Ciekawostka: To Ensure Promptness, one is expected to pay beyond the value of service – hence the later abbreviation: T

Evidence: 42 • authority: 88

Beyond Delta-Gamma: Value-at-Risk and Expected Shortfall for Intrinsically Quadratic Portfolios under Elliptical Risk. We revisit and substantially extend an early framework for Value-at-Risk (VaR) and Expected Shortfall (ES) of intrinsically quadratic portfolios of securities under multivariate elliptical and mixture-of-elliptical risk factors. The quadraticity considered here is conceptually different from the usual delta-gamma approximation of derivative portfolios: it arises directly from the second-order expansion of the exponential map linking log returns to security prices. This distinction yields a structured quadratic loss whose coefficients are determined by portfolio holdings rat…

Evidence: 42 • authority: 88

DFAS-CHF: Redefining AI Hallucination as Causal Failure: Rethinking Financial Decision Systems Beyond Expected Value. Artificial intelligence (AI) is increasingly embedded in financial decision systems, yet a fundamental limitation persists: models may generate outputs that are statistically coherent while remaining structurally invalid. This paper reframes AI hallucination not as a computational anomaly or data deficiency, but as a —a breakdown in the structural representation of how financial outcomes are generated through decisions, behavior, and temporal propagation.<br><br>The study argues that conventional expected-value and probability-based reasoning compress heterogeneous causal pa…

Evidence: 42 • authority: 80

Prospect Theory: Psychological Aspects beyond Expected Value

Evidence: 42 • authority: 80

Compounding Fragility: Distribution-Wide Diagnostics Beyond Sharpe, Value at Risk, and Expected Shortfall

Evidence: 42 • authority: 88

Beyond Expected Value: A Survival-Constrained Evaluation of Speculative Decisions. This paper proposes a survival-constrained metric for evaluating speculative decisions over the characteristic horizon on which their economically relevant outcomes are realized. Expected value alone can be incomplete when sufficiently large losses make a decision incompatible with the decision-maker’s survival constraints at that horizon. The framework evaluates discrete final-outcome distributions relative to two structural bounds: a maximum absorbable loss and a maximum relevant attainable gain. Downside outcomes are penalized as they approach the survival boundary, while upside outcomes are weighted by bo…

Evidence: 42 • authority: 88

Beyond DEI. Recent political backlash against diversity, equity, and inclusion (DEI) policies has renewed debate over the value of diversity in the public service. This paper argues that diversity in the public service is valuable for democratic governance because it enhances organizational legitimacy and improves policy outcomes. It begins by drawing on the theory of representative bureaucracy to define diversity as the passive representation of politically salient groups and leverages its conceptualization of symbolic representation to explain how demographic representation strengthens legitimacy and encourages citizen cooperation. It then traces the evolution of public service diversity…

Evidence: 42 • authority: 80

Skill and wages; the implementation of equal pay for work of equal value in the Federal Public Service.

Evidence: — • authority: 35