This paper develops a dynamic portfolio selection model incorporating economic uncertainty for business cycles. It is assumed that the financial market at each point in time is defined by a hidden Markov model, which is characterized by the overall equity market returns and volatility. The risk...

A generalized Lorenz (GL) curve differs from a Lorenz curve in that the former is a rescaled version of the latter. A GL curve represents the relationship between the average income computed from a cumulative percentage of the population and the corresponding cumulative percentage. GL dominance...

Deprivation dominance is a useful concept for evaluating poverty profiles (poverty rate, gap, and inequality among the poor) across regions and/or over time. In this paper, we develop a distribution-free test for deprivation dominance---an one-sided joint test for the differences between two...