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The Elasticity of a Random Variable as a Tool for Measuring and Assessing Risks

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The Elasticity of a Random Variable as a Tool for Measuring and Assessing Risks

dc.contributor.author	Veres Ferrer, Ernesto Jesús
dc.contributor.author	Pavía Miralles, José Manuel
dc.date.accessioned	2023-03-28T08:09:11Z
dc.date.available	2023-03-29T04:45:06Z
dc.date.issued	2022	es_ES
dc.identifier.citation	Veres-Ferrer E-J, Pavía JM. The Elasticity of a Random Variable as a Tool for Measuring and Assessing Risks. Risks. 2022; 10(3):68.	es_ES
dc.identifier.uri	https://hdl.handle.net/10550/85937
dc.description.abstract	Elasticity is a very popular concept in economics and physics, recently exported and reinterpreted in the statistical field, where it has given form to the so-called elasticity function. This function has proved to be a very useful tool for quantifying and evaluating risks, with applications in disciplines as varied as public health and financial risk management. In this study, we consider the elasticity function in random terms, defining its probability distribution, which allows us to measure for each stochastic process the probability of finding elastic or inelastic situations (i.e., with elasticities greater or less than 1). This new tool, together with new results on the most notable points of the elasticity function covered in this research, offers a new approach to risk assessment, facilitating proactive risk management. The paper also includes other contributions of interest, such as new results that relate elasticity and inverse hazard functions, the derivation of the functional form of the cumulative distribution function of a probability model with constant elasticity and how the elasticities of functionally dependent variables are related. The interested reader can also find in the paper examples of how elasticity cumulative distribution functions are calculated, and an extensive list of probability models with their associated elasticity functions and distributions.	es_ES
dc.language.iso	en	es_ES
dc.publisher	MDPI	es_ES
dc.subject	elasticity function	es_ES
dc.subject	cumulative distribution function of the elasticity	es_ES
dc.subject	random variable	es_ES
dc.subject	proportional reverse hazard rate	es_ES
dc.title	The Elasticity of a Random Variable as a Tool for Measuring and Assessing Risks	es_ES
dc.type	journal article	es_ES
dc.subject.unesco	UNESCO::CIENCIAS ECONÓMICAS	es_ES
dc.identifier.doi	10.3390/risks10030068	es_ES
dc.accrualmethod	S	es_ES
dc.embargo.terms	0 days	es_ES