A good prediction is very important for scientific, economic, and administrative purposes. It is therefore necessary to know whether a predictor is skillful enough to predict the future. Given the increased reliance on predictions in various disciplines, a prediction skill index (PSI) is...

Given that the Lorenz curve is widely used for analyzing income distribution and inequality, this study introduces an alternative functional form for the Lorenz curve that is constructed based on the weighted average of the exponential function and the functional form implied by Pareto...

The pursuit of having an appropriate level of income inequality should be viewed as one of the biggest challenges facing academic scholars as well as policy makers. Unfortunately, research on this issue is currently lacking. This study is the first to introduce the theoretical concept of...

The pursuit of having an appropriate level of income inequality should be viewed as one of the biggest challenges facing academic scholars as well as policy makers. Unfortunately, research on this issue is currently lacking. This study is the first to introduce the theoretical concept of...

The pursuit of having an appropriate level of income inequality should be viewed as one of the biggest challenges facing academic scholars as well as policy makers. Unfortunately, research on this issue is currently lacking. This study is the first to introduce the theoretical concept of...

Concern about income inequality has become prominent in public discourse around the world. However, studies in behavioral economics and psychology have consistently shown that people prefer not equal but fair income distributions. Thus, finding a benchmark that could be used to measure fair...

This paper discusses serious drawbacks of existing knowledge in macroeconomics and finance in explaining and predicting economic and financial phenomena. Complexity science is proposed as an alternative approach to be used in order to better understand how economy and financial market work. This...

This study tests assumptions regarding human rationality, consistency, and decision-making process based on expected value as assumed in expected utility theory. The results from closed experiment using 24 graduate students from faculty of economics as a sample indicate that the majority of...

We show that the effects of inflation on growth change substantially as the inflation rate rises. Moreover the nonlinearities are quite different for industrial economies than for developing countries. We find that the threshold at which inflation first begins to seriously negatively affect...