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Item concept modeling is commonly achieved by leveraging textual information. However, many existing models do not leverage the inferential property of concepts to capture word meanings, which therefore ignores the relatedness between correlated concepts, a phenomenon which we term conceptual “correlation sparsity.” In this paper, we distinguish between word modeling and concept modeling and propose an item concept modeling framework centering around the item concept network (ICN). ICN models and further enriches item concepts by leveraging the inferential property of concepts and thus addresses the correlation sparsity issue. Specifically, there are two stages in the proposed framework: ICN construction and embedding learning. In the first stage, we propose a generalized network construction method to build ICN, a structured network which infers expanded concepts for items via matrix operations. The second stage leverages neighborhood proximity to learn item and concept embeddings. With the proposed ICN, the resulting embedding facilitates both homogeneous and heterogeneous tasks, such as item-to-item and concept-to-item retrieval, and delivers related results which are more diverse than traditional keyword-matching-based approaches. As our experiments on two real-world datasets show, the framework encodes useful conceptual information and thus outperforms traditional methods in various item classification and retrieval tasks. [ABSTRACT FROM AUTHOR]

A catastrophe equity put (CatEPut) is constructed to recapitalize an insurance company that suffers huge compensation payouts due to catastrophic events (CEs). The company can exercise its CatEPut to sell its stock to the counterparty at a predetermined price when its accumulated loss due to CEs exceeds a predetermined threshold and its own stock price falls below the strike price [ABSTRACT FROM AUTHOR]