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31.
This paper presents a new procedure, to which we have given the name Aggregation of Individual Preference Structures (AIPS), whose objective is to deal with multiactor decision making when using Analytic Hierarchy Process (AHP) as the methodological
support. This procedure incorporates ideas similar to Borda count methods and transfers to the case of preference structures
the principle of aggregation employed in the two approaches traditionally followed in AHP-group decision making (aggregation
of individual judgments and aggregation of individual priorities). The new aggregation method allows us to capture: (i) the
richness of uncertainty inherent to human beings; (ii) the vision of each decision maker within the context of the problem;
(iii) the interdependencies between the alternatives being compared and (iv) the intensities of the preferences that each
decision maker gives to these interdependencies. From the preference structure distribution associated to each decision maker,
this new approach (AIPS) provides the holistic importance of each alternative and ranking, as well as the most representative preference structure distribution for the group. The
knowledge derived from these could be employed as an initial step in the search for consensus, which characterises the negotiation
processes followed by the actors involved in the resolution of decisional problems.
An earlier version of this paper was presented at the GDN2005 Conference held at Vienna. The work has been partially funded
under Research Projects “Electronic Government. Internet-based Complex Decision Making: e-democracy and e-cognocracy” (Ref. PM2004-052) and “Internet-based Complex Decision Making. Decisional Tools for e-cognocracy” (Ref. TSI2005-02511). 相似文献
32.
The new Social Security Act in Mexico implies not only an important reform in terms of the funding mechanism, but will also have consequences of great importance for the economy, the financial sector, labor markets, and politics. The analysis presented here describes the recent history of Social Security in Mexico and the problems it faced before the reform. This paper refers to research done by actuaries and other professionals to outline the main weaknesses (rather than the presupposed superiority) of fully funded schemes vs. a pay-as-you-go (paygo) method, as well as the main pitfalls of the so-called Chilean model. It also presents the ideas of experts showing that an individual capitalization system is not necessarily more secure than a paygo system and that it transfers risks to workers. I am not of the opinion that the former paygo system was optimal, but I do strongly believe that the reform was done inappropriately, among other reasons because the new system abandons insurance techniques and focuses on investment techniques, despite both concepts being complementary. I suggest that a hybrid, two-tiered system, consisting of a paygo system for low-income workers and an individual accounts system for higher-income workers, could have been a better option for Mexico. 相似文献
33.
This paper studies long term relationships, modeled as repeated games, with restricted feedback. Players condition current play on summary statistics of past play rather than the entire history, as may be the case in online markets. Our state strategy equilibrium framework allows for arbitrary restrictions on strategies. We derive a recursive characterization for the set of equilibrium payoffs similar to that of Abreu, Pearce, and Stacchetti (1986, 1990) [2], [3] for perfect public equilibria and show that the set of equilibrium payoffs is the largest fixed point of a monotone operator. We use our characterization to derive necessary and sufficient conditions for efficient trade in a repeated product choice game where costumers condition their purchase decisions only on the last performance signal. 相似文献
34.
Crop-Yield Distributions Revisited 总被引:7,自引:1,他引:7
Octavio A. Ramirez Sukant Misra James Field 《American journal of agricultural economics》2003,85(1):108-120
This article revisits the issue of crop-yield distributions using improved model specifications, estimation, and testing procedures that address the concerns raised in recent literature, which could have invalidated previous findings of yield nonnormality. It concludes that some aggregate and farm-level yield distributions are nonnormal, kurtotic, and right or left skewed, depending on the circumstances. The advantages of utilizing nonnormal versus normal probability distribution function models, and the consequences of incorrectly assuming crop-yield normality are explored. 相似文献
35.
Octavio Augusto Fontes Tourinho 《European Journal of Finance》2013,19(7-8):591-603
This article presents and extends the first known model in real options, proposed in Tourinho (1979), and provides thoughts on addressing issues that are still outstanding 30 years later. It discusses the need to ensure the existence of market equilibrium when applying real options valuation to price assets, once all agents behave as suggested by the solution to the pricing equation. It argues that this can be achieved by using a stochastic process for the price that is sufficiently general to respond to supply and demand imbalances in the market for the resource. Once the individual decision rules are derived, the parameters of the process must be determined to ensure market equilibrium exists. For reserves of natural resources, this can be done by using a mean-reverting process for the price of the commodity and ensuring that the long-term price to which it reverts equals the trigger price for development of the marginal reserve. 相似文献
36.
In this paper, we propose a method to price collateralized debt obligations (CDO) within Merton's structural model on underlyings with a stochastic mean-reverting covariance dependence. There are two key elements in our development, first we reduce dimensionality and complexity using principal component analysis on the assets' covariance matrix. Second, we approximate this continuous multidimensional structure using a tree method. Trinomial-tree models can be developed for both the principal components and the eigenvalues assuming the eigenvectors are constant over time and the eigenvalues are stochastic. Our method allows us to compute the joint default probabilities for k defaults of stochastically correlated underlyings and the value of CDOs in a fast manner, without having lost much accuracy. Furthermore we provide a method based on moments to estimate the parameters of the model. 相似文献
37.
Sebastain N. Awondo Octavio A. Ramirez Gauri S. Datta Gregory Colson Esendugue G. Fonsah 《North American actuarial journal : NAAJ》2018,22(2):289-308
We explore the estimation of crop yields and insurance premiums using a hierarchical Bayes small area estimator. The estimator is evaluated for Area Yield Production (AYP) policy using quasi-simulated corn yields in the United States. Its performance in producing reliable mean county yield and premium estimates is compared to that of a naive estimator. We also investigate the impact of these efficiency improvements on the residual losses between a farm-level policy and AYP. The proposed estimator is found to be substantially more efficient and less biased than the naive estimator. 相似文献
38.
39.
Kritikos Alexander S. Schulze Dding Johanna Morales Octavio Priem Maximilian 《Wirtschaftsdienst》2022,102(8):590-594
Wirtschaftsdienst - Prices for energy and food are currently rising extraordinarily sharply. Households with low net incomes in particular are being burdened by the price increases, in some cases... 相似文献
40.
Self‐protection from weather risk using improved maize varieties or off‐farm income and the propensity for insurance
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Sebastain N. Awondo Octavio A. Ramirez Gregory J. Colson Esendugue G. Fonsah Genti Kostandini 《Agricultural Economics》2017,48(1):61-76
We investigate how self‐protection from the adoption of Improved Maize Varieties (IMV) and off‐farm income affects risk premiums for smallholder maize producers in Uganda. To unbundle these effects, we specify the cost of risk to explicitly capture four risk components—mean, variance, skewness, and kurtosis. Using unique plot‐level panel data for Uganda, we estimate and test moments of a flexible production function based on an expanded form of the Johnson SU family distribution and proceed to simulate the degree of responsiveness of risk premiums and welfare estimates to marginal changes in the share of land under IMV and off‐farm income. Scenarios of joint adoption of IMV accompanied with low and high application of inorganic fertilizer, and the effect of off‐farm income when there is high and low supply of farm labor are examined. Results show that the use of IMV and off‐farm income substantially reduces risk premiums and the individual effect is much higher under low fertilizer application and high supply of farm labor, respectively. Thus implying that self‐protection is likely to reduce the propensity for index insurance especially if its design fails to consider the reduction in downside risk. 相似文献