Background and Objective: Today, desertification is considered as a severe problem in most countries of the world, including the developing ones. Despite the serious environmental, social and economical impact of desertification phenomenon, few studies have been done to More
Background and Objective: Today, desertification is considered as a severe problem in most countries of the world, including the developing ones. Despite the serious environmental, social and economical impact of desertification phenomenon, few studies have been done to provide optimal alternatives. The aim of this study was to evaluate the alternatives for combating desertification in order to achieve optimal alternatives in the context of the sustainable management of deserts. Method: To achieve this goal, the Multi-Attribute Utility Theory (MAUT) has been applied in the context of Multi-Attribute Decision-making (MADM) models. In order to determine the weights of criteria and alternatives, it was used the modified Delphi and Shannon entropy techniques, while the final rating of alternatives was performed using the Multi-Attribute Utility Theory (MAUT) function. The model was applied to evaluate the efficiency in providing the optimal alternatives in Khezerabad Region of Yazd Province. Findings: The results showed that, the alternatives of prevention of unsuitable land use changes (A18) by a utility factor of 0.7429, vegetation cover development and reclamation (A23) by a utility factor of 0.6573 and modification of ground water harvesting (A31) by a utility factor of 0.3184 respectively were identified as the most important alternatives for combating desertification in the region. Discussion and Conclusion: These results might able the managers to properly and efficiently use the limited available facilities and funds in order to control the desertification. In addition, achieveing better results, this might prevent the waste of national resources.
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A classic bank Asset - Liability problem tries to find an optimal solution that maximize the return and minimize the risk simoltaneously. But there is an obvious conflict between these objectives that makes it impossible. Based on this situation, there are too many stud More
A classic bank Asset - Liability problem tries to find an optimal solution that maximize the return and minimize the risk simoltaneously. But there is an obvious conflict between these objectives that makes it impossible. Based on this situation, there are too many studies that try to propose some helpful method; But most of them lie on decision makers empirical ideas. This paper proposes a novel method that use a utility theory as a more quantitative approach for solving the problem. At first, it measures the utility function of the related managers and then the problem reduce to a solvable one for finding the optimal solution.
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In the process of evolving portfolio theory, In order to eliminate the defects and basic assumptions limitation of the traditional model, the concept of downside risk and the Mean-LPM model has been introduced.
The Lower Partial Moment (LPM) has been the downside risk More
In the process of evolving portfolio theory, In order to eliminate the defects and basic assumptions limitation of the traditional model, the concept of downside risk and the Mean-LPM model has been introduced.
The Lower Partial Moment (LPM) has been the downside risk measure that is most commonly used in portfolio analysis. Its major disadvantage is that its underlying utility functions are linear above some target return. As a result, the upper partial moment (UPM)/lower partial moment (LPM) analysis has been suggested in the recent researches. The UPM-LPM framework is powerful because it implements the full richness of economic utility theory such as Morgenstern economic utility function and prospect theory.
In this study, using by stock market Sector indexes over 3 years period since 2010 to 2012, the mean-variance and UPM/LPM optimal portfolio has been calculated in different degrees of potential and risk aversion. In the next step, the optimal portfolio performance of both model has been measured over second period from 2013 to 2015. This research used MATLAB software for optimizing and analyzing of portfolio selection models.
The Jobson-Korkie test has been used to measure the portfolio performance difference between Mean-Variance and UPM-LPM model. It was found that there is significant difference between results of Sharp ratio in Markowitz portfolio and UPM-LPM portfolio, and in the different risk/potential aversion approaches the UPM-LPM portfolio are significantly better than the traditional Markowitz model
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