Explore the importance of robust statistics like median and MAD in data analysis, ensuring accurate insights despite outliers ...

Konno and Yamazaki (1992) propose the mean absolute deviation (MAD) model as an alternative to the mean variance (MV) model. They claim it retains all the positive features of the MV model, saves the ...

A large mean absolute deviation per observer (of at least two categories for four observers) can be the result of a large systematic error, a large random error, or both.

As in mean/variance optimization, the portfolio problems are formulated as finding the optimal weights, for example, wealth allocation, which maximize the portfolio median, with risk constrained by ...