This paper introduces a new chaotic system with two circles of equilibrium points. The dynamical properties of the proposed dynamical system are investigated through evaluating Lyapunov exponents, bifurcation diagram and multistability. The qualitative study shows that the new system exhibits coexisting periodic and chaotic attractors for different values of parameters. The new chaotic system is implemented in both analog and digital electronics. In the former case, we introduce the analog circuit of the proposed chaotic system with two circles of equilibrium points using amplifiers, which is simulated in MultiSIM software, version 13.0 and the results of which are in good agreement with the numerical simulations using MATLAB. In addition, we perform the digital implementation of the new chaotic system using field-programmable gate arrays (FPGA), the experimental observations of the attractors of which confirm its suitability to generate chaotic behavior.

This paper starts with a review of three-dimensional chaotic dynamical systems equipped with special curves of balance points. We also propose the mathematical model of a new three-dimensional chaotic system equipped with a closed butterfly-like curve of balance points. By performing a bifurcation study of the new system, we analyze intrinsic properties such as chaoticity, multi-stability, and transient chaos. Finally, we carry out a realization of the new multi-stable chaotic model using Field-Programmable Gate Array (FPGA).

The compound Poisson process (CPP) is often used in catastrophe risk modeling, for example, aggregate loss risk modeling. Hence, CPP can be involved in pricing catastrophe bonds (CAT bonds) because it requires a catastrophe risk modeling method. However, studies of how the application of CPP in pricing CAT bonds is still scarce. Therefore, this study aims to conduct a systematic literature review (SLR) on how CPP is used in pricing CAT bonds. The SLR consists of three stages: the literature selection, bibliometric analysis, and gap analysis. At the literature selection stage, the 30 articles regarding the application of CPP in pricing CAT bonds are obtained. Then, the conceptual and nonconceptual structures of the articles are mapped at the bibliometric analysis stage. Finally, in the gap analysis stage, the application of CPP in pricing CAT bonds from the previous studies is analyzed, and new research opportunities are studied. This research can be a reference for researchers regarding the application of CPP in pricing CAT bonds and can motivate them to design more beneficial ways of pricing CAT bonds with CPP in the future.

MEA (Masyarakat Ekonomi ASEAN) menjadi sangat dibutuhkan untuk memperkecil kesenjangan antara negara-negara ASEAN dalam hal pertumbuhan perekonomian dengan meningkatkan ketergantungan anggota-anggota didalamnya. MEA dapat mengembangkan konsep meta-nasional dalam rantai suplai makanan, dan menghasilkan blok perdagangan tunggal yang dapat menangani dan bernegosiasi dengan eksportir dan importir non-ASEAN. MEA juga akan mempercepat pertumbuhan ekonomi, kemajuan sosial dan pengembangan budaya. Dalam rangka menjawab tantangan MEA tersebut, tentu saja hal ini tidak terlepas dari keterlibatan berbagai pihak dalam menyelesaikan permasalahan yang ada. Perlu adanya suatu perencanaan, konsep yang tertata, serta partisipasi antara pihak pemerintah, swasta dan akademisi. Salah satu upaya pihak akademisi dalam menghadapi tantangan MEA adalah menyiapkan suatu konsep yang tertata dalam hal pelatihan & pengembangan SDM, sehingga konsep tersebut bisa dilaksanakan oleh pihak-pihak yang terkait. Pelatihan & Pengembangan SDM merupakan hal yang sangat penting dalam meningkatkan kualitas SDM, karena pada dasarnya setiap manusia dapat “diasah”, dilatih dan dikembangkan.

Investors generally aim to obtain a high return from their stock portfolio. However, investors must realize that a high value-at-risk (VaR) is essential to calculate for this aim. One of the objects in the VaR calculation is the asymmetric return volatility of stocks, which causes an unbalanced decrease and increase in returns. Therefore, this study proposes a mean-value-at-risk (mean-VaR) stock portfolio optimization model based on stocks’ asymmetric return volatility and investors’ risk aversion preferences. The first stage is the determination of the mean of all stocks in the portfolio conducted using the autoregressive moving average Glosten–Jagannathan–Runkle generalized autoregressive conditional heteroscedasticity (ARMA-GJR-GARCH) models. Then, the second stage is weighting the capital of each stock based on the mean-VaR model with the investors’ risk aversion preferences. This is conducted using the Lagrange multiplier method. Then, the model is applied to stock data in Indonesia’s capital market. This application also analyzed the sensitivity between the mean, VaR, both ratios, and risk aversion. This research can be used for investors in the design and weighting of capital in a stock portfolio to ensure its asymmetrical effect is as small as possible.

The issuance of multiple-event catastrophe bonds (MECBs) has the potential to increase in the next few years. This is due to the increasing trend in the frequency of global catastrophes, which makes single-event catastrophe bonds (SECBs) less relevant. However, there are obstacles to issuing MECBs since the pricing framework is still little studied. Therefore, this study aims to develop such a new pricing framework. The model uniquely involves three new variables: the trigger event correlation, interest, and inflation rates. The trigger event correlation rate was accommodated by the involvement of the copula while the interest and inflation rates were simultaneously considered using an integrated autoregressive vector stochastic model. After the model was obtained, the model was simulated on storm catastrophe data in the United States. Finally, the effect of the three variables on MECB prices was also analyzed. The analysis results show that the three variables make MECB prices more fairly than other models. This research is expected to guide special purpose vehicles to set fairer MECB prices and can also be used as a reference for investors in choosing MECBs based on the rates of trigger event correlation and the real interest they can expect.