In this paper, we report the results of research to estimate direct monetary losses to agricultural producers in the Ohio River Basin from airborne residuals. Research results support the following conclusions: monetary losses to agricultural producers in the region are on the order of 10–12%...

A new interseasonal measure of competitive balance in a sports league is presented. It is based on a Markov model of a team’s probability of qualifying for postseason play given the performance of the team in the previous season. Transitional probabilities are estimated for Major League...

It is well known that the expected present value of a life annuity is smaller than the present value of an annuity certain with term equal to life expectancy. This result can be viewed as a consequence of the lack of interchangeability between the present value operator and the mathematical...

This paper outlines the conditions under which a state-run lottery yields an expected return greater than its costs. The analysis considers the possibility of multiple winner, the fact that lottery winnings are typically paid out over a 10 to 20 year span, the taxation of lottery winnings as...