In this paper, we summarize some recent results in Li et al. (2012), which can be used to extend an important PAC-Bayesian approach, namely the Gibbs posterior, to study the nonadditive ranking risk. The methodology is based on assumption-free risk bounds and nonasymptotic oracle inequalities, which leads to nearly optimal convergence rates and optimal model selection to balance the approximati...

This paper analyzes the political support for a public insurance in the presence of a private insurance alternative. The public insurance is compulsory and offers a uniform insurance policy. The private insurance is voluntary and can offer different insurance policies to different individual risks. We show that adverse selection on the private insurance market can lead a majority of individuals...

With the increased competition in the global supply chain, the significance of vendor selection based on supply chain risk management has reached the agreement. The structure of this study is to categorize the recent researches according to the supply chain risk management, vendor selection and vendor selection under supply chain risk. Further, this paper offers a conceptual framework to summar...

Since testing is an expensive process, test selection has been proposed as a way to reduce such expense. A good selection of tests can be done using specification coverage functions. Model-based ioco theory, however, uses test suites which are not suitable for computing coverage because of interdependence of their test cases. We define a new test suite that overcomes such problems. Using such a...

The portfolio selection problem is traditionally modelled by two different approaches. The first one is based on an axiomatic model of risk-averse preferences, where decision makers are assumed to possess an expected utility function and the portfolio choice consists in maximizing the expected utility over the set of feasible portfolios. The second approach, first proposed by Markowitz (1952), ...

This paper studies the risk management of a battery bidding in both day-ahead and intraday markets arising from uncertain nature electricity prices. To this end, coherent measure, Second-order Stochastic Dominance (SSD), which is capable expressing preferences form preset fixed benchmark (profit), incorporated into model. The SSD serves decision-maker as risk-averse optimizer exploring for prof...

<p style='text-indent:20px;'>In this work the problem of optimal harvesting policy selection for natural resources management under model uncertainty is investigated. Under framework neoclassical growth dynamics, associated control investigated by introducing concept on initial conditions operational procedure. At stage, notion convex risk measures, and in particular class Fréchet employe...

This paper considers a multi-objective portfolio selection problem imposed by gaining of portfolio, divided yield and risk control in an ambiguous investment environment, in which the return and risk are characterized by probabilistic numbers. Based on the theory of possibility, a new multi-objective portfolio optimization model with gaining of portfolio, divided yield and risk control is propo...