The paper proposes a portfolio selection approach based on cumulative prospect theory (CPT) that integrates data envelopment analysis (DEA). The CPT-based model has emerged as the best model in ...behavioral portfolio theory for incorporating decision-maker behavior in risk and uncertainty. We are using the quadratic value function suggested in the study of Gazioğlu and Çalışkan (Appl Financ Econom 21(21):1581–1586, 2011), which is the best alternative to the value function proposed by Kahneman and Tversky (Handbook of the fundamentals of financial decision making: Part I, World Scientific, 2013) in the literature. Based on the CPT value of each asset, we bifurcate the assets into two groups, top CPT value assets and bottom CPT value assets. To assess the cross-efficiency of the assets, we consider the CPT value and long-term return of each asset as outputs and the variance of the return as an input. We combine cumulative prospect theory with cross-efficiency and examine the psychological aspects of decision-makers in portfolio selection. The study used thirty listed stocks from the Nifty-50, the National Stock Exchange, India for empirical investigation. The empirical findings elucidate that the portfolios generated by the highest CPT value surpass those generated by the lowest CPT value. We demonstrate that the proposed approach can be a potential tool for portfolio selection by exhibiting that the selected portfolio delivers greater risk-adjusted returns in the financial markets.
In this article, two different multiobjective fuzzy portfolio selection models are presented. The significant criteria considered for portfolio selection are risk (variance or conditional value at ...risk), return, liquidity, and entropy. Here, the return of the portfolio is considered to be satisfied by a minimum return threshold constraint. Also, to introduce some degree of diversification in the model, a lower and upper bound constraint on investment in an asset is used along with the capital budget and no short selling constraints. Trapezoidal fuzzy returns are considered to incorporate the inherent uncertainty of the stock market, which is handled by using the credibility theory. The weighted sum approach is used to aggregate the objectives and characterize different investor attitudes. Random sample portfolios with progressively increasing sample sizes are generated that obey the constraints of the portfolio models. These random sample portfolios with multiple inputs (risk and entropy) and multiple outputs (return and liquidity) are evaluated in terms of their performance by using data envelopment analysis. Furthermore, a frontier improvement technique existing in the literature is used to rebalance the inefficient random sample portfolios to make them efficient, so that an investor may have more avenues to select efficient portfolios. A detailed numerical illustration with a simulation study using different sample sizes is presented to substantiate the proposed study.
Psychological symptoms are common & bothersome in post menopausal women. Hence, screening these women for risk factors for psychological disorders is an important measure to improve their health.
To ...study the risk assessment for psychological disorders in postmenopausal women Material & Methods: This was a prospective and observational study conducted in the Department of Obstetrics and Gynecology of a North Indian tertiary care hospital. It included a cross-section of 200 postmenopausal women attending gynecology OPD and menopausal clinic.
Psychological symptoms were present in 32% postmenopausal women while sleep disturbance and decreased concentration were reported by nearly 34%. Irritability, nervousness and depression were the presenting complaints in 31.5%, 28.5% and 23.5% women respectively. Mild depression was present in 41.5%, whereas 3% women suffered from clinical (moderate to severe) depression. Depression was significantly associated with vasomotor symptoms (p=0.000), past history of depression (p=0.048) and psychosocial stressors (p=0.000).
Women during postmenopausal years are at increased risk of psychological disorders; hence assessment of mental health and address of related issues should be an integral part of comprehensive evaluation of these women.
Abstract Accepted by: Ali Emrouznejad In research and practice of data envelopment analysis (DEA), the arithmetic average is commonly used to aggregate cross-efficiency scores. For this, each ...decision-making unit contributes an equal weight, and many essential decision-making details are lost in the final aggregated cross-efficiency. We propose a novel application of the ordered visibility graph averaging (OVGA) operator for DEA cross-efficiency aggregation and apply the proposed method to study the portfolio selection problem. When solving this problem, several practical concerns, such as a budget, cardinality, buy-in requirements and restrictions against short selling, are also considered. The proposed OVGA aggregated cross-efficiency approach is explained through a numerical example, followed by the formulation of optimal portfolios based on these cross-efficiencies. The suggested method is also tested using empirical data from the Indian banking industry. The results of this study can be used to create the most acceptable portfolio in stock companies, financial institutions and businesses in the public and private sectors.
Game theory has found significant applications in a wide range of fields to deal with competitive environments between individuals or organizations. The researchers investigated several augmentations ...of ordinary game theory to deal with uncertainty and ambiguity in payoffs and goals. However, the quantifiable parts of the problems have been studied in matrix games with payoffs expressed by interval numbers, fuzzy numbers, and intuitionistic fuzzy numbers. In several situations, qualitative information is critical in describing the payoffs of a game problem. Experts frequently prefer expressing their perspective in natural linguistic terms rather than numerical values in real-life decision-making challenges. This linguistic representation has been utilized to resolve plenty of decision-making problems. This paper explores the theory of matrix games under a qualitative information environment. We use linguistic interval-valued intuitionistic fuzzy numbers (LIVIFNs) to describe the payoff values as suggested by experts. The LIVIFNs are more efficient tools that provide experts with a flexible information modeling capability to describe their ambiguous and uncertain perceptions in the form of linguistic terms. The solution of this class of matrix games is attained by resolving a duo of linear or nonlinear programming problems originating through nonlinear bi-objective programming problems. Finally, a numerical example is presented to demonstrate the applicability of the suggested approach.
Summary
Context
Vitamin D deficiency is widely prevalent throughout the world. Pregnant women, neonates and infants form most vulnerable groups for vitamin D deficiency.
Objective
(1) To find ...prevalence of vitamin D deficiency in pregnant women. (2) To evaluate the effect of supplementation with cholecalciferol in improving vitamin D levels in pregnant women and evaluate its correlation with feto‐maternal outcome.
Design
Randomized control trial from years 2010 to 2012.
Setting
Tertiary care centre, Delhi, India.
Participants
One‐hundred and eighty pregnant women. Study population divided randomly into two groups: group A: nonintervention (60 women) and group B: intervention (120 women).
Intervention
The intervention group received supplementation of vitamin D in dosages depending upon 25(OH)‐D levels.
Main outcome measures
Risk of maternal complications such as preterm labour, pre‐eclampsia and gestational diabetes associated with vitamin D deficiency and risk of low birthweight and poor Apgar score in infants of mothers with vitamin D deficiency.
Results
Adjusted serum 25(OH)‐D concentration was lower in group A as compared to group B (mean 46·11 ± 74·21 nmol/l vs 80 ± 51·53 nmol/l). Forty‐four percent patients in group A and 20·3% patients in group B developed preterm labour/pre‐eclampsia/gestational diabetes. Newborns of mothers in group A had lower cord blood levels of 25(OH)‐D levels as compared to group B (mean 43·11 ± 81·32 nmol/l vs 56·8 ± 47·52 nmol/l). They also had lower birthweight of mean 2·4 ± 0·38 kg as compared to group B 2·6 ± 0·33 kg.
Conclusions
Vitamin D supplementation reduces risk of maternal comorbidities and helps improve neonatal outcomes.
Aims. Prostaglandin E2 is the most commonly used drug for cervical ripening prior to labour induction. However, there are concerns regarding uterine tachysystole and nonreassuring fetal heart ...(N-RFH). Isosorbide mononitrate (IMN) has been used successfully for cervical ripening. The present study was conducted to compare the two drugs for cervical ripening at term in hospital. Methods. Two hundred women with term pregnancies referred for induction of labour with Bishop score less than 6 were randomly allocated to receive either 40 mg IMN tablet vaginally (n=100) or 0.5 mg PGE2 gel intracervically (n=100). Adverse effects, progress, and outcomes of labour were assessed. Results. PGE2 group had significantly higher postripening mean Bishop score, shorter time from start of medication to vaginal delivery (13.37 ± 10.67 hours versus 30.78 ± 17.29 hours), and shorter labour-delivery interval compared to IMN group (4.53 ± 3.97 hours versus 7.34 ± 5.51 hours). However, PGE2 group also had significantly higher incidence of uterine tachysystole (15%) and N-RFH (11%) compared to none in IMN group, as well as higher caesarean section rate (27% versus 17%). Conclusions. Cervical ripening with IMN was less effective than PGE2 but resulted in fewer adverse effects and was safer especially in high risk pregnancies.
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