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Sergio Vergalli - One of the best experts on this subject based on the ideXlab platform.
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Optimal stopping Time, Consumption, labour, and portfolio decision for a pension scheme
Journal of Economics, 2020Co-Authors: Francesco Menoncin, Sergio VergalliAbstract:In this work we solve in a closed form the problem of an agent who wants to optimise the inter-temporal recursive utility of both his Consumption and leisure by choosing: (1) the optimal inter-temporal Consumption, (2) the optimal inter-temporal labour supply, (3) the optimal share of wealth to invest in a risky asset, and (4) the optimal retirement age. The wage of the agent is assumed to be stochastic and correlated with the risky asset on the financial market. The problem is split into two sub-problems: the optimal Consumption, labour, and portfolio problem is solved first, and then the optimal stopping Time is approached. We compute the solution through both the so-called martingale approach and the solution of the Hamilton–Jacobi–Bellman partial differential equation. In the numerical simulations we compare two cases, with and without the opportunity, for the agent, to work after retirement, at a lower wage rate.
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Optimal Stopping Time, Consumption, Labour, and Portfolio Decision for a Pension Scheme
2019Co-Authors: Francesco Menoncin, Sergio VergalliAbstract:In this work we solve in a closed form the problem of an agent who wants to optimise the inter-temporal utility of both his Consumption and leisure by choosing: (i) the optimal inter-temporal Consumption, (ii) the optimal inter-temporal labour supply, (iii) the optimal share of wealth to invest in a risky asset, and (iv) the optimal retirement age. The wage of the agent is assumed to be stochastic and correlated with the risky asset on the financial market. The problem is split into two sub-problems: the optimal Consumption, labour, and portfolio problem is solved first, and then the optimal stopping Time is approached. The martingale method is used for the first problem, and it allows to solve it for any value of the stopping Time which is just considered as a stochastic variable. The problem of the agent is solved by assuming that after retirement he received a utility that is proportional to the remaining human capital. Finally, a numerical simulation is presented for showing the behaviour over Time of the optimal solution.
Clemens Klug - One of the best experts on this subject based on the ideXlab platform.
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Comparison of feasibility, Time Consumption and costs of three virtual planning systems for surgical correction of midfacial deficiency
Maxillofacial Plastic and Reconstructive Surgery, 2021Co-Authors: Katrin Willinger, Godoberto Guevara-rojas, Julia Cede, Kurt Schicho, Tanja Stamm, Clemens KlugAbstract:Background Today virtual surgical planning (VSP) is a standard method in maxillofacial corrective surgery and is the key to reach satisfactory esthetic outcomes. The purpose of this study was to evaluate usability of three established virtual surgical planning software applications by comparing feasibility, Time Consumption, and costs in a standardized workflow for a modified intraoral quadrangular Le Fort II osteotomy (IQLFIIO). Results A cross-sectional study was performed based on retrospective and re-planned data of patients with midfacial deficiency treated by modified IQLFIIO, using three software applications: IPS Case Designer ®, Dolphin Imaging ®, and ProPlan CMF ®. Feasibility: All evaluated steps of the VSP procedure could be successfully performed in all three evaluated applications. In all software packages, it was possible to design the surgical splints with CAD/CAM technology. Working Time: The mean value of Time needed was IPS Case Designer ®, 36.5 min; Dolphin Imaging ®, 33.6 min; ProPlan CMF ®, 45.5 min. We found statistical significant difference between ProPlan CMF ® and Dolphin Imaging ® ( p value, 0.02). Costs: Asset costs for acquiring the software, license fee, license possibilities, paying for support services, and service contracts were evaluated and are found in similar ranges. Conclusion All three tested software applications are usable for virtual planning of an IQLFIIO and splint production by CAD/CAM technology. Successful movement of bone segments and overlaying soft tissues proved feasibility. Time Consumption and costs were found in similar ranges.
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Comparison of feasibility, Time Consumption and costs of three virtual planning systems for surgical correction of midfacial deficiency.
Maxillofacial plastic and reconstructive surgery, 2021Co-Authors: Katrin Willinger, Godoberto Guevara-rojas, Julia Cede, Kurt Schicho, Tanja Stamm, Clemens KlugAbstract:Today virtual surgical planning (VSP) is a standard method in maxillofacial corrective surgery and is the key to reach satisfactory esthetic outcomes. The purpose of this study was to evaluate usability of three established virtual surgical planning software applications by comparing feasibility, Time Consumption, and costs in a standardized workflow for a modified intraoral quadrangular Le Fort II osteotomy (IQLFIIO). A cross-sectional study was performed based on retrospective and re-planned data of patients with midfacial deficiency treated by modified IQLFIIO, using three software applications: IPS Case Designer ®, Dolphin Imaging ®, and ProPlan CMF ®. Feasibility: All evaluated steps of the VSP procedure could be successfully performed in all three evaluated applications. In all software packages, it was possible to design the surgical splints with CAD/CAM technology. Working Time: The mean value of Time needed was IPS Case Designer ®, 36.5 min; Dolphin Imaging ®, 33.6 min; ProPlan CMF ®, 45.5 min. We found statistical significant difference between ProPlan CMF ® and Dolphin Imaging ® (p value, 0.02). Asset costs for acquiring the software, license fee, license possibilities, paying for support services, and service contracts were evaluated and are found in similar ranges. All three tested software applications are usable for virtual planning of an IQLFIIO and splint production by CAD/CAM technology. Successful movement of bone segments and overlaying soft tissues proved feasibility. Time Consumption and costs were found in similar ranges.
Francesco Menoncin - One of the best experts on this subject based on the ideXlab platform.
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Optimal stopping Time, Consumption, labour, and portfolio decision for a pension scheme
Journal of Economics, 2020Co-Authors: Francesco Menoncin, Sergio VergalliAbstract:In this work we solve in a closed form the problem of an agent who wants to optimise the inter-temporal recursive utility of both his Consumption and leisure by choosing: (1) the optimal inter-temporal Consumption, (2) the optimal inter-temporal labour supply, (3) the optimal share of wealth to invest in a risky asset, and (4) the optimal retirement age. The wage of the agent is assumed to be stochastic and correlated with the risky asset on the financial market. The problem is split into two sub-problems: the optimal Consumption, labour, and portfolio problem is solved first, and then the optimal stopping Time is approached. We compute the solution through both the so-called martingale approach and the solution of the Hamilton–Jacobi–Bellman partial differential equation. In the numerical simulations we compare two cases, with and without the opportunity, for the agent, to work after retirement, at a lower wage rate.
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Optimal Stopping Time, Consumption, Labour, and Portfolio Decision for a Pension Scheme
2019Co-Authors: Francesco Menoncin, Sergio VergalliAbstract:In this work we solve in a closed form the problem of an agent who wants to optimise the inter-temporal utility of both his Consumption and leisure by choosing: (i) the optimal inter-temporal Consumption, (ii) the optimal inter-temporal labour supply, (iii) the optimal share of wealth to invest in a risky asset, and (iv) the optimal retirement age. The wage of the agent is assumed to be stochastic and correlated with the risky asset on the financial market. The problem is split into two sub-problems: the optimal Consumption, labour, and portfolio problem is solved first, and then the optimal stopping Time is approached. The martingale method is used for the first problem, and it allows to solve it for any value of the stopping Time which is just considered as a stochastic variable. The problem of the agent is solved by assuming that after retirement he received a utility that is proportional to the remaining human capital. Finally, a numerical simulation is presented for showing the behaviour over Time of the optimal solution.
Katrin Willinger - One of the best experts on this subject based on the ideXlab platform.
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Comparison of feasibility, Time Consumption and costs of three virtual planning systems for surgical correction of midfacial deficiency
Maxillofacial Plastic and Reconstructive Surgery, 2021Co-Authors: Katrin Willinger, Godoberto Guevara-rojas, Julia Cede, Kurt Schicho, Tanja Stamm, Clemens KlugAbstract:Background Today virtual surgical planning (VSP) is a standard method in maxillofacial corrective surgery and is the key to reach satisfactory esthetic outcomes. The purpose of this study was to evaluate usability of three established virtual surgical planning software applications by comparing feasibility, Time Consumption, and costs in a standardized workflow for a modified intraoral quadrangular Le Fort II osteotomy (IQLFIIO). Results A cross-sectional study was performed based on retrospective and re-planned data of patients with midfacial deficiency treated by modified IQLFIIO, using three software applications: IPS Case Designer ®, Dolphin Imaging ®, and ProPlan CMF ®. Feasibility: All evaluated steps of the VSP procedure could be successfully performed in all three evaluated applications. In all software packages, it was possible to design the surgical splints with CAD/CAM technology. Working Time: The mean value of Time needed was IPS Case Designer ®, 36.5 min; Dolphin Imaging ®, 33.6 min; ProPlan CMF ®, 45.5 min. We found statistical significant difference between ProPlan CMF ® and Dolphin Imaging ® ( p value, 0.02). Costs: Asset costs for acquiring the software, license fee, license possibilities, paying for support services, and service contracts were evaluated and are found in similar ranges. Conclusion All three tested software applications are usable for virtual planning of an IQLFIIO and splint production by CAD/CAM technology. Successful movement of bone segments and overlaying soft tissues proved feasibility. Time Consumption and costs were found in similar ranges.
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Comparison of feasibility, Time Consumption and costs of three virtual planning systems for surgical correction of midfacial deficiency.
Maxillofacial plastic and reconstructive surgery, 2021Co-Authors: Katrin Willinger, Godoberto Guevara-rojas, Julia Cede, Kurt Schicho, Tanja Stamm, Clemens KlugAbstract:Today virtual surgical planning (VSP) is a standard method in maxillofacial corrective surgery and is the key to reach satisfactory esthetic outcomes. The purpose of this study was to evaluate usability of three established virtual surgical planning software applications by comparing feasibility, Time Consumption, and costs in a standardized workflow for a modified intraoral quadrangular Le Fort II osteotomy (IQLFIIO). A cross-sectional study was performed based on retrospective and re-planned data of patients with midfacial deficiency treated by modified IQLFIIO, using three software applications: IPS Case Designer ®, Dolphin Imaging ®, and ProPlan CMF ®. Feasibility: All evaluated steps of the VSP procedure could be successfully performed in all three evaluated applications. In all software packages, it was possible to design the surgical splints with CAD/CAM technology. Working Time: The mean value of Time needed was IPS Case Designer ®, 36.5 min; Dolphin Imaging ®, 33.6 min; ProPlan CMF ®, 45.5 min. We found statistical significant difference between ProPlan CMF ® and Dolphin Imaging ® (p value, 0.02). Asset costs for acquiring the software, license fee, license possibilities, paying for support services, and service contracts were evaluated and are found in similar ranges. All three tested software applications are usable for virtual planning of an IQLFIIO and splint production by CAD/CAM technology. Successful movement of bone segments and overlaying soft tissues proved feasibility. Time Consumption and costs were found in similar ranges.
Andras Varhelyi - One of the best experts on this subject based on the ideXlab platform.
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The effects on safety, Time Consumption and environment of large scale use of roundabouts in an urban area: a case study
Accident; analysis and prevention, 2000Co-Authors: Christer Hydén, Andras VarhelyiAbstract:An experiment with small roundabouts – as speed reducing measures - was carried out in a Swedish city. The purpose of the study was to test the large scale and long term effects of the roundabouts. The results showed that the roundabouts reduced the speed considerably at the junctions and on links between roundabouts. The lateral displacement the roundabout forces the driver to has a great importance for the speed of approaching cars to a roundabout. The speed-reducing effect is large already at a 2 meter’s deflection. A larger deflection does not result in a larger effect. Conflict studies indicated an overall decrease in accident risk by 44%. Vulnerable road-users’ risk was reduced significantly, while there was no reduction for car occupants. There is a relation between the reduction of approach speed and the reduction of injury accident risk. The Time Consumption at a Time operated signal was reduced heavily by the instalment of a roundabout at a signalised intersection. On average, emissions (CO and NOx) at roundabouts replacing non-signalised junctions increased by between 4 and 6%, while a roundabout replacing a signalised intersection led to a reduction by between 20 and 29%. The noise level was reduced at junctions that were provided with roundabout. Car drivers were less positive to the roundabouts than bicyclists. In the long term, the unchanged roundabouts worked almost as good as they did shortly after the rebuilding. The study showed that details in the design are of decisive importance for road-users’ safety. Special attention has to be paid to the situation of bicyclists. The transition between the cycle path/lane and the junction has to be designed with care - the bicyclists should be integrated with motorised traffic before they enter the roundabout. There should be only one car lane both on the approach, in the circulating area and on the exit. The size of the roundabout shall be as small as possible.
