The spatial variation of the statistical characteristics of the extreme dry events, such as the annual maximum dry spell length (AMDSL), is a key practice for regional drought analysis and mitigation management. For arid and semi arid regions, where the data set is short and insufficient, the...

In practice, parametric likelihood-ratio techniques are powerful statistical tools. In this article, we propose and examine novel and simple distribution-free test statistics that efficiently approximate parametric likelihood ratios to analyze and compare distributions of K groups of...

We present new Stata commands for carrying out exact Wilcoxon one-sample and two-sample comparisons of the median. Nonparametric tests are often used in clinical trials, in which it is not uncommon to have small samples. In such situations, researchers are accustomed to making inferences by...

How often do jumps or price discontinuities occur on energy markets? What is the dynamics of the energy market sentiment (based on media coverage of economic fundamentals and other news events) that influence market behavior? How does the market sentiment affect the commodity returns? This study...

Airport congestion and widespread passenger discontent with airlines' poor on-time performance have recently led the Federal government to reduce peak-time operations at large airports such as Chicago O'Hare and New York John F. Kennedy. This paper proposes a methodology to compute delay...

The iid property of the model’s residuals is a crucial criterion for assessing the fit of the model to the data. GARCH-class models are the most commonly used nonlinear models in financial econometrics. In this paper various uni- and multivariate GARCH-class models were applied to selected...

Asset prices observed in financial markets combine equilibrium prices and market microstructure noise. In this paper, we study how to tell apart large shifts in equilibrium prices from noise using high frequency data. We propose a new nonparametric test which allows us to asymptotically remove...

In statistics, two-sample tests are used to determine whether two sam- ples have been drawn from the same population. An example of such a test is the widely used Kolmogorov–Smirnov two-sample test. There are other distribution- free tests that might be applied in similar occasions. In this...

The transferable utility hypothesis underlies important theoretical results in household economics. We provide a revealed preference framework for bringing this (theoretically appealing) hypothesis to observational data. We establish revealed preference conditions that must be satisfied for...

In designing a production model for firms that generate multiple outputs, we take as a starting point that such multi-output production refers to economies of scope, which in turn originate from joint input use and input externalities. We provide a nonparametric characterization of cost...