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...

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 study attempts for the first time to compile list of agencies under state supervision in Thailand as well as their outstanding debts in order to provide policy makers more complete picture of public debt. It finds that there are eighty-six agencies with total debts of 3.846 trillion baht as...

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...

Rank-size distributions of local government debt, regardless of the way in which data is categorized, namely, regions, types, or all local governments, are found not to be normally distributed but consistent with a mathematical principle known as power law. This implies that local government...

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...