The dynamics of phase transitions and hysteresis phenomena in materials with memory is described by a strongly nonlinear coupled system of partial differential equations which, in its generality, can be solved only numerically. Following principles of extended thermodynamics, in this paper we...

The interdependence between multiple lines of business has an important impact on determining loss reserves and risk capital, which are crucial for the solvency of a property and casualty (P&C) insurance company. In this work, we introduce the two-stage inference method using the Sarmanov family...