Markov decision models (MDM) used in practical applications are most often less complex than the underlying ‘true’ MDM. The reduction of model complexity is performed for several reasons. However, it is obviously of interest to know what kind of model reduction is reasonable (in regard to...

Estimating economic earnings mobility is imperative for understanding the degree to which low pay employment is a temporary or long-term position. The current literature estimates transition probabilities between low and higher pay. This study extends the focus to identify the underlying...

Estimating economic earnings mobility is imperative for understanding the degree to which low pay employment is a temporary or long-term position. The current literature estimates transition probabilities between low and higher pay. This study extends the focus to identify the underlying...

In this paper, Burr-type XII X synthetic schemes are proposed as an alternative to the classical ¯X synthetic schemes when the assumption of normality fails to hold. First, the basic design of the Burr-type XII X synthetic scheme is developed and its performance investigated using exact...

The aim of this work is to give an overview on nonlinear expectation and to relate them to other concepts that describe model uncertainty or imprecision in a probabilistic framework. We discuss imprecise versions of stochastic processes with a particular interest in imprecise Markov chains....

In this paper, Burr-type XII X synthetic schemes are proposed as an alternative to the classical X̄ synthetic schemes when the assumption of normality fails to hold. First, the basic design of the Burr-type XII X synthetic scheme is developed and its performance investigated using exact...