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c© Heldermann Verlag Economic Quality Control ISSN 0940-5151 Vol 20 (2005), No. 1, 31 – 39 A Modified Quantile Estimator Using Extreme-Value Theory with Applications M.B. Vermaat, R.J.M.M. Does and A.G.M. Steerneman Abstract: Reliable predictions by means of quantiles constitute one of the most important tasks not only in statistics but in entire science. Quantiles may be estimated by using Extreme- Value Theory (EVT). However, the properties of many estimators based on this theory depend heavily on the actual location. In this paper modified estimators for the

1 Introduction Extreme value theory (EVT) deals with rare but extreme events in risk-management, finance, insurance, reinsurance, economics, hydrology, material sciences, telecommunications, and other industries [ 17 ]. From an actuarial point of view, the distributions of extreme losses are critical since the insurer (or re-insurer) makes payment only when the loss exceeds a specific value. Extreme value analysis provides an essential set of strategies to quantify the more massive losses and offers a clear narrative to translate management guidelines on above

bivariate tail: a copula based approach. J. Multivariate Anal. 119, 81–100. [18] Dupuis, D. J. and B. L. Jones (2006). Multivariate extreme value theory and its usefulness in understanding risk. N. Am. Actuar. J. 10(4), 1–27. [19] Durante, F. and G. Salvadori (2010). On the construction of multivariate extreme value models via copulas. Environmetrics 21(2), 143–161. [20] Embrechts, P., C. Klüppelberg, and T. Mikosch (1997). Modelling Extremal Events for Insurance and Finance. Berlin: Springer. [21] Falk, M. and R. Michel (2006). Testing for tail independence in

Studies in Value Theory Preface Chapter 1: VALUES AND THE EXPLANATION OF BEHAVIOUR 1 Chapter 2: ON THE IMPORT AND RATIONALE OF VALUE ATTRIBUTION 11 Chapter 3: HOW WIDE IS THE GAP BETWEEN FACTS AND VALUES? 25 Chapter 4: NOMIC HIERARCHIES AND PROBLEMS OF RELATIVISM 53 Chapter 5: BY THE STANDARDS OF THEIR DAY 73 Chapter 6: PRESUMPTION AND THE JUDGMENT OF ELITES 85 Chapter 7: DESIDERATUM COMPLEMENTARITY 93 Chapter 8: THE ROLE OF VALUES IN THE SOCIAL SCIENCES 111 Chapter 9: VALUES IN SCIENCE

Gemmo Iocco Assumptions and Objective Value-Theory: Meinong’s Psychology of Valuation Abstract: The problem of value and the related effort in proposing a scientific- objective treatment of it are of the utmost importance in Meinong’s philosophical thought. Theoretically speaking, it is common to talk of a conceptual path that led Meinong to abandon the subjective perspective he outlined in the early 1890s in favour of an objective one developed during the period 1910–1920. According- ly, the goal of this paper is twofold: on the one hand, we sketch out

Abstract

Purpose: To incorporate a new value theory based on co-productivity into the value chain analysis.

Methodology: We develop a theoretical model of co-productivity and analyze selected examples of high co-productive value chains. Our theory modifies value theories based on the classical approach (A. Smith, D. Ricardo, K. Marx), production factors of land, capital, labor, and knowledge (J.B. Clark), subjective value for the consumer (C. Menger, W.S. Jevons, and L. Walras), exchange value (A. Marshall), energy value (I. Prigogine), value added for the customer (M. Porter and P. Drucker), information value (V. Rometty), and customer attention (M. Goldhaber).

Findings: We demonstrate that the co-productivity theory deeply connects all hermeneutic sources of value creation, but more importantly, it opens opportunities for adopting future-oriented sources.

Originality: We present an original theory based on co-productivity, previously unused in logistics. We show how the theory helps to shape more effective value chains.

C H A P T E R F O U R Classical Value Theory This chapter examines three kinds of value theory, all of which are to be found in the Classical writings. These three kinds are, firstly, the “cost of production” theory of value which, so far as Classical economics is con- cerned, originated with Adam Smith; secondly, the Ricardian theory of value; and thirdly the subjective value theories associated especially with the work of J. B. Say. The contributions of Smith and Ricardo will be dealt with first, since an understanding of these is necessary to an under

12 Value Theory Before Sraffa I Introduction to Part IV This part is devoted to the Marxian theories of value and exploitation. It tells, as simply as we have been able to tell, a very long and complicated story. Readers should be warned that the structure of this part of the book is somewhat unusual. It contains two chapters (12 and 14) which are broadly chronological in their discussion of the transformation of values into prices of production, and two on Srafian economics (13 and 15) which are largely analytical in nature and deal only incidentally