Beyond Markowitz with multiple criteria decision aiding

The paper is about portfolio selection in a non-Markowitz way, involving uncertainty modeling in terms of a series of meaningful quantiles of probabilistic distributions. Considering the quantiles as evaluation criteria of the portfolios leads to a multiobjective optimization problem which needs to be solved using a Multiple Criteria Decision Aiding (MCDA) method. The primary method we propose for solving this problem is an Interactive Multiobjective Optimization (IMO) method based on so-called Dominance-based Rough Set Approach (DRSA). IMO-DRSA is composed of two phases: computation phase, and dialogue phase. In the computation phase, a sample of feasible portfolio solutions is calculated and presented to the Decision Maker (DM). In the dialogue phase, the DM indicates portfolio solutions which are relatively attractive in a given sample; this binary classification of sample portfolios into ‘good’ and ‘others’ is an input preference information to be analyzed using DRSA; DRSA is producing decision rules relating conditions on particular quantiles with the qualification of supporting portfolios as ‘good’; a rule that best fits the current DM’s preferences is chosen to constrain the previous multiobjective optimization in order to compute a new sample in the next computation phase; in this way, the computation phase yields a new sample including better portfolios, and the procedure loops a necessary number of times to end with the most preferred portfolio. We compare IMO-DRSA with two representative MCDA methods based on traditional preference models: value function (UTA method) and outranking relation (ELECTRE IS method). The comparison, which is of methodological nature, is illustrated by a didactic example.     

State of the art in U.S. multicultural social work practice: Client expectations and provider challenges

ABSTRACT

To obtain a comprehensive view of the level of knowledge and development achieved in multicultural social work practice, I conducted a scoping review of U.S. empirical literature for the 10-year period from 2007 through 2016. The review revealed that across the board racial and ethnic minority clients continue to experience marginalization and report low satisfaction with services. Conversely, providers are subject to some tensions and biases toward multicultural practice exacerbated by employers’ lack of emphasis on cultural competence. The problematic findings from the review suggest that our current approaches to cultural competence may need to be reexamined.     

Interval estimation of parameters in an unbalanced mixed two-fold nested classification-the last-stage uniformity case

A procedure for the construction of exact simultaneous confidence intervals on functions of the fixed-effects parameters and on functions of variance components in an unbalanced, mixed, two-fold nested classification is introduced. The type of model considered in this paper enables the construction of such intervals to be based on the corresponding ANOVA table using its mean square ratios.     

A simple algorithm for the adaptation of scores and power behavior of the corresponding rank test

The purpose of this paper is twofold:On one hand we want to give a very simple algorithm for evaluating a special rank estimator of the type given in Behnen, Neuhaus, and Ruymgaart (1983) for the approximate optimal choice of the scores-generating function of a two-sample linear rank test for the general testing problem H_o:F=G versus H₁:F ≤ G, F ≠ G, in order to demonstrate that the corresponding adaptive rank statistic is simple enough for practical applications. On the other hand we prove the asymptotic normality of the adaptive rank statistic under H (leading to approximate critical values) and demonstrate the adaptive behavior of the corresponding rank test by a Monte Carlo power simulation for sample sizes as low as m=10, n=10.     

Bounds on dispersion of order statistics based on dependent symmetrically distributed random variables

We consider a fixed number of arbitrarily dependent random variables with a common symmetric marginal distribution. For each order statistic based on the variables, we determine a common optimal bound, dependent in a simple way on the sample size and number of order statistics, for various measures of dispersion of the order statistics, expressed in terms of the same dispersion measure of the single original variable. The dispersion measures are connected with the notion of M-functional of a random variable location with respect to a symmetric and convex loss function. The measure is defined as the expected loss paid for the discrepancy between the M-functional and the variable. The most popular examples are the median absolute deviation and variance.     

Simultaneous choice of time points and the block design in the growth curve model

The aim of this paper is to consider the optimality in the growth curve model with respect to two aspects: time and the block design and to show some relations between information functions for different designs. The A-, D- and E- optimality are studied.     

The Impact of Labor Market Structure on Sex Differences in Earnings

This research examines how structural features of a labor market affect the size of the male-female earnings differential in that market. Theoretical predictions are tested using data on the earnings of male and female academics in the US. Measures of labor market structure are shown to be significantly associated with the size of the earnings differential in 56 labor markets corresponding to specific academic disciplines. As predicted, an oversupply of labor within a market and greater career embeddedness in a single organization within a market increased the size of the earnings gap between men and women. Contrary to predictions, greater flows of information in the market and market permeability had no impact on the size of the earnings differential within markets. In addition, higher percentages of women in the market decreased the wage differential within markets. Additional analysis at the individual level found that men were penalized less than women when labor market conditions led to lower wages. Findings generally support the theoretical position that structural characteristics of the labor market affect the ability of employers to engage in salary discrimination against women.     

Life cycle savings and consumption constraints

Recent tests of both the pure and the extended life cycle hypothesis have generated inconclusive results on the life cycle behavior of the elderly. We extend the life cycle model by introducing a constraint on the physical consumption opportunities of the elderly which, if binding, imposes a consumption trajectory declining in age. This explains much of the received evidence on the elderly's consumption and savings behavior, in particular declining consumption, and increasing savings and wealth with increasing age. Our analysis of German data gives additional support to our theory. We finally draw the implications of the theory on the incidence of consumption and income (wealth) taxes, and on the recent (inconclusive) tests of intergenerational altruism.Research in this paper was supported by the National Institute of Aging, Grant No 3 P01 AG 05842-01. The paper was read at the ISPE-Conference on Fiscal Implications of an Ageing Population, Vaalsbroek, The Netherlands, May/June 1990. We are grateful to the conference participants, and especially to Richard Bird, Maurice March and, Carol Popper, and Dave Wildasin for perceptive comments, and Ernst Seiler for able research assistance. Johannes Velling and two anonymous referees provided additional constructive critique.     

Arcs in $$\mathbb Z^2_{2p}$$

An arc in \(\mathbb Z^2_n\) is defined to be a set of points no three of which are collinear. We describe some properties of arcs and determine the maximum size of arcs for some small n.