The random utility model (RUM, McFadden and Richter (1990)) has been the standard tool to describe the behavior of a population of decision makers. RUM assumes that decision makers behave as if they maximize a rational preference over a choice set. This assumption may fail when consideration of...

Elasticity is a very popular concept in economics and physics, recently exported and reinterpreted in the statistical field, where it has given form to the so-called elasticity function. This function has proved to be a very useful tool for quantifying and evaluating risks, with applications in...

We provide a simple identity that decomposes a product moment of multivariate normal random variables as a sum of various products of univariate moments of one of the random variables and multivariate moments of the other random variables. The new identity allows for much faster computation of...