Special Issue "Risk Theory Applications in Sustainable Economy"

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: 1 December 2021.

Special Issue Editor

Prof. Dr. Dimitrios G. Konstantinides
E-Mail Website
Guest Editor
Department Statistics and Actuarial—Financial Mathematics, University of the Aegean, GR 83200 Samos, Greece
Interests: risk theory; actuarial science; macroeconomics
Special Issues and Collections in MDPI journals

Special Issue Information

Dear Colleagues,

Risk theory provides the mathematical background for sustainable insurance businesses. Furthermore, insurance represents a tool for the stabilization of the market and the preservation of the economic equilibrium. These two links are the focus of this Special Issue, and represent a contemporary approach towards the determination of the prerequisites for economic stability.

The case of large claims is very interesting as a major reason for insurance instability, and the manipulation of such claims plays a crucial role in the operation of the insurance system. The optimization of the reserves and premiums is also relevant. Numerical and analytical methods can be very useful.

Economic instability produces unpredictable difficulties in insurance practice. On the one hand, there is less liquidity in the market and on the other the claim distributions develop heavier tails. The results typically provide some economic insight and should be oriented to practical applications in the market. Insurance factors can have access to confidential information that helps to take optimal decisions.

Prof. Dr. Dimitrios G. Konstantinides
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All papers will be peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1900 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • heavy tails
  • asymptotic analysis
  • dependence modelling
  • risk measures
  • general equilibrium, saddle point approximation
  • utility theory
  • game theory
  • asymmetric information

Published Papers (1 paper)

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Research

Article
A Two-Stage Auction Mechanism for 3PL Supplier Selection under Risk Aversion
Sustainability 2021, 13(17), 9745; https://0-doi-org.brum.beds.ac.uk/10.3390/su13179745 - 30 Aug 2021
Viewed by 345
Abstract
The third party logistics (3PL) suppliers selection is a key issue in sustainable operation of fourth party logistics (4PL). A two-stage auction mechanism is designed for the selection of 3PL suppliers. Different from previous studies, the paper considers risk preference of 4PL integrators [...] Read more.
The third party logistics (3PL) suppliers selection is a key issue in sustainable operation of fourth party logistics (4PL). A two-stage auction mechanism is designed for the selection of 3PL suppliers. Different from previous studies, the paper considers risk preference of 4PL integrators during the auction and uses the prospect theory to establish the auction scoring function of 4PL integrators. First, a first score sealed auction (FSSA) mechanism is used to solve the selection problem. However, the results show that FSSA is not an ideal method. Hence, the English auction (EA) mechanism is combined with the FSSA mechanism to form a two-stage auction. The FSSA is taken as the first stage auction, and the EA is taken as the second stage auction, and the two-stage auction mechanism is constructed. The two-stage auction can improve the utility of the 4PL integrator and the auction efficiency. In addition, for the degree of disclosure of attribute weights in the scoring function, two states, complete information and incomplete information is designed. In case analysis, the validity of the designed two-stage auction mechanism is verified. The 4PL integrator can obtain higher utility under the risk-neutral auction than the risk-averse auction. The complete information auction does not make the 4PL integrator obtain higher utility than the incomplete information auction. Full article
(This article belongs to the Special Issue Risk Theory Applications in Sustainable Economy)
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