内制药株式会社|Astellas Pharma 百胜(品牌:必胜客)|YUM! Brands Veritas Software高乐氏|Clorox富俊|Fortune BrandsWm Morrison SupermarketsAir Products & ChemicalsJuniper Networks万豪国际|Marriott InternationalUnified Energy System of Russia国民银行|Kookmin BankBed Bath & Beyond贝克休斯公司|Baker HughesAGF加拿大国家铁路公司|Canadian National Railway美国信安金融集团|Principal FinancialBarrick GoldResearch In MotionSouthTrustWPP GroupSafeco|SAFCFonciere Euris宏达国际电子|HIGH TECH COMPUTER塔塔谘询服务有限公司|TATA CONSULTANCY SERVICES（TCS）Turkcell Iletisim HizmetleriBharti电信投资有限公司|Bharti Tele-Ventures西部无线公司|Western Wireless宏基|ACERNEXTEL PARTNERS联咏科技|NOVATEK MICROELECTRONICSNII Holdings西部数据|Western Digital康尼赞科技|Cognizant Technology Solutions欧特克|Autodesk冠捷科技|TPV TECHNOLOGY科林研发股份有限公司|LAM RESEARCH美商休斯电子材料|MEMC Electronic Materials光宝科技|Lite-On Technology力晶半导体|POWERCHIP SEMICONDUCTORCACI INTERNATIONALVimpel-Communications安费诺|Amphenol源讯|ATOS ORIGIN神达电脑|MiTAC International乐金电信|LG TELECOMANTEON INTERNATIONAL|ANTEONSRA国际公司|SRA International罗技国际集团公司|LOGITECH INTERNATIONALSANDISKANIXTER INTERNATIONALHARRIS仁宝计算机工业|COMPAL ELECTRONICS尼康|NIKON康普|COMMSCOPEATI技术公司|ATI TECHNOLOGIES明基|BenQKT FREETEL萨蒂扬电脑服务公司|Satyam Computer Services FISERVVERISIGNACTIVISION中兴通讯|ZTE日野自动车工业株式会社|Hino Motors大发工业株式会社|Daihatsu Motor日产柴油汽车工业公司|Nissan Diesel Motor日产车体集团|Nissan Shatai丰田合成株式会社|Toyoda Gosei卡尔索尼克株式会社|Calsonic Kansei丰田车体株式会社|Toyota Auto Body株式会社京滨制造所|KEIHIN昭和工业株式会社|SHOWA富塔巴工业株式会社|FUTABA INDUSTRIAL株式会社小糸制作所|KOITO MANUFACTURING日信工业株式会社|NISSIN KOGYO关东自动车工业株式会社|Kanto Auto Works株式会社F.C.C|F.C.C艾克帝株式会社|EXEDY萱场工业株式会社|KAYABA INDUSTRY曙光制动器工业株式会社|AKEBONO BRAKE INDUSTRY优尼冲压株式会社|Unipres日本精机株式会社|Nippon Seiki武藏精密工业株式会社|MUSASHI SEIMITSU普莱斯工业株式会社|PRESS KOGYO日本线缆株式会社|Nippon Cable爱三工业株式会社|Aisan Industry东机科株式会社|TOKICO银木工业株式会社|SHIROKI株式会社三国|Mikuni爱知机械工业株式会社|AICHI MACHINE INDUSTRY万宝井株式会社|YOROZUALPHA SYSTEMS托索克株式会社|Nidec Tosok自动车鋳物株式会社|Automobile FoundryTachi-s大丰工业株式会社|Taiho Industries河西工业株式会社|KASAI KOGYO帝国化学工业|Imperial Chemical Industries汽巴精化控股公司|Ciba Specialty Chemicals Holding 科莱恩|Clariant拜耳公司|Bayer Corporation美国本田汽车公司|American Honda Motor北美日产|Nissan North America戴姆勒克莱斯勒|DaimlerChrysler AG美国本田公司|Honda of America Mfg丰田北美公司|Toyota Motor Manufacturing North America 北美三菱汽车|Mitsubishi Motors North America丰田汽车北美公司|Toyota Motor North America德纳公司|DanaTrinity IndustriesACF Industries卡莱尔集团|Carlisle阿尔文美驰公司|ArvinMeritorWabash National美国轮轴制造公司|American Axle & Manufacturing戴恩金属公司|Metaldyne特斯玛国际公司|Tesma International盖茨公司|Gates马克.伊伏工业公司|Mark IV Industries联邦信号公司|Federal Signal川崎重工|Kawasaki Heavy IndustriesProgress RailKI HoldingsAmerican Railcar IndustriesGreenbrierGreat DaneUtility Trailer Manufacturing弗雷特伍德|Fleetwood EnterprisesForest River霍尔工业|Thor IndustriesMonaco CoachCoachmen Industries温尼巴格|Winnebago IndustriesFleetwood Folding TrailersKeystone RVTiffin MotorhomesNational R.V.航星国际|Navistar InternationalScott Fetzer斯图尔特与史蒂文森公司|Stewart & Stevenson康明斯|Cummins福莱纳|Freightliner奥什科什卡车公司|Oshkosh Truck国际卡车发动机公司|International Truck and Engine Blue BirdCollins Industries底特律柴油机公司|Detroit Diesel马克卡车公司|Mack Trucks斯巴坦汽车|Spartan MotorsSupreme Industries斯必克|SPX。
化学工程与工艺专业英语课后习题参考答案
学而不思则惘，思而不学则殆Key to Exercise Unit 1 Chemical Industries1.the Industrial Revolutionanic chemicals3.the contact process4.the Haber process5.synthetic polymers6.intermediates7.artificial fertilizers 8.pesticides (crop protection chemicals)9.synthetic fibers10.pharmaceutical11.research and development12.petrochemicalputers(automatic control equipment)14.capital intensiveSome Chemicals Used In Our Daily LifeUnit 2 Research and Development1.R&D2.ideas and knowledge3.process and products4.fundamental5.applied6.product development7.existing product8.pilot plant9.profitbility10.environmental impact11.energy cost 12.technical support13.process improvement14.effluent treatment15.pharmaceutical16.sufficiently pure17.Reaction18.unreacted material19.by-products20.the product specification21.Product storageUnit 3 Typical Activities of Chemical Engineers1.Mechanical2.electrical3.civil4.scale-upmercial-size6.reactors7.distillation columns8.pumps9.control and instrumentation10.mathematics11.industry12.academia13.steam 14.cooling water15.an economical16.to improve17.P&I Drawings18.Equipment Specification Sheets19.Construction20.capacity and performance21.bottlenecks22.Technical Sales23.new or improved24.engineering methods25.configurationsUnit 4 Sources of Chemicals1.inorganic chemicals2.derive from (originate from)3.petrochemical processes4.Metallic ores5.extraction process6.non-renewable resource7.renewable sources8.energy source9.fermentation process10.selective 11.raw material12.separation and purification13.food industry14.to be wetted15.Key to success16.Crushing and grinding17.Sieving18.Stirring and bubbling19.Surface active agents20.OverflowingUnit 5 Basic Chemicals 1. Ethylene 2. acetic acid 3.4. Polyvinyl acetate5. Emulsion paintUnit 6 Chlor-Alkali and Related Processes 1. Ammonia 2. ammonia absorber 3. NaCl & NH 4OH 4.5. NH 4Cl6. Rotary drier7. Light Na 2CO 3Unit 7 Ammonia, Nitric Acid and Urea 1. kinetically inert 2. some iron compounds 3. exothermic 4. conversion 5. a reasonable speed 6. lower pressures 7. higher temperatures 8.9. energy 10. steam reforming 11. carbon monoxide 12. secondary reformer 13. the shift reaction 14. methane 15. 3:1Unit 8 Petroleum Processing 1. organic chemicals 2. H:C ratios3. high temperature carbonization4. crude tar5. pyrolysis6. poor selectivity7. consumption of hydrogen8. the pilot stage9. surface and underground 10.fluidized bed 11. Biotechnology 12. sulfur speciesUnit 9 PolymersUnit 10 What Is Chemical EngineeringMicroscale (≤10-3m)●Atomic and molecular studies of catalysts●Chemical processing in the manufacture of integrated circuits●Studies of the dynamics of suspensions and microstructured fluidsMesoscale (10-3－102m)●Improving the rate and capacity of separations equipment●Design of injection molding equipment to produce car bumpers madefrom polymers●Designing feedback control systems for bioreactorsMacroscale (>10m)●Operability analysis and control system synthesis for an entire chemicalplant●Mathematical modeling of transport and chemical reactions ofcombustion-generated air pollutants●Manipulating a petroleum reservoir during enhanced oil recoverythrough remote sensing of process data, development and use of dynamicmodels of underground interactions, and selective injection of chemicalsto improve efficiency of recoveryUnit 12 What Do We Mean by Transport Phenomena?1.density2.viscosity3.tube diameter4.Reynolds5.eddiesminar flow7.turbulent flow 8.velocity fluctuations9.solid surface10.ideal fluids11.viscosity12.Prandtl13.fluid dynamicsUnit 13 Unit Operations in Chemical Engineering 1. physical 2. unit operations 3. identical 4. A. D. Little 5. fluid flow6. membrane separation7. crystallization8. filtration9. material balance 10. equilibrium stage model 11. Hydrocyclones 12. Filtration 13. Gravity 14. VaccumUnit 14 Distillation Operations 1. relative volatilities 2. contacting trays 3. reboiler4. an overhead condenser5. reflux6. plates7. packing8.9. rectifying section 10. energy-input requirement 11. overall thermodynamic efficiency 12. tray efficiencies 13. Batch operation 14. composition 15. a rectifying batch 1 < 2 < 3Unit 15 Solvent Extraction, Leaching and Adsorption 1. a liquid solvent 2. solubilities 3. leaching 4. distillation 5. extract 6. raffinate 7. countercurrent 8. a fluid 9. adsorbed phase 10. 400,000 11. original condition 12. total pressure 13. equivalent numbers 14. H + or OH –15. regenerant 16. process flow rates17. deterioration of performance 18. closely similar 19. stationary phase 20. mobile phase21. distribution coefficients 22. selective membranes 23. synthetic24. ambient temperature 25. ultrafiltration26. reverse osmosis (RO).Unit 16 Evaporation, Crystallization and Drying 1. concentrate solutions 2. solids 3. circulation 4. viscosity 5. heat sensitivity 6. heat transfer surfaces 7. the long tube8. multiple-effect evaporators 9.10. condensers 11. supersaturation 12. circulation pump 13. heat exchanger 14. swirl breaker 15. circulating pipe 16. Product17. non-condensable gasUnit 17 Chemical Reaction Engineering1.design2.optimization3.control4.unit operations (UO)5.many disciplines6.kinetics7.thermodynamics,8.fluid mechanics9.microscopic10.chemical reactions 11.more valuable products12.harmless products13.serves the needs14.the chemical reactors15.flowchart16.necessarily17.tail18.each reaction19.temperature and concentrations20.linearUnit 18 Chemical Engineering Modeling1.optimization2.mathematical equations3.time4.experiments5.greater understanding6.empirical approach7.experimental design8.differing process condition9.control systems 10.feeding strategies11.training and education12.definition of problem13.mathematical model14.numerical methods15.tabulated or graphical16.experimental datarmation1.the preliminary economics2.technological changes3.pilot-plant data4.process alternatives5.trade-offs6.Off-design7.Feedstocks 8.optimize9.plant operations10.energy11.bottlenecking12.yield and throughput13.Revamping14.new catalystUnit 19 Introduction to Process Design1. a flowsheet2.control scheme3.process manuals4.profit5.sustainable industrial activities6.waste7.health8.safety9. a reactor10.tradeoffs11.optimizations12.hierarchyUnit 20 Materials Science and Chemical Engineering1.the producing species2.nutrient medium3.fermentation step4.biomass5.biomass separation6.drying agent7.product8.water9.biological purificationUnit 21 Chemical Industry and Environment1.Atmospheric chemistry2.stratospheric ozone depletion3.acid rain4.environmentally friendly products5.biodegradable6.harmful by-product7.efficiently8.power plant emissions 9.different plastics10.recycled or disposed11.acidic waste solutionsanic components13.membrane technology14.biotechnology15.microorganisms。
写一封关于保险政策的电子邮件范文英语
写一封关于保险政策的电子邮件范文英语Dear [Recipient's Name], I hope this email finds you in good health and high spirits. I am writing to provide you with an update on our insurance policy and the enhanced coverage benefits we are offering to our valued customerslike you.Firstly, I would like to express our sincere gratitudefor choosing our insurance services to safeguard your assets and secure your future. We constantly strive to improve our policies and provide you with the best coverage to meet your evolving needs.In response to the changing dynamics of the insurance industry, we have recently reviewed and revised our policy options to ensure that they align with the prevailing market trends and cater to your specific requirements. We understand that each individual or business has unique circumstances,and we are committed to offering tailored solutions for your peace of mind.Here are the key updates and benefits you can expect from our revised insurance policy:1. Comprehensive Coverage Options:With our updated policy, we now offer a wider range of coverage options to meet your specific needs. Whether you require coverage for property, health, life, or personal belongings, we have designed comprehensive packages that provide the optimal level of protection.2. Increased Policy Limits:To provide you with greater financial security, we have increased the policy limits for certain coverage areas. This means that in the unfortunate event of a claim, you can potentially receive higher payouts, enabling you to recover quickly and efficiently.3. Additional Coverage Enhancements:We have introduced several new coverage enhancements to address emerging risks and potential gaps in traditional policies. These enhancements include coverage for cyber threats, identity theft, natural disasters, and otherspecific risks that may affect your personal or business assets.4. Streamlined Claims Process:We understand that a smooth and efficient claims process is crucial during times of adversity. Hence, we have implemented advanced technologies to expedite claims and minimize any inconvenience caused. Our dedicated claims team is available around the clock to provide support and guidance throughout the process.5. Competitive Pricing:While we have enhanced our coverage benefits, we havealso taken steps to ensure that our pricing remains competitive. We believe in providing exceptional value foryour investment, and we are committed to delivering cost-effective insurance solutions without compromising on quality.6. Personalized Customer Support:Our exceptional customer service remains a top priority. Our team of experienced professionals is always ready toassist you with any queries or concerns you may have. We understand that your needs may evolve over time, and we are here to guide you through every step of your insurance journey.In conclusion, our updated insurance policy aims to address your evolving needs and offer you comprehensive coverage along with enhanced benefits. We value your trust in us and are committed to providing you with peace of mind and financial protection.To learn more about the revised policy and how it can benefit you, please visit our website or reach out to our dedicated customer support team. We are always ready to assist you and answer any questions you may have.Thank you once again for your continued support. We look forward to serving you and maintaining a strong and mutually beneficial partnership.。
风浪越大雨越贵英语作文的
风浪越大雨越贵英语作文的The Rougher the Seas, the Steeper the Fare.In the realm of maritime commerce, an immutable truth has held sway throughout history: the tempestuous nature of the seas exerts an inexorable influence on the cost of shipping. When storms rage and billows tower, the perils confronting vessels intensify, necessitating a commensurate increase in the price of transport.The reasons for this correlation are multifaceted and deeply rooted in the challenges inherent in navigating treacherous waters. Foremost among these challenges is the elevated risk of vessel damage. As winds howl and waves crash, the structural integrity of ships is severely tested. Hulls can sustain punctures, masts can snap, and sails can be torn asunder. The potential for catastrophic loss isever-present, and insurers understandably demand higher premiums to offset this increased risk.Another factor contributing to the higher cost of shipping during storms is the diminished efficiency of vessel operations. Inclement weather hampers visibility, hindering navigation and slowing progress. Seasickness can afflict both crew and passengers, further reducing productivity. Moreover, adverse conditions may force vessels to seek shelter or alter their routes, adding additional time and expense to the journey.The scarcity of vessels available to brave the storm also contributes to the increased cost of shipping. As fewer ships are willing to venture into dangerous conditions, supply and demand dynamics favor the carriers that do. Shippers are left with little choice but to pay a premium for the limited capacity tersedia.Beyond the direct costs imposed by storms, there are also indirect consequences that contribute to higher shipping prices. Disruptions to supply chains caused by weather-related delays can lead to shortages of goods, further driving up prices. Furthermore, the increased cost of insurance and vessel repairs can erode carrier profits,forcing them to pass on these expenses to their customers.The economic impact of higher shipping costs during storms is far-reaching. Consumers ultimately bear the brunt of these expenses through higher prices for imported goods. Businesses that rely on maritime transportation may see their profit margins squeezed or even face bankruptcy if shipping costs become prohibitively high. Moreover, the global economy as a whole can suffer as trade flows are disrupted and supply chains are strained.Recognizing the crucial role of maritime commerce in the global economy, governments and maritime authorities have implemented various measures to mitigate the impact of storms on shipping costs. These include weather forecasting and warning systems, seafaring regulations to ensure vessel safety, and emergency response plans to facilitate rapid recovery from disruptions.While these measures can help to reduce the severity of shipping cost increases during storms, they cannot eliminate them entirely. The inherent risks and challengesof navigating treacherous seas will always demand a premium for those who brave them. Thus, the adage "the rougher the seas, the steeper the fare" will likely endure as a timeless truth in the annals of maritime history.。
非医疗转运许可证办理流程
非医疗转运许可证办理流程1.首先，需要去当地卫生局办理转运许可证。
First, you need to go to the local health bureau to apply for a transfer permit.2.准备好个人身份证明、车辆行驶证和医疗机构证明文件。
Prepare personal identification, vehicle registration documents, and medical institution certification.3.向卫生局提交申请表格和相关材料。
Submit the application form and relevant materials to the health bureau.4.卫生局会对申请进行审查，并核准符合条件的申请。
The health bureau will review the application and approve those that meet the requirements.5.缴纳相关费用，领取转运许可证。
Pay the relevant fees and receive the transfer permit.6.许可证上会标明有效期和转运对象的相关信息。
The permit will indicate the validity period and relevant information about the transfer object.7.办理完毕后，可以开始进行非医疗转运服务。
After completing the process, you can start providingnon-medical transfer services.8.在办理前，需要确保车辆符合相关要求，并经过检查合格。
Before processing, make sure that the vehicle meets the relevant requirements and passes the inspection.9.确保驾驶员持有相应的驾驶证，并具备相关的驾驶技能。
不同国家对家庭收入数据统计英语作文
不同国家对家庭收入数据统计英语作文Household income data is an important economic indicator that provides insights into the financial well-being of a country's population. However, the methods used by different nations to collect and report this information can vary significantly. This essay will explore the approaches taken by several major economies in gathering and publishing household income statistics.In the United States, the primary source of household income data is the Current Population Survey (CPS), conducted monthly by the U.S. Census Bureau. The CPS collects information on the income of households, defined as all the people who occupy a housing unit. Respondents are asked to report their total pre-tax cash income from various sources, including wages, salaries, tips, net self-employment income, interest, dividends, Social Security payments, and other government transfers. The Census Bureau then aggregates this data to calculate measures such as median household income and the income distribution.One notable aspect of the U.S. approach is the exclusion of certainnon-cash benefits, such as employer-provided health insurance, food stamps, and housing subsidies, from the household income calculation. This has been a source of criticism, as these types of assistance can significantly impact a family's financial situation. Additionally, the CPS relies on self-reported data, which may be subject to recall bias or intentional underreporting of income.In contrast, the United Kingdom takes a more comprehensive approach to measuring household income. The Office for National Statistics (ONS) conducts the Family Resources Survey (FRS), which collects data on the income of all individuals within a household, including income from employment, self-employment, investments, and state benefits. The FRS also gathers information on the receipt of various non-cash benefits, such as free school meals and subsidized housing. This allows the ONS to calculate a more holistic measure of household disposable income, which is then used to analyze income inequality and poverty rates.One potential limitation of the UK's approach is the reliance on survey data, which may not capture the full extent of the population's income, particularly for high-income households that may be less inclined to participate in the survey. To address this, the ONS supplements the FRS with administrative data from tax records and other sources to provide a more accurate picture of the income distribution.In Germany, the primary source of household income data is the Socio-Economic Panel (SOEP), a longitudinal survey conducted by the German Institute for Economic Research (DIW Berlin). The SOEP collects detailed information on the income, assets, and living conditions of households, including income from employment, self-employment, government transfers, and private sources. Unlike the U.S. and UK approaches, the SOEP also gathers data on the wealth and financial assets of households, providing a more comprehensive view of their economic well-being.One advantage of the SOEP is its longitudinal design, which allows researchers to track changes in household income and wealth over time. This can provide valuable insights into the dynamics of income mobility and the factors that influence household financial stability. However, the SOEP's reliance on self-reported data may still be subject to some biases, and the sample size, while substantial, may not fully represent the diversity of the German population.In China, the collection and reporting of household income data is a more centralized and government-driven process. The National Bureau of Statistics of China (NBS) conducts the annual Urban Household Survey and the Rural Household Survey to gather information on the income and expenditures of urban and rural households, respectively. These surveys collect data on a range ofincome sources, including wages, salaries, self-employment income, and government transfers.One notable aspect of the Chinese approach is the emphasis on capturing the income of both urban and rural households, reflecting the country's significant rural-urban divide. However, the reliability of the data collected by the NBS has been the subject of some debate, with concerns raised about potential underreporting of income, particularly in the context of China's rapidly changing economic landscape.In Japan, the Ministry of Internal Affairs and Communications (MIC) conducts the Comprehensive Survey of Living Conditions (CSLC) to gather data on household income and expenditures. The CSLC collects information on the income sources of household members, including wages, salaries, pensions, and social security benefits. The data is then used to calculate measures such as average household income and the income distribution.One unique feature of the Japanese approach is the inclusion of in-kind benefits, such as employer-provided housing and meals, in the calculation of household income. This helps to provide a more accurate representation of the overall economic well-being of Japanese households. However, the CSLC, like many other household income surveys, relies on self-reported data, which may be subject tosome limitations.In conclusion, the methods used by different countries to collect and report household income data vary significantly, reflecting the diverse economic and social contexts of these nations. While some approaches, such as those of the UK and Germany, aim to capture a more comprehensive view of household financial well-being, others, like the U.S. and China, may have more limited scopes or face challenges in ensuring the reliability of the data collected.Nonetheless, the availability of household income statistics remains crucial for policymakers, researchers, and the public to understand the economic conditions of a country's population and inform decision-making processes. As economic and social dynamics continue to evolve, it is essential for national statistical agencies to adapt their data collection and reporting methods to ensure that household income data remains a reliable and relevant tool for informed policy discussions and economic analyses.。
CPCU510
CPCU 510Appendix B Foundations of Risk Management Insurance, and ProfessionalismCourse Leader HandbookFirst Edition, 2006© American Institute for CPCU/Insurance Institute of America720 Providence RoadMalvern, PA 19355Phone (610) 644-2100 • Appendix BQuizzesIntroductionOne quiz per assignment is provided in this section. A sample answer key is also provided. Please note that because the quiz is in the essay format, the answer key might not address all possible answers.If you want a longer quiz, you might want to supplement with questions from the course guide or SMART Practice Exam CD-ROM. For tips on creating quiz questions, see page 11 of the general Course Leader Handbook.Assignment 1—Quiz1. Briefly describe the two elements of risk. (2 points)2. What is meant by the term “probability,” and how may probabilities be stated? (4 points)3. Briefly describe the assets exposed in the case of property losses, and provide an example of each.(4 points)4. Briefly outline three categories of circumstances that can give rise to liability losses. (3 points)5. What is the asset exposed in the case of personnel losses? (2 points)6. A major league baseball team signs a rookie player and contracts to pay that player the highestrookie salary ever paid in the league. Briefly explain whether this is an example of pure ors peculative risk, and why. (3 points)7. Briefly explain the two reasons why subjective risk can differ substantially from objective risk.(8 points)8. Delta Insurance is a property insurer that provides coverage for homes in Florida. The policies thecompany issues cover all the frequent causes of property loss outlined in this chapter. Briefly explain whether the risk that Delta’s insurance portfolio represents is a diversifiable risk or a nondiversifiable risk, and why. (4 points)9. The financial consequences of risk faced by individuals and organizations can be broken into threecomponents. What are those three components? (3 points)Assignment 1—Quiz Answers1. Briefly describe the two elements of risk.answer:The two elements of risk include the following:• Uncertainty of outcome, including what will happen and when it will happen• The possibility that a negative outcome may or may not occur(2 points, 1 for each of the concepts or elements underlined in the sample answer above)2. (a) What is meant by the term “probability”?(b) How may probabilities be stated?answer:(a) Probability is the likelihood that an outcome or event will occur. (1 point)(b) Probabilities may be stated as a decimal figure, a percentage, or a fraction. (3 points)3. Briefly describe the assets exposed in the case of property losses, and provide an example of each.answer: Assets exposed to property losses include both tangible property, such as real and personal property, and intangible property, such as patents, copyrights, trademarks, trade secrets, and customer goodwill.(4 points, 1 point for tangible property and 1 point for a correct example; 1 point for intangiblep roperty and 1 point for a correct example)4. Briefly outline three categories of circumstances that can give rise to liability losses.answer:Liability loss exposures can arise out of any of the following:• Breach of a legal duty if the breach causes harm to another• Breach of contract• Failure to comply with statutes, regulations, or local ordinances(3 points)5. What is the asset exposed in the case of personnel losses?answer: The asset exposed to loss for a personnel loss exposure is the value that the key person adds to the organization.(2 points, 1 for key person and 1 point for the value that person adds)6. A major league baseball team signs a rookie player and contracts to pay that player the highest rookiesalary ever paid in the league. Briefly explain whether this is an example of pure or speculative risk, and why.answer: This is an example of speculative risk because, if the rookie plays well, the investment in that player could generate financial gains for the owners of the team.(3 points, 1 for each of the concepts or elements underlined in the sample answer above)answer:Subjective risk can differ substantially from objective risk for the following two reasons:People’s perception of a particular risk is influenced by their level of familiarity with that risk and the control they may be able to exert over it. The more familiarity and control individuals have, the more inclined they are to understate the risk.People often have two views of low-probability, high-consequence events. The first is “It can’t h appen to me,” which results in assigning a probability of zero. The second is to overstate the probability, which is common for people who have personally experienced a low-probability event previously.(8 points, 1 for each of the concepts or elements underlined in the sample answer above)8. Delta Insurance is a property insurer that provides coverage for homes in Florida. The policies thecompany issues cover all the frequent causes of property loss outlined in this chapter. Briefly explain whether the risk that Delta’s insurance portfolio represents is a diversifiable risk or a nondiversifiable risk, and why.answer: Delta’s risk is nondiversifiable because Florida is subject to severe weather incidents and when a hurricane or major tropical storm strikes, it affects many of the homes in the area at the same time.(4 points, 1 for each of the concepts or elements underlined in the sample answer above)9. The financial consequences of risk faced by individuals and organizations can be broken into threecomponents. What are those three components?answer:The three components are as follows:• Expected cost of losses or gains• Expenditures on risk management• Cost of residual uncertainty(3 points, 1 for each component)Assignment 2—Quiz1. What is a risk management program? (4 points)2. What has been the traditional focus of risk management? (3 points)3. Briefly describe how enterprise risk management (ERM) differs from traditional risk management.(4 points)4. For a particular asset or activity, the cost of risk can be broken down into five elements. What arethose five elements? (5 points)5. What are the two principal benefits of risk management for individuals? (2 points)6. What are the four pre-loss operational goals that organizations might have for their risk managementp rograms? (4 points)7. What are the six post-loss operational goals that organizations might set for their risk managementprogram? (6 points)8. Briefly describe how an organization’s pre-loss and post-loss risk management goals interrelate.(6 points)9. What are the six steps in the risk management process? (6 points)10. When risk managers are analyzing loss exposures, what four elements do they consider? (4 points)Assignment 2—Quiz Answers1. What is a risk management program?answer: A risk management program is a system for planning, organizing, leading, and controlling the resources and activities that an organization needs to protect itself from the adverse effects ofa ccidental losses.(4 points, 1 for each of the concepts or elements underlined in the sample answer above)2. What has been the traditional focus of risk management?answer: Traditionally, risk management has focused on managing safety, purchasing insurance, and controlling financial recovery from losses generated by hazard risk.(3 points, 1 for each of the concepts or elements underlined in the sample answer above)3. Briefly describe how enterprise risk management (ERM) differs from traditional risk management.answer: ERM takes a broader view than traditional risk management in that it encompasses both hazard risk and business risk. It is integrated into an organization’s strategic business decisions. It is applied enterprise-wide and supersedes departmental or functional autonomy. ERM emphasizes r esults-based performance measurement, whereas traditional risk management success can be m easured on both an activity and a results basis.(4 points, 1 for each of the concepts or elements underlined in the sample answer above)4. For a particular asset or activity, the cost of risk can be broken down into five elements. What arethose five elements?answer:• Cost of losses not reimbursed by insurance or other external sources• Cost of insurance premiums• Cost of external sources of funds• Cost of measures to prevent or reduce the size of potential losses• Cost of implementing and administering risk management(5 points, 1 for each element)5. What are the two principal benefits of risk management for individuals?answer:• Risk management can preserve an individual’s financial resources by reducing his or her expected losses.• Risk management can reduce the residual uncertainty associated with risk.(4 points)6. What are the four pre-loss operational goals that organizations might have for their risk managementprograms?answer:• Economy of operations• Tolerable uncertainty• Legality• Social responsibility(4 points, 1 for each goal)7. What are the six post-loss operational goals that organizations might set for their risk managementprogram?answer:• Survival• Continuity of operations• Profitability• Earnings stability• Social responsibility• Growth(6 points, 1 for each goal)8. Briefly describe how an organization’s pre-loss and post-loss risk management goals interrelate.answer: Pre-loss and post-loss goals are interrelated and sometimes conflict with each other.Although conflicts might arise between post-loss goals, it is more common for post-loss goals to conflict with pre-loss goals or for pre-loss goals to compete with each other. An organization might discover that fully achieving all risk management program goals simultaneously is impossible.(6 points, 1 for each of the concepts or elements underlined in the sample answer above)9. What are the six steps in the risk management process?answer:• Identifying loss exposures• Analyzing loss exposures• Examining the feasibility of risk management techniques• Selecting the most appropriate risk management techniques• Implementing the selected risk management techniques• Monitoring results and revising the risk management program(6 points, 1 for each step)10. When risk managers are analyzing loss exposures, what four elements do they consider?answer:• Loss frequency• Loss severity• Total dollar losses• Timing(4 points, 1 for each element)Assignment 3—Quiz1. List seven categories of documents commonly used in loss exposure identification. (7 points)2. What is hazard analysis? (3 points)3. To accurately analyze historical loss data, the data must be consistent in two respects. What arethose two respects? (2 points)4. What are two fundamental differences between theoretical probability and empirical probability?(4 points)5. Based on empirical data, the estimated probability distribution of house fire losses that an insurerwill have to pay in one year is as follows:Loss size number ofLosses Percentage ofnumber of Lossesdollar amountof LossesPercentage ofdollar amount$0 – $5,0003533.65%$62,150 6.09% $5,001 – $10,0002725.96%$1 5,59 1 .2%$10,001 – $15,0001 17.31%$215,69421.15% $15,001 – $20,0001110.57%$194,61219.09% $20,001 – $25,0009 .66%$207,94520.39% $25,001 + 4 3. 5%$153, 0415.0 % Total104100%$1,019, 03100% What does this information suggest about future losses for the insurer? (6 points)6. What is the difference between the median and the mode? (3 points)7. An analyst is estimating loss probabilities for a line of insurance in two different territories: A and B.The standard deviation for data set A is 3.5. The standard deviation for data set B is 6.4. What does this difference in standard deviation indicate to the analyst? (4 points)8. What is a normal distribution, and why can it help project future losses more accurately? (4 points)9. Briefly describe the relationship between loss frequency and loss severity. (2 points)10. Briefly outline the factors that can influence data credibility. (6 points)Assignment 3—Quiz Answers1. List seven categories of documents commonly used in loss exposure identification.answer:• Risk assessment questionnaires and checklists• Financial statements and underlying accounting records• Contracts• Insurance policies• Organizational policies and procedures• Flowcharts and organizational charts• Loss histories(7 points, 1 for category of documents)2. What is hazard analysis?answer: Hazard analysis is a method of analysis that identifies conditions that increase the frequency or s everity of loss.(3 points, 1 for each of the concepts or elements underlined in the sample answer above)3. To accurately analyze historical loss data, the data must be consistent in two respects. What are thosetwo respects?answer: First, the loss data must be collected on a consistent basis for all recorded losses. Second, data must be expressed in constant dollars, to adjust for differences in price levels resulting from inflation.(2 points, 1 for each of the concepts or elements underlined in the sample answer above)4. What are two fundamental differences between theoretical probability and empirical probability?answer: Theoretical probability is based on theoretical principles, whereas empirical probability is based on actual experience. Probabilities developed from theoretical considerations are unchanging.However, empirical probabilities may change as new data are discovered or as the environment that produces the events changes.(4 points, 1 for each of the concepts or elements underlined in the sample answer above)5. Based on empirical data, the estimated probability distribution of house fire losses that an insurer willhave to pay in one year is as follows:Loss size number ofLosses Percentageof number ofLossesdollar amountof LossesPercentage ofdollar amount$0 – $5,0003533.65%$62,150 6.09% $5,001 – $10,0002725.96%$1 5,59 1 .2%$10,001 – $15,0001 17.31%$215,69421.15% $15,001 – $20,0001110.57%$194,61219.09% $20,001 – $25,0009 .66%$207,94520.39% $25,001 + 4 3. 5%$153, 0415.0 % Total104100%$1,019, 03100% What does this information suggest about future losses for the insurer?answer: The largest number of claims can be expected to fall within the $0 – $5,000 category ata pproximately 34%, but the value of those claims will be relatively small at roughly 6% of totald ollars. Large losses of $25,000 and over will account for roughly 4% of the insurer’s losses and 15% oftotal dollars. Although the three categories between $10,001 and $25,000 represent 37% of the total number of claims, they represent approximately 61% of total dollars.(6 points, 1 for each of the concepts or elements underlined in the sample answer above)6. What is the difference between the median and the mode?answer: The median is the value at the midpoint of a sequential data set with an odd number of values, or the mean of the two middle values of a sequential data set with an uneven number of values. The mode is the most frequently occurring value in a distribution.(3 points, 1 for each of the concepts or elements underlined in the sample answer above)7. An analyst is estimating loss probabilities for a line of insurance in two different territories: A and B.The standard deviation for data set A is 3.5. The standard deviation for data set B is 6.4. What does this difference in standard deviation indicate to the analyst?answer: Data set A has a smaller standard deviation, which means that there is less dispersion and the distribution is more concentrated around the expected value than is the case with data set B. The analyst can therefore be more confident in his or her estimates for data set A than for data set B.(4 points, 1 for each of the concepts or elements underlined in the sample answer above)8. What is a normal distribution, and why can it help project future losses more accurately?answer: A normal distribution is a probability distribution that, when graphed, generates abell-shaped curve. A normal distribution helps project future losses more accurately because specific percentages of all outcomes fall within specific numbers of standard deviations from the mean (e.g., approximately 68% of all outcomes are within one standard deviation above or below the mean).(4 points, 1 for each of the concepts or elements underlined in the sample answer above)9. Briefly describe the relationship between loss frequency and loss severity.answer: Loss frequency and loss severity tend to be inversely related for any given loss exposure.The more severe a loss tends to be, the less frequently it tends to occur, and the more frequently a loss occurs, the less severe it tends to be.(2 points, 1 for each of the concepts or elements underlined in the sample answer above)10. Briefly outline the factors that can influence data credibility.answer: Both internal and external factors can influence data credibility. Internally, changes in the way that an organization operates, such as alterations to manufacturing processes or changes in data collection methods, may significantly reduce the credibility of previously collected data. Externally, events such as natural catastrophes, large liability awards, or terrorist attacks not only alter the data that are collected in that time frame, but also may cause shifts in the operating environment that r ender previously collected data less credible.(6 points, 1 for each of the concepts or elements underlined in the sample answer above)Assignment 4—Quiz1. What are the six broad categories of risk control techniques? (6 points)2. Which category of risk control techniques is more commonly applied to managing business risks,rather than hazard risks? (1 point)3. What makes a risk control measure efficient? (2 points)4. What is meant by the term “life safety”? (4 points)5. What is meant when a risk control measure is described as having externalities? (3 points)6. Based on what four factors do underwriters commonly examine commercial property loss exposures?(4 points)7. Once a liability loss has occurred, what three loss reduction measures can individuals andorganizations implement to reduce the severity of the loss? (3 points)8. What are the six steps in the business continuity management process? (6 points)Assignment 4—Quiz Answers1. What are the six broad categories of risk control techniques?answer:• Avoidance• Loss prevention• Loss reduction• Separation• Duplication• Diversification(6 points, 1 for each category)2. Which category of risk control techniques is more commonly applied to managing business risks,rather than hazard risks?answer: Diversification(1 point)3. What makes a risk control measure efficient?answer: A risk control measure is efficient if it is the least expensive of all possible effective measures.(2 points, 1 for each of the concepts or elements underlined in the sample answer above)4. What is meant by the term “life safety”?answer: Life safety is the branch of fire safety that focuses on the minimum building design,c onstruction, operation, and maintenance requirements necessary to ensure occupants a safe exitfrom the burning portion of a building.(4 points, 1 for each of the concepts or elements underlined in the sample answer above)5. What is meant when a risk control measure is described as having externalities?answer: When a risk control measure has implications outside its intended purpose—that is, it may p ositively or negatively alter the frequency and severity of loss exposures other than the one it was intended to address—it is described as having externalities.(3 points, 1 for each of the concepts or elements underlined in the sample answer above)6. Based on what four factors do underwriters commonly examine commercial property loss exposures?answer: Construction, occupancy, protection, and external environment (COPE)(4 points, 1 for each of the COPE factors)7. Once a liability loss has occurred, what three loss reduction measures can individuals andorganizations implement to reduce the severity of the loss?answer:• Consult with an attorney• Respond properly to the claimant in order to avoid feelings of ill will• Participate in alternative dispute resolution(3 points, 1 for each measure)8. What are the six steps in the business continuity management process?answer:• Identify the organization’s critical functions• Identify the risks (threats) to the organization’s critical functions• Evaluate the effect of the risks on those critical functions• Develop a business continuity strategy• Develop a business continuity plan• Monitor and revise the business continuity process(6 points, 1 for each step)Assignment 5—Quiz1. What three elements are included in the cost of risk, regardless of whether losses are retained ortransferred? (3 points)2. On what factors does the maximum acceptable cash flow variability for an organization depend?(4 points)3. List four advantages of using retention as a risk financing technique. (4 points)4. List four advantages of using transfer as a risk financing technique. (4 points)5. What six organization-specific characteristics can affect the selection of appropriate risk financingmeasures? (6 points)6. Briefly explain why guaranteed cost insurance can or cannot meet the goal of managing the cost ofrisk. (6 points)7. What is a protected cell company (PCC), and what benefit does it offer to its owners? (4 points)8. Which risk financing goal can finite risk plans not meet, and why? (2 points)9. What is a retrospective rating plan? (3 points)10. What is insurance securitization? (3 points)11. Which risk financing goal cannot typically be met through capital market solutions, and why?(2 points)Assignment 5—Quiz Answers1. What three elements are included in the cost of risk, regardless of whether losses are retained ortransferred?answer:• Administrative expenses• Risk control expenses• Risk financing expenses(3 points, 1 for each element)2. On what factors does the maximum acceptable cash flow variability for an organization depend?answer: The maximum cash flow variability level depends on factors such as the organization’s size, its financial strength, and management’s degree of risk tolerance. It also depends on the degree to which the organization’s other stakeholders, such as shareholders, suppliers, or customers, are willing to accept risk.(4 points, 1 for each of the concepts or elements underlined in the sample answer above)3. List four advantages of using retention as a risk financing technique.answer:• Cost savings• Control of claim process• Timing of cash flows• Incentives for risk control(4 points, 1 for each advantage)4. List four advantages of using transfer as a risk financing technique.answer:• Reducing exposure to large losses• Reducing cash flow variability• Providing ancillary services• Avoiding adverse employee and public relations(4 points, 1 for each advantage)5. What six organization-specific characteristics can affect the selection of appropriate risk financingmeasures?answer:• Risk tolerance• Financial condition• Core operations• Ability to diversify• Ability to control losses• Ability to administer the retention plan(6 points, 1 for each characteristic)6. Briefly explain why guaranteed cost insurance can or cannot meet the goal of managing the cost of risk.answer: Guaranteed cost insurance can meet the goal of managing the cost of risk, but it is notideal because insurance premiums are designed to cover not only expected losses, but also insurera dministrative costs, adverse selection, moral hazard costs, premium taxes, and any social loadings.(6 points, 1 for each of the concepts or elements underlined in the sample answer above)7. What is a protected cell company (PCC), and what benefit does it offer to its owners?answer: A protected cell company is a corporate entity separated into cells so that each participating company owns an entire cell but only a portion of the overall company. Each member is assured that other members and third parties cannot access its assets in the event that any of those other members becomes insolvent.(4 points, 1 for each of the concepts or elements underlined in the sample answer above)8. Which risk financing goal can finite risk plans not meet, and why?answer: Finite risk plans cannot meet the risk financing goal of maintaining appropriate levels of liquidity because premium payments are usually made up front.(2 points, 1 for each of the concepts or elements underlined in the sample answer above)9. What is a retrospective rating plan?answer: A retrospective rating plan is a risk financing plan under which an organization buysi nsurance subject to a rating plan that adjusts the premium rate after the end of the policy periodbased on a portion of the insured’s actual losses during the policy period.(3 points, 1 for each of the concepts or elements underlined in the sample answer above)10. What is insurance securitization?answer: Insurance securitization is the process of creating a marketable insurance-linked security based on the cash flows that arise from the transfer of insurance risk.(3 points, 1 for each of the concepts or elements underlined in the sample answer above)11. Which risk financing goal cannot typically be met through capital market solutions, and why?answer: Capital market solutions cannot typically manage the cost of risk because they are expensive relative to other risk financing measures.(2 points)Assignment 6—Quiz1. What type of insurance consumer has somewhat complex insurance needs; has some knowledge ofthe insurance market; accesses the market through agents or brokers; has little, if any, negotiating ability; and has few alternatives to retention? (1 point)2. What is the principal difference between agents and brokers? (4 points)3. List three reasons why banks have become involved in the distribution of insurance products.(3 points)4. Surplus lines intermediaries work with their producers to ensure three things. What are those threethings? (3 points)5. What is a residual market, and how does it operate to meet the insurance needs of customers?(6 points)6. Briefly describe how insurers and reinsurers are active in financial markets. (6 points)7. What is a third party administrator, and what type of services does it provide? (7 points)8. For what two primary reasons do state insurance departments regulate insurers? (2 points)9. Since 1990, the growth rate of the insurance market has declined substantially. What three factorscontributed to this decline? (3 points)Assignment 6—Quiz Answers1. What type of insurance consumer has somewhat complex insurance needs; has some knowledge of theinsurance market; accesses the market through agents or brokers; has little, if any, negotiating ability;and has few alternatives to retention?answer: Small business (1 point)2. What is the principal difference between agents and brokers?answer: The principal difference between agents and brokers is that agents are contractors who are authorized representatives of one or multiple insurers, whereas brokers are insureds’ authorized representatives for negotiating and obtaining insurance coverage.(4 points)3. List three reasons why banks have become involved in the distribution of insurance products.answer:• Growing and diversifying the sources of revenues• Increasing product offerings to current customers• Cross-selling banking and insurance products and services(3 points)4. Surplus lines intermediaries work with their producers to ensure three things. What are those threethings?answer:• That coverage is placed only with eligible surplus lines insurers• That the customer’s unique or unusual requirements can be met• That the financial security of the nonadmitted insurer is correctly evaluated(3 points)5. What is a residual market, and how does it operate to meet the insurance needs of customers?answer: The term “residual market” refers collectively to insurers and other organizations that make insurance available through a shared risk mechanism to those who cannot obtain coverage in the admitted market. Admitted insurers selling insurance in the state share some risk in the r esidual market. An individual needs to demonstrate that he or she was unable to obtain coverage in the admitted market. Once that has been established, a producer can obtain the insurancec overage in the residual market.(6 points)。
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Dynamics of Demand for Index Insurance: Evidence from a Long-RunField ExperimentBy S HAWN C OLE,D ANIEL S TEIN, AND J EREMY T OBACMAN**Cole: Harvard Business School and NBER, Soldiers Field, Boston, Massachusetts, 02163 (scole@). Stein:The World Bank, 1818 H Street NW, Washington DC, 20433 (dstein@). Tobacman: University of Pennsylvania and NBER, 3620 Locust Walk, Philadelphia, PA 19104 (tobacman@). We are very grateful to Chhaya Bhavsar, Nisha Shah, Reema Nanavaty, and their colleagues at SEWA, whose extraordinary efforts made this research possible. Maulik Jagnani, Laura Litvine, Dhruv Sood, Sangita Vyas, Will Talbott, Nilesh Fernando, and Monika Singh provided excellent research assistance. We would also like to thank USAID's BASIS program, 3ie, IGC, and Wharton's Dean's Research Fund for financial support. All errors are our own.In the past ten years, many practitioners and academics have embraced micro-insurance. Economists view risk diversification as one of the few readily available “free lunches,” and dozens of products were launched in the hopes of developing a financial service that was both welfare enhancing and economically sustainable. A successful market-based approach, however, requires consumers to make good decisions about whether to purchase products. Practically speaking, because marketing policies is expensive, sustainability may depend on high purchase and repurchase rates.From a consumer perspective, making optimal insurance decisions requires a high degree of sophistication. Consumers must correctly estimate the probability distribution over a wide range of states of the world and imagine alternative coping mechanisms which may be available in unfamiliar scenarios. These difficulties are likely to be even more pronounced with novel financial products, such as rainfall index insurance, whose payouts depend on readings at local rainfall stations rather than consumers’actual losses. Reactions to others’experience may also be an important determinant of the commercial success of these products.This paper examines the development of a new insurance market in detail, using a 7-year panel of rainfall insurance purchase decisions made by rural farming households in Gujarat, India. We characterize the evolution of take-up rates. We show that demand is highly sensitive to payouts being made in a household’s village in the most recent year: a payout of Rs 1,000 (ca. USD 20, or roughly 5 days wage labor income) increases the probability households purchase insurance in the next year by 25-50%. This effect is robust to controlling for crop losses, suggesting that insurance experience, rather than weathershocks, drives increased purchasing. This effect is stronger when more individuals in a village receive payouts. However, there is little additional effect of a household actually receiving a payout in the most recent season, once we condition on village payouts. This suggests that information generated by insurance payouts has village-wide effects. We also explore the effects of insurance payouts over a longer time period. We find the effects of payments being made in a village remain positive over multiple seasons, but the estimated size decreases over time. In the most recent year, a household’s receipt of an insurance payout does not have an additional effect beyond payments being made in the village, but longer-lagged household payout experience (two and three years before the current purchase decision) does have a strong positive effect on the purchasing decision. These results stand in contrast to standard rational models, in which the realization of recent insurance outcomes should not affect forward-looking insurance decisions. Our findings from rural India are consistent with the findings by Kunreuther et al. (1985) and Brown & Hoyte (2000), who study earthquake insurance purchases and flood insurance purchasers, respectively. Gallagher (forthcoming) examines a long-term community-level panel of flood insurance coverage in the US, and finds that insurance demand increases after a recent flood, but this effect decreases over time. In developing country contexts, Karlan et al. (2013) show, in a two-year panel, that rural Ghanaians are more likely to purchase if they or people in their social networks received payouts in the previous year. In contrast, Hill & Robles (2011), studying rainfall index insurance in Ethiopia, find weakly negative effects of insurance payouts on future purchasing. Dercon et al. (2014) and Mobarak & Rosenzweig (2013) study how insurance demand interacts with existing informal insurance arrangements, while Cai & Song (2013) compare the impacts of hypothetical scenarios and recent disaster experience on weather insurance demand. Perhaps most closely related to our work is Stein (2011), which uses a three-year panel of rainfall insurance sales in southern India to estimate strong effects of receiving insurance payouts but limited spillover effects.This paper represents the first attempt we are aware of to study the dynamics of demand for a product in which learning may be important, over a long time period (seven years), with randomized shifts in demand. Our richer data allow us to separately identify the dynamic effects of living in a village where payouts are made from the effects of anindividual actually receiving payouts. The effect of living in a village with payouts is strongest in the subsequent season, while the individual-level effect of receiving a payout is strongest after two or three years.I.Experimental SettingFor the study, a Gujarat-based NGO, the Self-Employed Women’s Association (SEWA) marketed rainfall insurance to residents of 60 villages over a seven-year period from 2006-2013. The rainfall insurance policies, underwritten by insurance companies with long histories in the Indian market, provided coverage against adverse rainfall events for the summer (“Kharif”) monsoon growing season. Households must opt-in to re-purchase each year to sustain coverage. A SEWA marketing team visited households in our sample each year in April-May to offer rainfall insurance policies.Each year households in the study were randomly assigned marketing packages, which induced exogenous variation in insurance coverage. The offering varied from year to year, and included discounts, targeted marketing messages, and special offers on multiple policy purchases. The effects of these marketing packages on insurance purchasing at the start of the study period are described in Cole et al. (2013). In addition, from 2009 through 2013, we elicited households’ willingness to pay for insurance using an incentive-compatible Becker-deGroot-Marschak (BDM) mechanism, which both induces exogenous variation in take-up and yields high-resolution data on households’ insurance demand. Further details of the marketing interventions can be found in the online appendix.At the beginning of the project in 2006, SEWA introduced rainfall insurance in 32 villages in Gujarat. In 2007, access was extended to 20 additional villages.1These 52 villages were randomly chosen from a list of 100 villages in which SEWA had a substantial preexisting operational presence.2 Within each study village, 15 households were surveyed, of which 5 were randomly selected SEWA members, 5 had previously purchased (other forms of) insurance from SEWA, and 5 were identified by local SEWA employees as likely to purchase insurance. Since take-up of insurance was expected to be low, those thought likely to purchase insurance were deliberately oversampled. In 2009, 50 households in each of 8 additional villages were added to the study. Cumulatively, the sample that has been surveyed and assigned to1Other than via SEWA’s initiative, rainfall insurance has in practice been unavailable in the study area.2The other 48 villages serve as control villages for a parallel randomized controlled trial of the effects of rainfall insurance.receive insurance marketing by SEWA consists of 1,160 households in 60 villages. We restrict analysis in this paper to the balanced panel of households who remain available to receive both marketing and survey visits in each year after they are added to the project. This results in a main sample of 989 households and 5,659 household-years in which the current and once-lagged insurance coverage decision are observed.The terms of the insurance coverage offered each year varied due to changes in the insurance market and SEWA’s desire to offer the best possible coverage to its members as it learned about their rainfall-related risk. However, the coverage had certain stable features. It was written based on rainfall during the June-September Kharif growing season. Contracts depended upon daily rainfall readings at local rainfall stations, and specified payouts as a function of cumulative rainfall during fixed time periods. Conditions indicative of drought and flood were covered. The smallest indivisible unit of insurance, which we refer to here as a “policy,” generally had a maximum possible payout of Rs 1500. Households were free to purchase multiple policies to achieve their desired level of coverage. More details of the specific policies offered can be found in the online appendix.II.DataOur data are merged from two primary sources. Administrative information on insurance purchasing decisions was provided by SEWA. This includes the number of policies purchased and the Rupee amount of payouts disbursed. The second data source is an annual household survey. The survey has been extensive, but here we use it only to ensure that attrition is detected and to construct one useful covariate, the household-level crop loss experienced.Each season, households were asked if they had experienced crop loss due to weather. If they answered yes, the amount of crop loss is calculated as the difference between that year’s agricultural output and the mean value of output in all prior years where crop loss was not reported. Summary statistics for all variables are reported in the online appendix.III.Empirical AnalysisOLS EstimatesThroughout this section we report estimates of regressions of an insurance purchase indicator on lagged measures of insurance experience.33This paper focuses on effects of the level of recent insurance payouts. Of course, optimal insurance decisions would be informed by the joint distribution of payouts and indemnities (i.e., crop losses).Table 1 considers separately the sample of insurance purchasers (i.e., those who had purchased in the previous year) and the sample of insurance non-purchasers (i.e., those who had not purchased in the previous year) to gain a simple view of direct versus spillover effects of past insurance payouts. Columns 1 and 2 consider the insurance purchasers, consisting of the 882 households who purchased insurance at least once over the years 2006-2012, with a total of 2085 household-year observations. Column 1 shows the OLS relationship4between insurance purchase in the current year and the payout per policy in the previous year in the village (which depends only on the terms of the contract and measurements at the reference weather station). This regression (along with all that follow) includes household fixed effects and clusters standard errors at the village level.5The coefficient on the Village Payout Per Policy is statistically and economically significant, implying that a payout per policy of Rs 1000 causes a 50 percentage point (p.p.) increase in the probability of purchasing insurance in the next season.4Throughout the paper, for simplicity, we report results from linear probability models.5Robustness is extensively documented in the online appendix.The actual payout received by a household is the payout per policy times the number of policies purchased. In Column 2 we add variables for the number of policies purchased in the previous year, the total payout received in the previous year, and three additional controls: Number of Households in Village who Received a Payout the Previous Year, the household’s Revenue Lost Due to Crop Loss the Previous Year, and the Mean Revenue Lost Due to Crop Loss in the village the previous year. None of these variables enter significantly, and the coefficient on Village Payout Per Policy remains strong and significant.In Columns 3 and 4 we turn to the non-purchasers of insurance in order to concentrate on spillover effects. These regressions show that past insurance payouts have a strong effect even on people who had not purchased insurance, and this effect is stronger if more people in the village have received payouts. In Column 3, the coefficient suggests that an increase in payout of Rs 1000 leads to a 26 p.p. larger chance of purchasing insurance the following year among non-purchasers. The point estimates of the effect of insurance payouts are roughly twice the size of those for non-purchasers, but we cannot statistically reject their equality.IV AnalysisIn this section we present the results for the combined sample. In the IV specifications, we instrument for the lag of the number of insurance policies purchased and the amount of payouts received using variables characterizing the lagged marketing packages and interactions of the lagged marketing packages with lagged insurance payouts. Column 1 of Table 2 presents the primary IV specification. The coefficient on Village Payout Per Policy is large and significant, suggesting that an increase in payout by Rs. 1,000 results in a 29 p.p. increase in the probability of purchasing insurance the following year. The coefficient on the Individual Payout is positive, but not significantly different than zero. In Column 2 we include on the right-hand side the Number of Households in Village who Received a Payout the Previous Year, the individual household’s Revenue Lost Due to Crop Loss the Previous Year, and the Mean Revenue Lost Due to Crop Loss in the village the previous year. The coefficient on the Number of Households in Village who Received a Payout the Previous Year is significant, implying that for each additional household receiving a payout, the probability of other villagers purchasing rises by 0.3 p.p. The Village Payout effect remains strong and significant. In sum, these IV results are largely consistent with the OLS results in Table 1. Insurance payouts have large effects on purchasing decisions in the following year.Longer-Term EffectsWe now expl oit the panel’s long duration. Figure 1 plots the coefficients of an IV regression which is the same as above, except that the purchasing decision is regressed on three lags of village and individual payouts.6 Consistent with our estimates above, the village payouts in the most recent year have a large effect while the additional effect of receiving a payout oneself is small. However, for two- and three-year lags the estimated effect of the village payout decreases, while the estimated effect of the individual payout increases. In the second and third year, the effects are statistically indistinguishable, meaning that the effects of payouts are around twice as large for those who actually receive them versus people who simply live in a village where payouts were made.6This distributed lag specification is restricted to the 3,861 observations where three lags are observed for the household. For comparability with the main IV results, we include the same set of right-hand-side controls, plus two additional lags of the Number of Policies Bought. Three lags of marketing package variables are used as exogenous instruments. For more details see the online appendix.IV.DiscussionTaken together, the following patterns emerge. First, across almost all specifications there is a large and significant effect of having insurance payouts in a village on purchasing decisions the next year. This effect holds both for the insurance purchasers themselves (who received payouts) and the non-purchasers (who did not receive payouts). People are also more likely to purchase if many village co-residents received payouts in the previous year, a finding that is robust to controlling for revenue lost due to crop failure (which might have been expected to tighten liquidity constraints the following year). These results suggest that the transmission mechanism of the payouts is through dissemination of knowledge, as opposed to wealth or liquidity effects. By contrast, Stein (2011) concluded that the actual receipt of payouts was driving repurchase decisions.When considering insurance purchasers and non-purchasers separately, we find the effect of insurance payouts in the previous year is roughly twice as large for the insurance purchasers. However, when considering the sample together and instrumenting for past household experience, the difference in effects decreases and is insignificant. The difference in these results may simply be due to noise: we cannot reject the hypothesis that the effects of payouts for purchasers and non-purchasers are the same. However, it is also possible that those whose purchases were caused by marketing packages behaved differently. The OLS results in Table 1 reflect the behavior of all insurance purchasers, of whom the compliers are a subset. That self-selected insurance purchasers are more likely to be affected by payouts is consistent with a form of “confirmation bias” among people with high demand for insurance. Receiving payouts makes them feel justified in their decision to purchase insurance (even at higher prices), and this drives future purchases. This effect is absent for people who were induced to purchase insurance by discounts and other marketing features.The long-term results are more nuanced. We find that the effects of a village payout persist over three years, yet decrease in magnitude over time. This is consistent with the results of Gallagher (forthcoming), who shows that insurance purchasing is consistent with a Bayesian learning model only allowing for rapid forgetting about past disasters. Over-inference from recent experience is another explanation for the data. Surprisingly, we find the additional effect of a household’s own payout experience follows a different pattern. While the first lag of receiving a payout is small and insignificant, the effect of thesecond and third lags is large. The difference in lagged effects of witnessing a payout versus receiving one is curious and merits further investigation.V.ConclusionThis paper provides new evidence about the evolution of demand for a promising but complicated micro-insurance product. We find that households in villages where insurance payouts occurred are much more likely to purchase in the following season. This effect persists for multiple seasons but decreases over time. We find that the additional effects of experiencing a payout oneself are small for the first season after the payouts are made, but are larger two and three seasons later. Overall, our results suggest some updating from insurance experience, with spillovers that are transmitted to non-purchasers of insurance. These findings have mixed implications for the prospects of rainfall index insurance. Large spillovers can facilitate commercial expansion. However, over-inference from recent payouts (analogous to return-chasing with insurance viewed as an investment, c.f. Slovic et al. 1977) might distort individual decisions. High variance in the expansion rates of rainfall index insurance across time and space, depending on recent experiences, might also result. We hope this analysis can usefully complement and inform leading practical thinking about the public and private sector roles in agricultural insurance (Mahul, Clarke, Maher, & Assah, 2013).ReferencesBrowne, M., & Hoyt, R. (2000). The Demand for Flood Insurance: Empirical Evidence.Journal of Risk and Uncertainty, 20(3),291-306. Retrieved from/10.1023/A%3A1007823631497Cai, J., & Song, C. (2013). Insurance Take-up in Rural China: Learning from HypotheticalExperience.Cole, S., Gine, X., Tobacman, J., Topalova, P.,Townsend, R., & Vickery, J. (2013).Barriers to Household Risk Management:Evidence from India. American EconomicJournal: Applied Economics, 5(1), 104-35.Retrieved from/articles.php?doi=10.1257/app.5.1.104Dercon, S., Hill, R. V., Clarke, D., Outes-Leon, I., & Taffesse, A. S. (2014). Offering rainfallinsurance to informal insurance groups:Evidence from a field experiment inEthiopia. Journal of DevelopmentEconomics , 106(0), 132-143. Retrievedfrom/science/article/pii/S0304387813001338 Gallagher, J. (forthcoming). Learning about an Infrequent Event: Evidence from FloodInsurance Take-up in the US. AmericanEconomic Journal: Applied Economics, 47.Retrieved from/jpg75/pdfs/flood_insurance_aeja.pdfKarlan, D., Osei, R. D., Osei-Akoto, I., & Udry, C.(2012, October). Agricultural Decisionsafter Relaxing Credit and Risk Constraints.Working Paper, National Bureau ofEconomic Research. Retrieved from/papers/w18463 Kunreuther, H., Sanderson, W., & Vetschera, R.(1985). A behavioral model of theadoption of protective activities. Journalof Economic Behavior and Organization,6(1), 1-15. Retrieved from/science/article/B6V8F-46SX3VW-2/2/cfe2c91eabe2f0ab2a24188b96e24a58Mahul, O., Clarke, D., Maher, B., & Assah, F.(2013). Promoting Access to AgriculturalInsurance in Developing Countries. WorldBank.Mobarak, A. M., & Rosenzweig, M. R. (2013).Informal Risk Sharing, Index Insurance,and Risk Taking in Developing Countries.American Economic Review, 103(3), 375-80. Retrieved from/articles.php?doi=10.1257/aer.103.3.375Slovic, P., Fischhoff, B., Lichtenstein, S., Corrigan,B., & Combs, B. (1977). Preference forInsuring against Probable Small Losses:Insurance Implications. The Journal of Riskand Insurance, 44(2), pp. 237-258.Retrieved from/stable/252136 Stein, D. (2011). Paying Preimums With TheInsurer's Money: How Loss AversionDrives Insurance Decisions in a RepeatedInteraction. unpublished.Figure 1: Longer-Term Effects of PayoutsNotes: This figure plots the estimated effects on the insurance purchase probability of 3 lags of village-level payouts per policy and 3 lags of individual-level total payouts received, per 1000 Rupees of past payout. All estimates are significantly different than zero apart from the estimate on the first-year lag of individual payouts received. Estimates are drawn from specifications which instrument for past individual payouts with three lags of variables characterizing SEWA's randomly-assigned marketing packages, entered both directly and interacted with the village payout per policy. Regressions also include three lags of the number of insurance policies purchased (also instrumented), individual crop loss, and village average crop loss, as well as individual fixed effects, year dummies, a dummy for the year in which a household entered the experiment, and the complete set of same-year marketing variables. The sample is restricted to households that received insurance marketing for the three previous seasons before the current purchase decision. The regression table is presented in the Online Appendix Table A5.Online Appendix For:Dynamics of Demand for Index Insurance:Evidence from a Long-Run Field ExperimentShawn Cole, Daniel Stein, and Jeremy TobacmanAmerican Economic Review: Papers and ProceedingsThis online appendix contains the following items.Appendix Table A1: Summary StatisticsAppendix Table A2: Repurchasing Decisions Among Insurance Purchasers Appendix Table A3: Purchase Decisions Among Insurance Non-Purchasers Appendix Table A4: Effects of Previous Insurance Experience on Full Sample Appendix Table A5: Long Term Effect of Insurance PayoutsAppendix Table A6: Historical Average Insurance ExperienceAppendix Table A7: Marketing Variables and InstrumentsA8: Additional Details of Marketing ExperimentsA9: Sample Insurance Policy TermsheetsA8. Details of Marketing TreatmentsTable A7 reports the household-level marketing variants that were implemented each year. This section elaborates. For more details on the 2007 experiments, see Cole et al. (2013). Since this paper is part of a larger project on rainfall insurance, some explanatory material and much additional analysis of these experiments and the insurance impacts is reserved for future work.Flyers: Some participants received flyers with information about insurance as part of their marketing visits. These flyers incorporated the following manipulations.Negative vs Positive Language/Imagery: Positive flyers described insurance as“providing protection and security” with information showing the maximum payout that would have been received under the policy in the previous decade. Negative flyers described insurance as helping “to avoid catastrophe and negative information” and showed the average payout that would have been received over the past decade.Positive vs Average Information: Positive information flyers showed the maximum payout that would have been received under the policy in the previous decade. Average information flyers showed the average payout that would have been received over the past decade.Drought versus Bounty: Bounty flyers showed farmers standing in front of a bountiful harvest, while drought flyers showed farmers in fron of a drought-scorched field.Subsidies:In 2010, Nabard was subsidizing the policies with a 'buy one get one free' offer.Households were told that due to this offer, the expected payout would exceed the list price of Rs. 150.Group vs Individual:The group flyer emphasized the value of the policy for the purchaser’s family, while the individual flyer emphasized the value for the individual.Religion (Hindu, Muslimm, or Neutral): These flyers provided group identity cues. A photograph on the flyer depicted a farmer in front of a Hindu temple (Hindu Treatment), a mosque (Muslim Treatment), or a nondescript building. The farmer has a matching first name, which is characteristically Hindu, characteristically Muslim, or neither.High-Yielding Varieties (HYV):HYV flyers explained that rainfall insurance might complement adoption of HYV seed varieties which are sensitive to extreme weather.Risk Exposure Worksheet:In this treatment, households were told about the relationship between the size of landholding and amount of insurance coverage. The flyer included a worksheet section, where SEWA’s insurance representative worked through simple calculations with the household, in order to recommend the number of units of insurance coverage to buy. Videos: Some participants were shown videos with information about insurance as part of their marketing visits. These videos had the following manipulations.SEWA Brand: I n the “Strong SEWA brand” treatment, videos emphasized that the product was marketed and endorsed by SEWA.Peer/Authority Figure: In the peer treatment, a product endorsement was delivered by a local farmer, while in the authority treatment it was delivered by a teacher.Payout (“2/10”vs “8/10”):In the “2/10” treatment, households were told “the product would have paid out in approximately 2 of the previous 10 years”. In the “8/10” frame they were told that the product would not have paid out in approximately 8 of the previous 10 years.Safety or Vulnerability:The “Safety” treatment described the benefits of insurance in terms of it being something that will protect the household and ensure prosperity. The “Vulnerability”treatment warned the household of the difficulties it may face if it does not have insurance anda drought occurs.Peer(s) Video: In this treatment, households were shown interviews of farmers in the study who purchased weather insurance in previous years and were happy with the product.Fixed Price Discounts: Here, households were randomly assigned fixed price discount(s) of either Rs. 5, 15, 30, 60 or 90 on purchase of an insurance policy. These were delivered through a coupon or scratch card.Discounts for Higher Coverage: This treatment offered discounts for purchasing multiple policies. The discounts were: buy 2 get one free, buy 3 get one free, or buy one get the second 50% off. Willingness to Pay / BDM: We used an incentive-compatible Becker-DeGroot-Marschak mechanism to measure respondents’ willingness to pay (WTP) for insurance policies. Households were randomly assigned to report their maximum WTP for one policy or for a bundle of four policies. Once this “bid” is recorded, the BDM offer price is revealed. If the offer price turns out to be less than the respondent’s bid, the respondent is expected to purchase the policy at the revealed offer price. If the offer turns out to be more than the bid, the respondent doesn’t get a chance to purchase the policy at the offer price. Purchases at full price were permitted at any time. In 2010, some households were randomly assigned BDM incentive-compatible elicitation with premium payment due in November (i.e., the insurance premium could be borrowed).。