This paper is concerned with evaluating Value-at-Risk estimates. It is well known that using only binary variables, such as whether or not there was an exception, sacrifices too much information. However, most of the specification tests (also called backtests) available in the literature, such...

We introduce a simple – yet novel – queuing system composed of particle inputs, receptors, and response outputs. The system is a natural extension of the occupancy problem in probability theory. A possible interpretation of the model is to have the response output be the utility an...

The satiation utility model - a modification of discounted utility satisfying local substitution - predicts that optimal consumption sequences are U-shaped (high at the very beginning, constant in the middle, and high at the very end). To test this prediction we collect two datasets of musical...

Indigenous families experience substantial and multiple forms of economic burden arising from the size and structure of their families and households. Indigenous households are more likely to have more than one family in residence than other Australian households and are more likely to be...