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  Utility Function (by von Neumann-Morgenstern) – an Instrument for Solution under Uncertainty and Crises

  This paper presents the possibility of using Von Neumann–Morgenstern utility function as a tool for choosing an alternative way for dealing with crisis in organizations operating in uncertain environment.... This paper presents the possibility of using Von Neumann–Morgenstern utility function as a tool for choosing an alternative way for dealing with crisis in organizations operating in uncertain environment.

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  The Operational Controlling System in the Insurance Company – Structure and Characteristics

  There are various understandings on the essence of controlling in literature.They could be generalized into two purposeful sides of the concept, namely: as a qualitatively new philosophy and as a management instrument of the business unit. In this expose these views are unified in one, in which the result-oriented management of the insurance ... There are various understandings on the essence of controlling in literature.They could be generalized into two purposeful sides of the concept, namely: as a qualitatively new philosophy and as a management instrument of the business unit. In this expose these views are unified in one, in which the result-oriented management of the insurance company appears a way of thinking of the management team and at the same time the controlling assists the management by the necessary informationanalytical and methodical apparatus. Ultimately, the main idea of controlling is to ensure the accomplishment of insurer’s objectives by coordinating the realization of traditional managerial functions and providing, in due time, the information relevant for the managerial decision making. The structure and organization of the controlling system is subordinate to the general theory of the system. Its development within the insurance company is accomplished on the basis of two supporting points: the first one is the personification and subjectivization of the links and interactions between the comprising elements of the system; the second is the technology of the implementation of the controlling presented as a process of consecutive actions of targeting, planning, reporting of expenses and operating results, the control and the information backup of the management team. The characteristics of the operational controlling system are being displayed mainly upon the differentiation of the strategic from the operational controlling and are, at the same time, pre-determined by the necessity to reflect the specifics of the insurance activity. The latter determines the inclusion of the actuary’s technique and the insurance-technical analysis as elements of the controllership system, and the actuary-in-chief himself as a subject of controlling.

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  Human Action, Part Four, Chapter XIX. Interest

  It has been shown that time preference is a category inherent in every human action. Time preference manifests itself in the phenomenon of originary interest, i.e., the discount of future goods as against present goods.... It has been shown that time preference is a category inherent in every human action. Time preference manifests itself in the phenomenon of originary interest, i.e., the discount of future goods as against present goods.