We introduce a measure of the severity of violations of the revealed preference axioms, which we call the money pump index (MPI). The measure is based on the idea that a consumer who violates the axioms is subject to being exploited as a money pump. The MPI has a simple interpretation as the certain dollar amount that can be extracted from a consumer who behaves irrationally. We carry out an em...

Loyalty of customers to a supermarket can be measured in a variety of ways. If a customer tends to buy from certain categories of products, it is likely that the customer is loyal to the supermarket. Another indication of loyalty is based on the tendency of customers to visit the supermarket over a number of weeks. Regular visitors and spenders are more likely to be loyal to the supermarket. Ne...

This paper is concerned with one of the basic problems in abstract interpretation, namely, for a given abstraction and a given set of concrete transformers (that express the concrete semantics of a program), how does one create the associated abstract transformers? We develop a new methodology for addressing this problem, based on a syntactically restricted language for expressing concrete tran...

but in this case this formula cannot be used to calculate the values in Table 11. The second point concerns the authors’ observation that ‘by using the average of enough pretreatment measures one can reduce the size of regression to any predetermined level. ‘This is based upon an optimistic view of the correlation structure for repeated observations. It assumes that a sample of repeated measure...

In this paper we discuss a Bayesian analysis of the scalar skew-normal model. This model defines a class of distributions that extends the Gaussian model by including a shape parameter. Although the skew-normal model has nice properties, it presents some problems with the estimation of the shape parameter. To avoid these drawbacks, we explore through some examples the use of Severini’s integrat...