While the utility value of life may decrease monotonically with age, the dollar value may increase dramatically until a fairly old age (by tenfold to age 60 for one plausible set of parameters). Crucial for this result is a positive real rate of interest which makes accumulation desirable,...

Adaptive multivariate histograms that are obtained through recursive partitioning of the sample space are studied. The central idea is to consider the tree-structured histogram as a wavelet estimator based on the orthogonal system of Haar functions. From the formula for the mean squared error a...