A brief introduction to the misuse and abuse of tests of statistical significance is presented. This is followed by an analysis of why such an inappropriate socially sub-optimal and inefficient practice can persist over time in the face of a multiplicity of competing peer-reviewed journals. It...

In 1979, the Danish mathematician Georg Rasch recounted a 1959 visit with his former teacher, and later economics Nobel Prize winner, Ragnar Frisch. At this time, Frisch prompted Rasch to formalize his work in a separability theorem. Previously unnoted is that Frisch's close colleague, Irving...

In 1959, Ragnar Frisch prompted Georg Rasch to formalise a separability theorem that continues today to serve as the basis of a wide range of theoretical and applied developments in psychological and social measurement. Previously unnoted are the influences on Rasch exerted by Frisch’s...

A metrological infrastructure for human, social, and natural capital is an area of critical national need with potential for transforming education, health care, and the economy at large. The societal challenges preventing the development of reference standards and universally uniform metrics...

Capital is defined mathematically as the abstract meaning brought to life in the two phases of the development of 'transferable representations,' which are the legal, financial, and scientific instruments we take for granted in almost every aspect of our daily routines. The first, conceptual and...

Invariant, additive, and separable parameters for measures of human, social, and natural capital have repeatedly proven their value and utility globally over the last 50 years. Given growing demand for comparable living capital metrics, metrological organizations should position themselves to...

From a public database in Sweden we obtained a subject pool consisting of one group 20 years old and another group that was exactly 50 years older. The groups participated in a mail-based trust game. In the trust game the young cohort exhibited significantly more trust than the old cohort did....

Variable annuities have become popular retirement and investment vehicles due to their attractive guarantee features. Nonetheless, managing the financial risks associated with the guarantees poses great challenges for insurance companies. One challenge is risk quantification, which involves...

This paper quantifies the amount of noise and bias in analysts' forecast of corporate earnings at various horizons. We first show analyst forecasts outperform statistical forecasts at short-horizons, but underperform at longer horizons. We next decompose the relative accuracy of these forecasts...

Economic development disparities are caused mainly by unjustified biased policies and not in actual fact biased policies. Balanced policies are often recommended for balanced growth of all economic sectors. However, through sector linkages, and due to lack of funding in many developing nations,...