This chapter introduces an interesting concept of measuring performance of cricketers considering the match situation under which the player performed. The difficulty level, under which the team is performing, is quantified introducing a... more
This chapter introduces an interesting concept of measuring performance of cricketers considering the match situation under which the player performed. The difficulty level, under which the team is performing, is quantified introducing a measure called as the pressure index in the chapter. The pressure index is an inclusive measure that can be utilized to measure batting performance both individually and between partners, bowling performance, determining turning point of the match, comparing run chases and predicting the outcome of the match. Considering the huge area of applicability of the index, we call it magical. The pressure index also opens up several another area of research for people interested in sports analytics. The concept of pressure index can be extended to other sports as well. We believe that the pressure index has in its store several other hidden dimensions which are left for the readers to explore.
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On combining the traditional performance measures based on batting, fielding, bowling and wicket keeping; this chapter describes a way to compute the market valuation of the players. The salaries of the professional cricket players that... more
On combining the traditional performance measures based on batting, fielding, bowling and wicket keeping; this chapter describes a way to compute the market valuation of the players. The salaries of the professional cricket players that are decided through an auction in the Indian Premier League (IPL) are a way of quantifying player’s performance from a financial point of view. As the idea of IPL works on any franchisee-based system of hiring players and transfers, the same model is applicable to all such sports like football, rugby, baseball where such a system exists. The model discussed in this chapter shall be helpful to the franchisee to decide about which players to be considered and who are to be dropped for a given price. The players can also use this model to understand what their market price shall be and that they are not underpaid.
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If the absolute number of poor people goes up, but the fraction of people in poverty comes down, has poverty gone up or gone down? The economist’s instinct, framed by population replication axioms that undergird standard measures of... more
If the absolute number of poor people goes up, but the fraction of people in poverty comes down, has poverty gone up or gone down? The economist’s instinct, framed by population replication axioms that undergird standard measures of poverty, is to say that in this case poverty has gone down. But this goes against the instinct of those who work directly with the poor, for whom the absolute numbers notion makes more sense as they cope with more poor on the streets or in the soup kitchens. This paper attempts to put these two conceptions of poverty into a common framework. Specifically, it presents an axiomatic development of a family of poverty measures without a population replication axiom. This family has an intuitive link to standard measures, but it also allows one or other of “the absolute numbers” or the “fraction in poverty” conception to be given greater weight by the choice of relevant parameters. We hope that this family will prove useful in empirical and policy work where ...
The natural process of getting older has a significant impact on everyone, and so the effects of aging on sportspersons are no exception. Thus, this chapter deals with how the performances of cricketers are associated with their age. The... more
The natural process of getting older has a significant impact on everyone, and so the effects of aging on sportspersons are no exception. Thus, this chapter deals with how the performances of cricketers are associated with their age. The estimation of peak performing age of the cricket players is executed for Twenty20 cricket only, with special reference to the tournament Indian Premier League (IPL). The optimum level of performance of the cricketers between the ages 24 and 33 cannot be generalized to other formats of the game (i.e., one-day international (ODI) and test cricket), but the study can be extended to identify the peak performance age of the cricketers for ODI and test cricket also. It will assist the selectors or board of management in the decision-making process for team formation of teams for domestic as well as international tournaments.
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In this paper we study various relationships together using the multigraph structure, allowing for heterogeneity in the agent set. This is achieved using an attribute based network structure and analysis of the interlinkage that exists... more
In this paper we study various relationships together using the multigraph structure, allowing for heterogeneity in the agent set. This is achieved using an attribute based network structure and analysis of the interlinkage that exists between the different layers of multigraph data and a prediction strategy for such graphs. The results are noteworthy on several counts. We observe that knowledge about the target graph helps in better prediction of the actual network rather than a blind prediction. In terms of sampling strategy, conditional on a fixed percentage, random sampling seems to work slightly better than other sampling strategies. This may be attributed to getting better information from “variety of data” rather than “localized or very specific data”.
This paper has examined the problem of ranking income dis- tributions using absolute deprivation ordering. It appears that the ranking of distributions by this ordering may be more unambiguous than that generated by the relative... more
This paper has examined the problem of ranking income dis- tributions using absolute deprivation ordering. It appears that the ranking of distributions by this ordering may be more unambiguous than that generated by the relative deprivation ordering. The class of average deprivation indices consistent with the absolute deprivation criterion is also identified.
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An extended overview of the application of Statistics and Data Mining based significant works on different dimensions of cricket data is discussed in this chapter. Being a team sport, even a single match of cricket generates huge data... more
An extended overview of the application of Statistics and Data Mining based significant works on different dimensions of cricket data is discussed in this chapter. Being a team sport, even a single match of cricket generates huge data both in terms of players as well teams. Cricket suddenly been blessed by Twenty20 tournaments sponsored by franchisees where domestic as well as foreign players participate. This has given birth to a new era in cricket and a feast for cricket analysts. Franchisee based cricket has led to the formation of cricket teams based on player’s auction from a pool of domestic and international stars. Thus, decision making in cricket has gained importance and so has increased the role of Statistics in cricket.
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We consider an investor, whose portfolio consists of a single risky asset and a risk free asset, who wants to maximize his expected utility of the portfolio subject to managing the Value at Risk (VaR) assuming a heavy tailed distribution... more
We consider an investor, whose portfolio consists of a single risky asset and a risk free asset, who wants to maximize his expected utility of the portfolio subject to managing the Value at Risk (VaR) assuming a heavy tailed distribution of the stock prices return. We use a stochastic maximum principle to formulate the dynamic optimisation problem. The equations which we obtain does not have any explicit analytical solution, so we look for accurate approximations to estimate the value function and optimal strategy. As our calibration strategy is non-parametric in nature, no prior knowledge on the form of the distribution function is needed. We also provide detailed empirical illustration using real life data. Our results show close concordance with financial intuition.We expect that our results will add to the arsenal of the high frequency traders.
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Price movement predictions of financial instruments using traditional time-series models with a predefined mathematical structure are common, but this method restricts their ability to learn latent patterns in the data. In recent times,... more
Price movement predictions of financial instruments using traditional time-series models with a predefined mathematical structure are common, but this method restricts their ability to learn latent patterns in the data. In recent times, artificial neural networks (ANN) have been able to learn complex hidden patterns from financial datasets using a highly nonlinear architecture. However, most experiments with neural networks require a lot of time to search a suitable network and subsequently train the network. The authors have developed a deep multilayer perceptron (MLP) classifier with a zero-centered piecewise linear unit activation that yielded better classification performance according to their accuracy metric and required consistently less training time compared to a similar MLP network with leaky rectified linear unit and tanh activation functions. The authors illustrate their technique with a large high-frequency dataset on selected bank shares from the Indian stock market. The authors also discuss the theoretical properties and advantages of their proposal. TOPICS: Statistical methods, simulations, big data/machine learning Key Findings • Time-series models have been used extensively to understand stock price movements. They are constrained by a predefined structure. Artificial neural network (ANNs), due to their universal approximation properties, offer more flexibility; however, they suffer from long training times. • In this article, the authors introduce a zero-centered piecewise linear unit (PLU), a hybrid activation function derived from tanh and leaky rectified linear unit (ReLU) functions that exhibits the zero-centered property from tanh and the nonzero gradient property from leaky ReLU. • The authors developed a multilayer perceptron (MLP) classifier with PLU activation, which yielded better classification performance according to the accuracy metric and required consistently less training time compared to a similar MLP network with leaky ReLU and tanh activation.
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An economy is often characterised by two important objectives set for the policy makers. One regarding the growth rate of the economy and the other being the rate of inflation. A common strategy adopted by the policy makers to achieve... more
An economy is often characterised by two important objectives set for the policy makers. One regarding the growth rate of the economy and the other being the rate of inflation. A common strategy adopted by the policy makers to achieve these twin goals is to manage the interest rate through the banking system and the government enacting suitable policy to create employment. We model a stochastic dynamic optimisation problem framed in terms of the twin objectives faced by the two controlling agencies. As these objectives are not necessarily exactly aligned, it leads to a trade-off. In this paper we use a dynamic strategic interaction model under uncertainty, where the two parties involved take decisions every alternate period. First, the federal government and the central bank jointly decide a suitable target pair of values for growth and inflation, deterministic or random. Then the adjustment process is carried through in terms of employment and interest rate. We posit a suitable cost function for deviating from the target and hence formulate a joint value function to be optimised. Before analysing the actual optimisation exercise, we also settle the question whether the target is achievable in the sense of stochastic system controllablility. Finally we provide numerical results that support our conclusions. Our work informs on two issues. First, we model the duality of control between the government and the central bank -- not necessarily aligned -- to show that a trade-off solution is necessary as well as reasonable. Secondly we establish that, due to the staggered decision making, fluctuations in target achievement is inevitable and not a proof of inefficiency.
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The present study compared selective attention processing among juvenile delinquents of two different citizenships and matched control groups. The sample consisted of 70 “true” juvenile delinquents (Indian citizen—charged for theft, rape... more
The present study compared selective attention processing among juvenile delinquents of two different citizenships and matched control groups. The sample consisted of 70 “true” juvenile delinquents (Indian citizen—charged for theft, rape or murder), 54 “legally considered” delinquents (Bangladesh citizens—charged only with illegal immigration), and 70 matched control group of Indian citizens. They were tested on object–color Stroop task designed specifically with objects typically found in South Asia. Results show that participants had taken less time in typical condition (for example, red color of red apple) compared to atypical condition (blue color of red apple). This behavioral characteristic is more specifically present in Bangladeshi delinquents and non-delinquent controls, while Indian delinquents are different from both on this measure. Demographic variables also have an influence on performance. Differences in selective attention processing were found between “true” and “legally considered” juvenile delinquents. Furthermore, the age of participants also had an influence on performance. These findings together suggest establishment of separate observation homes for juvenile delinquents. Furthermore, this is the first study to test response modulation hypothesis among offenders with psychopathic traits in an Asian country.
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The archetypal population-relative measure of poverty is the Headcount Ratio, while the archetypal population-absolute measure is the Aggregate Headcount. The overwhelming emphasis in the poverty measurement literature has been on... more
The archetypal population-relative measure of poverty is the Headcount Ratio, while the archetypal population-absolute measure is the Aggregate Headcount. The overwhelming emphasis in the poverty measurement literature has been on population-relative measures. The value-basis for this preference has been seldom submitted to serious scrutiny, with the result that absolute and intermediate measures have generally been subjected to relative neglect. There would appear to be a strong case for the employment of indices which are intermediate between relative and absolute measures, and which avoid the extreme values underlying both. The present note, building on earlier work by scholars such as Arriaga, Krtscha, Del Rio, Alonso-Villar, Mukherjee, Zheng and Zoli, aims to advance the cause of a workable and plausible population-intermediate headcount index of poverty.
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ABSTRACT
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This paper proposes a simple search and bargaining model of marriage. In the young age, each person starts with an endowment of financial resources and an inherited cultural orientation. They acquire a marketable human capital and... more
This paper proposes a simple search and bargaining model of marriage. In the young age, each person starts with an endowment of financial resources and an inherited cultural orientation. They acquire a marketable human capital and optimally modify their orientation using this endowment. In the second period of their lives, a search for the right spouse and then bargaining for the household orientation, with the chosen spouse, ensues. The resulting pattern of marriage is shown to evolve an unequal distribution of population across the cultural spectrum with considerable concentration in the middle or moderate region. We also illustrate our model using a preference for fertility and the resultant distribution of population. NON-TECHNICAL SUMMARY In this paper we have proposed a simple two period model of individual decision making that focuses on, and culminates in, marriage. We have considered marriage as a two person, a male and a female, Nash bargaining game where the payoffs to bo...
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The Foetal Origin Hypothesis (FOH) states that exposure to nutrition deficiency at the foetal stage results in poor anthropometric growth and a pre-disposition to have cardiac diseases, nephrological problems and diabetes at early middle... more
The Foetal Origin Hypothesis (FOH) states that exposure to nutrition deficiency at the foetal stage results in poor anthropometric growth and a pre-disposition to have cardiac diseases, nephrological problems and diabetes at early middle age. While this hypothesis made us aware of the possibilities that health can be pre-programmed during the foetal stage, methodological problems implied that the hypothesis could not be accepted with certainty. This study is based on a primary survey of Muslim women and their children, and examines the impact of nutritional shock to the foetus in teh form of Ramadan fasting. The survey was undertaken in Basanti block, in South 24 Parganas. Lying in the Sunderban areas, this block is a chronically under-deprived area where nutrition deficiency is a common feature of life. The programming received through exposure to nutrition deficiency at the foetal stage, therefore, prepares the organism for its later life environment through its plasticity. This i...
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With the increasing popularity of augmented and virtual reality, retailers are now focusing more towards customer satisfaction to increase the amount of sales. Although augmented reality is not a new concept but it has gained much needed... more
With the increasing popularity of augmented and virtual reality, retailers are now focusing more towards customer satisfaction to increase the amount of sales. Although augmented reality is not a new concept but it has gained much needed attention over the past few years. Our present work is targeted towards this direction which may be used to enhance user experience in various virtual and augmented reality based applications. We propose a model to change skin tone of a person. Given any input image of a person or a group of persons with some value indicating the desired change of skin color towards fairness or darkness, this method can change the skin tone of the persons in the image. This is an unsupervised method and also unconstrained in terms of pose, illumination, number of persons in the image etc. The goal of this work is to reduce the time and effort which is generally required for changing the skin tone using existing applications (e.g., Photoshop) by professionals or novi...
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This paper proposes a simple measure of gender bias through quantifying differential stopping behaviour, a particular method of obtaining a higher proportion of sons by parents. There have been very few theoretical attempts towards the... more
This paper proposes a simple measure of gender bias through quantifying differential stopping behaviour, a particular method of obtaining a higher proportion of sons by parents. There have been very few theoretical attempts towards the measurement of such bias and this measure is purpose-built to capture that. It uses only observed data on the distribution of children in a household, the age and sex of the offspring, rather than stated preferences about ideal figures, which are always suspect. We also illustrate our measure using household level data from the state of Tamilnadu in India. NON-TECHNICAL SUMMARY In this paper we have hypothesised a simple measure of son preference by parents as revealed through the age and sex composition of their children. Our measure does not take into account the stated preferences or any other information apart from the realised situation of the distribution of children. The measure looks at how many times the parents have attempted procreation aft...
In many countries information on expectations collected through consumer confidence surveys are used in macroeconomic policy formulation. Unfortunately, before doing so, the consistency of responses is often not taken into account,... more
In many countries information on expectations collected through consumer confidence surveys are used in macroeconomic policy formulation. Unfortunately, before doing so, the consistency of responses is often not taken into account, leading to biases creeping in and affecting the reliability of the indices hence created. This paper describes how latent class analysis may be used to check the consistency of responses and ensure a parsimonious questionnaire. In particular, we examine how temporal changes may be incorporated into the model. Our methodology is illustrated using three rounds of Consumer Confidence Survey (CCS) conducted by Reserve Bank of India (RBI).
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In Dual-record system, the popular Chandrasekar-Deming (1949, JASA, 44, 101-115) model incorporates only the time variation effect on capture probabilities. Some population may have behavioral change after being captured first time. In... more
In Dual-record system, the popular Chandrasekar-Deming (1949, JASA, 44, 101-115) model incorporates only the time variation effect on capture probabilities. Some population may have behavioral change after being captured first time. In this paper we focus on the Dual-record system model with both the time as well as behavioral response variation. Two approaches are proposed from which Bayes estimates can be obtained using very simple Gibbs sampling operation from explicit conditional posterior densities. We explore the features of our two proposed methods and their usages depending on the availability or non-availability of information on the nature of behavioral response effect. Extensive simulation studies are carried out to evaluate their performances and compare with available classical approach. Finally, the model and the methods are applied on a real dataset from a Population Change Survey.
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The issues related to quantitative analysis of cricket data gained momentum with the increasing popularity of cricket. Most of these analyses are based on precise quantification of player’s performance. With increasing importance of... more
The issues related to quantitative analysis of cricket data gained momentum with the increasing popularity of cricket. Most of these analyses are based on precise quantification of player’s performance. With increasing importance of limited overs game, especially the Twenty20 format of cricket, saving runs has become equally important as scoring them. Thus, the necessity of including the fielding ability of a player in the evaluation of performance seems essential. But in the absence of any appropriate tool to quantify fielding performance, this has not been properly attempted. In this chapter, a formula for measuring the fielding performance of cricketers is developed; an approach that was never attempted by any other cricket analyst, as quantifying of fielding performance always remained a challenge as it has never generated any performance statistics directly.
This paper discusses the measurement issue of intra-household externality of literacy. Extending the work of Basu Foster (1998), we present axiomatic characterisations of several effective literacy measures that endogenizes the extent of... more
This paper discusses the measurement issue of intra-household externality of literacy. Extending the work of Basu Foster (1998), we present axiomatic characterisations of several effective literacy measures that endogenizes the extent of externality effect on proximate illiterates. The determinants of externality considered are several attributes of the members of the household such as age, sex, level of education etc. NON-TECHNICAL SUMMARY This note wants to pass on the message that, while measuring effective literacy, one should not only look at the literacy status of the members of the household but also look at the gender, age ranking and educational qualification of the literate members. Some extensions of Basu Foster (1998) measure have been developed in this paper; and all of them can be used for the measurement of effective literacy rate in a country like India using either Census or NSS data. Basu Foster (1998) measure with externality parameter set to 0, the traditional li...
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This paper proposes swaps on two important new measures of generalized variance, namely the maximum eigenvalue and trace of the covariance matrix of the assets involved. We price these generalized variance swaps for Barndorff-Nielsen and... more
This paper proposes swaps on two important new measures of generalized variance, namely the maximum eigenvalue and trace of the covariance matrix of the assets involved. We price these generalized variance swaps for Barndorff-Nielsen and Shephard model used in financial markets. We consider multiple assets in the portfolio for theoretical purpose and demonstrate our approach with numerical examples taking three stocks in the portfolio. The results obtained in this paper have important implications for the commodity sector where such swaps would be useful for hedging risk.
We consider an investor, whose portfolio consists of a single risky asset and a risk free asset, who wants to maximize his expected utility of the portfolio subject to the Value at Risk assuming a heavy tail distribution of the stock... more
We consider an investor, whose portfolio consists of a single risky asset and a risk free asset, who wants to maximize his expected utility of the portfolio subject to the Value at Risk assuming a heavy tail distribution of the stock prices return. We use Markov Decision Process and dynamic programming principle to get the optimal strategies and the value function which maximize the expected utility for parametric as well as non parametric distributions. Due to lack of explicit solution in the non parametric case, we use numerical integration for optimization
Corporate governance mechanisms have been an important issue of enquiry for the researchers in financial economics. Both theoretical models and empirical analysis have been developed in this area to expalin the occurrence of different... more
Corporate governance mechanisms have been an important issue of enquiry for the researchers in financial economics. Both theoretical models and empirical analysis have been developed in this area to expalin the occurrence of different contractual mechanisms and thier efficacy in terms of improving managerial performance. A related issue in this literature is the independence and competence of the Board of Directors. The Indian corporate scenario was more or less stagnant till the early 90s but, after the liberalisation of the 90s, the position and goals of the Indian corporate sector changed a lot. This paper, using only balance sheet inforamtion from 4 selected sectors of the Indian industry, analyses the efficacy of corporate governance. Our findings, by and large, paint a diappointing picture. Overall, the conclusion seems to be that corporate governance is still in a very nascent stage in the Indian industry. The decision and policy making is still taken mostly as a routine matt...
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This book offers a collection of recent contributions and emerging ideas in the areas of robust statistics presented at the International Conference on Robust Statistics 2015 (ICORS 2015) held in Kolkata during 1216 January, 2015. The... more
This book offers a collection of recent contributions and emerging ideas in the areas of robust statistics presented at the International Conference on Robust Statistics 2015 (ICORS 2015) held in Kolkata during 1216 January, 2015. The book explores the applicability of robust methods in other non-traditional areas which includes the use of new techniques such as skew and mixture of skew distributions, scaled Bregman divergences, and multilevel functional data methods; application areas being circular data models and prediction of mortality and life expectancy. The contributions are of both theoretical as well as applied in nature. Robust statistics is a relatively young branch of statistical sciences that is rapidly emerging as the bedrock of statistical analysis in the 21st century due to its flexible nature and wide scope. Robust statistics supports the application of parametric and other inference techniques over a broader domain than the strictly interpreted model scenarios employed in classical statistical methods. The aim of the ICORS conference, which is being organized annually since 2001, is to bring together researchers interested in robust statistics, data analysis and related areas. The conference is meant for theoretical and applied statisticians, data analysts from other fields, leading experts, junior researchers and graduate students. The ICORS meetings offer a forum for discussing recent advances and emerging ideas in statistics with a focus on robustness, and encourage informal contacts and discussions among all the participants. They also play an important role in maintaining a cohesive group of international researchers interested in robust statistics and related topics, whose interactions transcend the meetings and endure year round.
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Research Interests: Sociology and Statistics
This paper proposes swaps on two important new measures of generalized variance, namely the maximum eigenvalue and trace of the covariance matrix of the assets involved. We price these generalized variance swaps for financial markets with... more
This paper proposes swaps on two important new measures of generalized variance, namely the maximum eigenvalue and trace of the covariance matrix of the assets involved. We price these generalized variance swaps for financial markets with Markov-modulated volatilities. We consider multiple assets in the portfolio for theoretical purpose and demonstrate our approach with numerical examples taking three stocks in the portfolio. The results obtained in this paper have important implications for the commodity sector where such swaps would be useful for hedging risk.
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... Janssens et al. (2004) studied the Mahila Samakhya programme in rural Bihar of India, women'sempowerment programme that emphasized female education. The findings strongly suggested that the programme was ... Thus,... more
... Janssens et al. (2004) studied the Mahila Samakhya programme in rural Bihar of India, women'sempowerment programme that emphasized female education. The findings strongly suggested that the programme was ... Thus, engineers, doctors, dentists, midwives etc. ...