'This book contains a high-level collection of papers by some of today's leading distributional analysts. The chapters are well-chosen and are written by respected authors with international profiles. The book will be highly valued as a reference work, by research economists and practitioners,...

The well-known approximation of the difference between the arithmetic average and geometric average returns as one-half of the variance of the underlying returns is reexamined using Jensen's Inequality. The "defect" in Jensen's Inequality, is given an exlicit formula in terms of the variance...