This paper contributes to the theory of average rate of change (ARC) measurement. We use an axiomatic approach to generalize the conventional ARC measures (such as the difference quotient and the continuously compounded growth rate) in several …
Benchmarking is a universal practice in portfolio management and is well-studied in the optimal portfolio selection literature. This paper derives axiomatic foundations of the relative return, which underlies a benchmark-based evaluation of portfolio …
This paper develops an axiomatic theory of an economic variable average growth rate (average rate of change) measurement. The obtained structures generalize the conventional measures for average rate of growth (such as the difference quotient, and …