The Flexible Three Parameter Utility Function
نویسندگان
چکیده
Many mathematical forms of utility functions have been considered in the economics and finance literature, although, as Xie (2000) has said, by far the most widely employed are those displaying constant relative risk aversion (CRRA). Xie pointed out the dangers implicit in an inappropriate assumption of CRRA and the desirability of more flexible utility functions permitting a greater range of risk aversion properties. He argued that the power risk aversion (PRA) utility function.
منابع مشابه
Flexible Power Electronic Transformer for Power Flow Control Applications
This paper proposes a Flexible Power Electronic Transformer (FPET) for the application in the micro-grids. The low frequency transformer is usually used at the Point of Common Coupling (PCC) to connect the low voltage grid and utility network to each other. The conventional 50Hz transformer results in enhanced low voltage-grid power management system during grid-connected operation. In this pap...
متن کاملEvaluation of Models to Describe Temporal Growth in Local Chickens of Ghana
The logistic, Gompertz, Richards and asymmetric logistic growth curve models were fitted to body weight data of local Ghanaian chickens and French SASSO T44 chickens. All four growth models provided good fit for each sex by genotype growth data with R2 values ranging from 86.7% to 96.7%. The rate constant parameter, k, ranged between 0.137 and 0.271 and were significantly different from zero fo...
متن کاملGlobal Regularity and Flexibility of Demand Systems in the Presence of Non-negativity Constraints: a Theoretical and Empirical Analysis
A vexing challenge when using the utility-maximization framework to estimate consumers’ decisions on which set of goods to purchase and how much quantity to buy, is obtaining a functional form of the utility that satisfies three criteria: tractability, flexibility and global-regularity. Flexibility refers to the ability of utility function to impose minimal prior restrictions on demand elastici...
متن کاملA Flexible Link Radar Control Based on Type-2 Fuzzy Systems
An adaptive neuro fuzzy inference system based on interval Gaussian type-2 fuzzy sets in the antecedent part and Gaussian type-1 fuzzy sets as coefficients of linear combination of input variables in the consequent part is presented in this paper. The capability of the proposed method (we named ANFIS2) for function approximation and dynamical system identification is remarkable. The structure o...
متن کاملFitting the Three-parameter Weibull Distribution by using Greedy Randomized Adaptive Search Procedure
The Weibull distribution is widely employed in several areas of engineering because it is an extremely flexible distribution with different shapes. Moreover, it can include characteristics of several other distributions. However, successful usage of Weibull distribution depends on estimation accuracy for three parameters of scale, shape and location. This issue shifts the attentions to the requ...
متن کامل