On the use of preference-based evolutionary multi-objective optimization for solving a credibilistic portfolio selection model

The portfolio selection problem tries to identify the assets to allocate the capital, and the proportion to be devoted to each asset, for maximizing the returns at the minimum risk. By nature, this is a multi-objective optimization problem. In this work, we propose a three-objective model for portfolio selection, in which the uncertainty of the portfolio returns is modelled by means of LR-power fuzzy variables. We consider as criteria the credibilistic expected return (to be maxi- mized), the below-mean absolute semi-deviation as a risk measure (to be minimized), and a loss function which evaluates the credibility of achieving a non-positive return (to be minimized). The uncorrelation among the risk and loss measures concludes that they provide different information. Budget, cardinality, and diversification constraints are considered. To generate non-dominated portfolios fitting the investor' expectations, preference-based evolutionary algorithms are applied. The preferences are given by aspiration values to be attained by the objectives and profiles representing aggressive, cautious, and conservative investors are analysed. The results for data of the IBEX35 show that portfolios improving the preferences are found in the cautious and aggressive cases, while portfolios with objective values as close as possible to the expectations are obtained in the conservative case. In the generation process, the credibilistic loss has played an important role to and diversified portfolios.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tec

The balance between cognitive and non-cognitive aspects of students’ well-being: a quantitative analysis

The objective of this work is to determine which students’ characteristics (of the 8th grade Spanish students) allow them finding a balance among different dimensions of well-being. Firstly, in order to measure the students’ well-being, we built four synthetic indexes related to anxiety, motivation, belonging to the educational centre and bullying. Then, different models are estimated using as explained variables those indexes and condition on students’ sociodemographic characteristics, use of ICTs, hours of study and a proxy for maturity. Based upon the estimated parameters a multiobjective problem is defined; the problem is solved with multiobjective programing using an achievement scalarazing function. The results allow to characterize the profile of those students who achieve an optimal balance among the different aspects of well-being evaluated, which may be used to design educational policies aimed at improving simultaneously cognitive and non-cognitive measures of students performance.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tec

Towards a framework to combine multiobjective optimization and econometrics and an application in economics of education

In this paper, we propose a theoretical framework that combines econometric and multiobjective programming methodologies to help researchers to identify and achieve optimal solutions to socio-economic and management problems. Sometimes, it is important to analyse which combination of values of the explanatory variables -in an econometric model- would imply the simultaneous achievement of the best values of the response variables. In such situations, if certain degree of conflict is observed among the response variables, we propose to formulate a multiobjective optimization problem based on the conclusions obtained from a regression analysis. Subsequently, the application of multiobjective optimization techniques allows gaining a better insight about the conflicting relation between the response variables, and how a balanced “optimal” situation among them could be achieved. This piece of information can be hardly extracted just by econometric techniques. An application in the field of economics of education, related to the analysis of the students’ well-being as a way to improve their academic performance, demonstrates the potential of our proposal

If you pay peanuts do you get monkeys? A cross-country analysis of teacher pay and pupil performance

Why are teachers paid up to four times as much in some countries compared to others and does it matter? Specifically, is the quality of teachers likely to be higher if they are paid higher up the income distribution in their own country, and are pupil outcomes influenced by how well their teachers are paid? This paper considers the determinants of teachers' salaries across countries and examines the relationship between the real (and relative) level of teacher remuneration and the (internationally) comparable measured performance of secondary school pupils. We use aggregate panel data on 39 countries published by the OECD to model this association. Our results suggest that recruiting higher ability individuals into teaching and permitting scope for quicker salary advancement will have a positive effect on pupil outcomes

Who actually goes to university?

I21, I23, I28, Higher education, Socio-economic gap, Education participation,