finance

How to Measure Average Rate of Change?

This paper contributes to the theory of average rate of change (ARC) measurement. The contribution is twofold. First, it relates ARC measurement to intertemporal choice. We show that an ARC of a variable can be identified with a discount rate which …

Beliefs and Bubbles

Benchmark-Based Evaluation of Portfolio Performance: A Characterization

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 …

A Theory of Average Growth Rate Indices

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 …

The Long-Run Influence of Oil Prices on the Russian Economy (in russian)