This paper introduces a new class of riskiness measures for financial assets. This new class of measures, which nests the well-known Aumann and Serrano (2008) measure as a special case, allows riskiness to be examined relative to benchmark levels of (net) return other than zero. Using real data,...

This paper proposes a bootstrap procedure for estimating the risk minimizing decision rule from within a parameterized family of rules. The procedure is conceptually simple and applicable to a broad class of decision problems involving parameter uncertainty. Moreover, when applied to Markowitz's...

Multidimensional poverty measures give rise to a host of statistical hypotheses which are of interest to applied economists and policy-makers alike. In the specific context of the generalized Alkire-Foster (Alkire and Foster 2008) class of measures, we show that many of these hypotheses can be...

The Foster, Greer, Thorbecke (1984) class nests several of the most widely used measures in theoretical and empirical work on economic poverty. Use of this general class of measures, however, presupposes a dimension of well-being that, like income, is cardinally measurable. Responding to recent...

Many U.S. students arrive on college campus lacking the skills expected for college-level work. As state leaders seek to increase postsecondary enrollment and completion, public colleges have sought to lessen the delays created by remedial course requirements. Tennessee has taken a novel...

It has been more than half a century since Tukey first introduced graphical displays that relate non-overlap of confidence intervals to statistically significant differences between parameter estimates. In this paper, we show how Tukey’s graphical overlap procedure can be modified to...

For at least a century academics and governmental researchers have been developing measures that would aid them in understanding income distributions, their differences with respect to geographic regions, and changes over time periods. It is a challenging area due to a number of reasons, one of...

Motivated by a real-life situation, we put forward a model and then derive an optimal strategy that maximizes the expected real-estate selling price when one of the only two remaining buyers has already made an offer but the other one is yet to make. Since the seller is not sure whether the...

The underlying idea behind the construction of indices of economic inequality is based on measuring deviations of various portions of low incomes from certain references or benchmarks, that could be point measures like population mean or median, or curves like the hypotenuse of the right...

Developing techniques for assessing various risks and calculating probabilities of ruin and survival are exciting topics for mathematically-inclined academics. For practicing actuaries and financial engineers, the resulting insights have provided enormous opportunities but also created serious...