In this paper we reply to Binmore and Shaked’s criticism of the Fehr-Schmidt model of inequity aversion. We put the theory and their arguments into perspective and show that their criticism is not substantiated. Finally, we briefly comment on the main challenges for future research on...

This note is concerned with the derivation of the distribution of a random variable X in terms of the distribution of Y given X, where X, Y are discrete random variables with finite support

The choice of the appropriate linear model before this can be used for planning and decision making, has been the concern of many statistical workers. Most of the methods in the literature aim at evaluating the descriptive ability of the candidate models. In the present paper an evaluation...

In this paper we construct thirteen different types of composite indices by linear combination of indicator variables (with and without outliers/data corruption). Weights of different indicator variables are obtained by maximization of the sum of squared (and, alternatively, absolute)...

Our objective in this paper is to compare the performance of the Differential Evolution (DE) and the Repulsive Particle Swarm (RPS) methods of global optimization. To this end, some relatively difficult test functions have been chosen. These functions are: Perm, Power-Sum, Bukin, Zero-Sum,...

Almost a decade after their initiation, financial reforms appear to have had little effect on the economies of Sub-Sahara Africa. Whether the blame is to fall on their initial design itself, or on the partial nature of their implementation, liberalization policies have not mobilized savings,...

Usando los datos anuales para Colombia durante los 30 años pasados, probamos las teorías de oposición que explican fluctuaciones macroeconómicas: la síntesis neoclásica, que postula eso en presencia de rigidez temporal del precio una extensión monetaria inesperada produce los aumentos de...

Logarithmic spirals are abundantly observed in nature. Gastropods (such as nautilus, cowie, grove snail, thatcher, etc.) in the mollusca phylum have spiral shells, mostly exhibiting logarithmic spirals vividly. Spider webs show a similar pattern. The low-pressure area over Iceland and the...

In this paper we compare the performance of the Differential Evolution (DE) and the Repulsive Particle Swarm (RPS) methods of global optimization. To this end, seventy test functions have been chosen. Among these test functions, some are new while others are well known in the literature; some are...

For the first time since the onset of the debt crisis in the slimmer or 1982, capital began to return to Latin America during 1990 and 1991.In general, Latin America's re-entry into the international capital markets was perceived as a positive development. However, policy-makers in the region...