1 This paper presents an empirical comparison of the following approaches to estimate annual 2 mileage budgets for multiple discrete-continuous extreme value (MDCEV) models of household 3 vehicle ownership and utilization: (1) The log-linear regression approach to model observed total 4 annual household vehicle miles traveled (AH-VMT), (2) The stochastic frontier regression 5 approach to model ...

e live in a period of heightened uncertainty. Our current business environment is being shaped by large-scale and long-term trends, such as deregulation and Robert Merton in 1973. Another early and consistent advocate of this way of thinking has been Stewart Myers, the MIT finance professor who coined the term “real options” in an article published in 1984. In that article, Myers went so far as...

Markov chain Monte Carlo (MCMC) methods have become a ubiquitous tool in Bayesian analysis. This paper implements MCMC methods for Bayesian analysis of stochastic frontier models using the WinBUGS package, a freely available software. General code for cross-sectional and panel data are presented and various ways of summarizing posterior inference are discussed. Several examples illustrate that ...

The paper addresses the constrained mean-semivariance portfolio optimization problem with the support of a novel multi-objective evolutionary algorithm (n-MOEA). The use of semivariance as the risk quantification measure and the real world constraints imposed to the model make the problem difficult to be solved with exact methods. Thanks to the exploratory mechanism, n-MOEA concentrates the sea...

We study amulti-periodmean-variance portfolio selection problemwith an uncertain time horizon and serial correlations. Firstly, we embed the nonseparablemulti-period optimization problem into a separable quadratic optimization problemwith uncertain exit time by employing the embedding technique of Li and Ng 2000 . Then we convert the later into an optimization problem with deterministic exit ti...

An easy-to-use procedure is presented for improving the ε-constraint method for computing the efficient frontier of the portfolio selection problem endowed with additional cardinality and semicontinuous variable constraints. The proposedmethod provides not only a numerical plotting of the frontier but also an analytical description of it, including the explicit equations of the arcs of parabola...

We present a class of partitioning scheme that we have called frontier sets. Frontier sets build on the notion of a potentially visible set (PVS) (Airey, Rohlf & Brooks, 1990) (Teller & Sequin, 1991). In a PVS, a world is sub-divided into cells and for each cell all the other cells that can be seen are computed. In contrast, a frontier set considers pairs of cells, A and B. For each pair, it li...

In current online games, player positions are synchronized by means of continual broadcasts through the server. This solution is expensive, forcing any server to limit its number of clients. With a hybrid networking architecture, player synchronization can be distributed to the clients, bypassing the server bottleneck and decreasing latency as a result. Synchronization in a decentralized fashio...

This paper aims to estimate a translog stochastic frontier production function in the analysis of a panel of 150 mixed Catalan farms in the period 1989-1993, in order to attempt to measure and explain variation in technical inefficiency scores with a one-stage approach. The model uses gross value added as the output aggregate measure. Total employment, fixed capital, current assets, specific co...

Allowing for correlated squared returns across two consecutive periods, portfolio theory for two periods is developed. This correlation makes it necessary to work with non-Gaussian models. The two-period conic portfolio problem is formulated and implemented. This development leads to a mean ask price frontier, where the latter employs concave distortions. The modeling permits access to skewness...