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A Sharper Ratio : A General Measure for Correctly Ranking Non-Normal Investment Risks
Smetters, Kent A. - 2013
While the Sharpe ratio is still the dominant measure for ranking risky assets, a substantial effort has been made over the past three decades to find a way to account for non-Normally distributed risks. This paper derives a generalized ranking measure which, under a regularity condition,...
Persistent link: https://www.econbiz.de/10013074912
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Modeling Area-Level Health Rankings
Courtemanche, Charles - 2013
We propose a Bayesian factor analysis model to rank the health of localities. Mortality and morbidity variables empirically contribute to the resulting rank, and population and spatial correlation are incorporated into a measure of uncertainty. We use county-level data from Texas and Wisconsin...
Persistent link: https://www.econbiz.de/10013075862
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Good Rankings are Bad : Why Reliable Rankings Can Hurt Consumers
Bouton, Laurent - 2015
Rankings have become increasingly popular on various markets, e.g. the market for study programs. We analyze their welfare implications. Consumers have to choose between two goods of unknown quality with exogenous presence or absence of an unbiased informative ranking. The existence of the...
Persistent link: https://www.econbiz.de/10013024517
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Ranking, Unemployment Duration, and Wages
Blanchard, Olivier J.; Diamond, Peter A. - 2021
Firms often receive multiple acceptable applications for vacancies, requiring a choice among candidates. This paper contrasts equilibria when firms select workers at random and when firms select the worker with the shortest spell of unemployment, called ranking. With the filling of vacancies...
Persistent link: https://www.econbiz.de/10013210544
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Representing Symmetric Rank Two Updates
Gay, David M. - 2022
Various quasi-Newton methods periodically add a symmetric "correction" matrix of rank at most 2 to a matrix approximating some quantity A of interest (such as the Hessian of an objective function). In this paper we examine several ways to express a symmetric rank 2 matrix [delta] as the sum of...
Persistent link: https://www.econbiz.de/10013322335
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An Empirical Assessment of Alternative Models of Risky Decision Making
Baker, Joanna R. - 2010
In this paper, we assess the degree to which four of the most commonly used models of risky decision making can explain … enough to approximate Kahnenman and Tversky's prospect theory and that for certain parametric values will yield the expected … explain the decision-making behavior of the majority of our subjects. Surprisingly, we find that the choice behavior of the …
Persistent link: https://www.econbiz.de/10013135363
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An Economic Model of Amniocentesis Choice
Fajnzylber, Eduardo - 2010
Medical practitioners typically utilize the following protocol when advising pregnant women about testing for the possibility of genetic disorders: Pregnant women over the age of 35 should be tested for Down syndrome and other genetic disorders; for younger women, such tests are discouraged...
Persistent link: https://www.econbiz.de/10013138773
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Sticking with What (Barely) Worked
Lefgren, Lars - 2011
Outcome bias occurs when an evaluator considers ex-post outcomes when judging whether a choice was correct, ex-ante. We formalize this cognitive bias in a simple model of distorted Bayesian updating. We then examine strategy changes made by professional football coaches. We find they are more...
Persistent link: https://www.econbiz.de/10013119785
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Conforming and Non-Conforming Peer Effects in Vaccination Decisions
Bodine-Baron, Elizabeth - 2013
Traditional economic models of vaccination assume that agents free-ride on the vaccination decision of others. These …
Persistent link: https://www.econbiz.de/10013074645
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Measuring Intertemporal Preferences Using Response Times
Chabris, Christopher F. - 2010
We use two different approaches to measure intertemporal preferences. First we employ the classical method of inferring preferences from a series of choices (subjects choose between $X now or $Y in D days). Second we adopt the novel approach of inferring preferences using only response time data...
Persistent link: https://www.econbiz.de/10012758348