We investigate into the simulated (Monte Carlo) performance of some LAD-based estimators vis-a-vis that of the LS-based estimators for multi-equation linear econometric models of various error specifications - such as Normal, Cauchy, Gamma, Beta1 and Beta2 - in presence of outliers different in...

Econometricians generally take for granted that the error terms in the econometric models are generated by distributions having a finite variance. However, since the time of Pareto the existence of error distributions with infinite variance is known. Works of many econometricians, namely, Meyer...

This paper gives an outline of evolution of the concept and econometrics of production function, which was one of the central apparatus of neoclassical economics. It shows how the famous Cobb-Douglas production function was indeed invented by von Thünen and Wicksell, how the Constant Elasticity...

In the Input-Output Analytic framework, production (X) is related to final demand (C) through the B [while B= INV(I-A), where A is the technical coefficients matrix and INV(.) means inverted (.)], such that X=BC. Generally, the elements of A and C are considered to be non-stochastic and...

The paper is an attempt to evaluate the efficiency of Pena's DP-2 method over a host of methods used to make composite indices. To undertake this exercise, variables and data used and methodology adopted in Human Development Report 2011 are employed along with nine other methodologies employed...

Construction of (composite) indices by the Principal Component Analysis (PCA) is very common, but this method has a preference for highly correlated variables to the poorly correlated variables in the dataset. However, poor correlation does not entail marginal importance, since correlation...

This paper uses mixed combinatorial-cum-real particle swarm method to obtain a heuristically optimal order in which the constituent variables can be arranged so as to yield some generalized maximum entropy synthetic indicators that represent the constituent variables in the best...

Pena's method of construction of a synthetic indicator is very sensitive to the order in which the constituent variables (whose linear aggregation yields the synthetic indicator) are arranged. Due to this, Pena's method can at present give only an arbitrary synthetic indicator whose...