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Existing research on organizational structures of government has generally overlooked its impact on environmental protection regimes. Using a flat hierarchy reform in China, we investigate the causal relationship between the flattening of environmental protection agencies and border water...
Persistent link: https://www.econbiz.de/10014346723
Bellini et al. (2018) propose a robust version of Orlicz premium (OP) when there is an ambiguity in the subjective probability distribution of the underlying uncertainty or a multiplicity of Young function. Inspired by the work, we take a step further in this paper to consider the case where the...
Persistent link: https://www.econbiz.de/10013290795
In this paper, we generalize the classic therapeutic decision-making model, developed by Pauker and Kassirer, from the expected utility(EU) to the rank-dependent utility (RDU) framework. In contrast with EU, the RDU can incorporate a physician's optimistic and pessimistic biases into...
Persistent link: https://www.econbiz.de/10012948302
The newsvendor model is a building block for inventory management under stochastic situation. This paper examines the effects of an additive and a multiplicative background risk separately on the optimal order quantity of a risk-averse newsvendor with Mean-Variance utility. We derive several...
Persistent link: https://www.econbiz.de/10012948306
The financial instability stemming from large volumes of simultaneous selling in the corporate bond market has been a topic of concern in recent years. Investors in this market care primarily about the downside risk of a firm given their concave payoff function, and this is precisely the...
Persistent link: https://www.econbiz.de/10014235464