2014
DOI: 10.1007/978-3-319-13449-9_5
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From Mean and Median Income to the Most Adequate Way of Taking Inequality into Account

Abstract: Abstract. How can we compare the incomes of two different countries or regions? At first glance, it is sufficient to compare the mean incomes, but this is known to be not a very adequate comparison: according to this criterion, a very poor country with a few super-rich people may appear to be in good economic shape. A more adequate description of economy is the median income. However, the median is also not always fully adequate: e.g., raising the income of very poor people clearly improves the overall economy… Show more

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Cited by 4 publications
(4 citation statements)
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References 23 publications
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“…We opted for the SMAPE as the preferred metric over mean absolute percentage error (MAPE) due to its ability to handle situations with zero values in a more robust and balanced manner. 31 An update of the new recipe is then carried out iteratively using a global optimizer as explained in section 2.7. As soon as the two descriptor sets are sufficiently similar, the process is stopped, and a final recipe is proposed.…”
Section: Reaction Chemistry and Engineeringmentioning
confidence: 99%
“…We opted for the SMAPE as the preferred metric over mean absolute percentage error (MAPE) due to its ability to handle situations with zero values in a more robust and balanced manner. 31 An update of the new recipe is then carried out iteratively using a global optimizer as explained in section 2.7. As soon as the two descriptor sets are sufficiently similar, the process is stopped, and a final recipe is proposed.…”
Section: Reaction Chemistry and Engineeringmentioning
confidence: 99%
“…where MAPE provides a percentage error, which simplifies interpreting and comparing forecasting models' accuracy. c) Symmetric Mean Absolute Percentage Error (sMAPE): [26] measures the average percentage difference between the predicted and actual values and is symmetrical since it treats positive and negative errors equally. In our evaluation of the…”
Section: Prediction Metricsmentioning
confidence: 99%
“…All simulations were written in MATLAB R2016b and run on a PC with a clock speed of 2.10 GHZ and 8 GB of memory in a Microsoft Windows 7 environment, and the rootmean-square error (RMSE) and average percentage error (APE) are introduced in this study [35],…”
Section: Simulation Analysismentioning
confidence: 99%