A method of stochastic dominance analysis with respect to a function (SDRF) is described and illustrated. The method, called stochastic efficiency with respect to a function (SERF), orders a set of risky alternatives in terms of certainty equivalents for a specified range of attitudes to risk....

A new stochastic efficiency analysis approach, called stochastic efficiency with respect to a function (SERF), that partitions a set of risky alternatives in terms of certainty equivalents (CEs) for a specified range of attitudes to risk, is applied to analyse average optimal rotation strategies...

Dairy production has long been the most important production line in Finnish and Norwegian agriculture. Prior to Finland joining the EU, farm structure as well as national agricultural policy was very similar in the two countries. In this paper, we explore development and differences in...

We examine the financial performance of the forest products industry in the initial phase of the COVID-19 pandemic, employing data for publicly trading companies in the industry globally. We first examine the market investor reaction to the declaration of a pandemic by the World Health...

A new non-parametric method to estimate a decision maker's coefficient of absolute risk aversion from observed economic behaviour is explained. The method uses the expected value-variance (E-V) framework and quadratic programming. An empirical illustration is given using Norwegian farm-level...

Dairy production has long been the most important production line in Finnish and Norwegian agriculture. Prior to Finland joining the EU, farm structure as well as national agricultural policy was very similar in the two countries. In this paper, we explore development and differences in...

Productivity studies that use proxy variable estimators routinely specify single-output production functions despite most firms producing multiple outputs. This is usually accomplished by aggregating the firm's outputs using total revenue. Such a formulation rarely provides an adequate...

In this article we examine the properties of estimates of realized volatility at various intra-daily sampling frequencies for Brent Crude oil futures traded at the IntercontinentalExchange (ICE). The estimates of realized volatility are subsequently modeled and forecasted to predict day-ahead...