In this paper, we show how an investor can incorporate uncertainty about expected returns when choosing a mean-variance optimal portfolio. In contrast to the Bayesian approach to estimation error, where there is only a single prior and the investor is neutral to uncertainty, we consider the case...

In this paper, we examine the cost of insurance against model uncertainty for the euro area considering four alternative reference models, all of which are used for policy analysis at the ECB. We find that maximal insurance across this model range in terms of a Minimax policy comes at moderate...

Purpose This research presents an ontological model, to communicate the impact of dynamic preconditions for peri-urban communities. As such, this paper approaches perturbation communities as social-complex-adaptive-systems. Design/methodology/approach Previous assessment of dynamic preconditions...