The lone wolf suicide terrorist: a preliminary application of mean-variance methods

Phillips, Peter J. (2010) The lone wolf suicide terrorist: a preliminary application of mean-variance methods. Applied Economics Research Bulletin, 8 (4). pp. 1-9.

Abstract

The purpose of this paper is to investigate the insights that might be generated into the nature of 'lone wolf suicide terrorism' through the application of mean-variance analysis. Orthodox approaches to the analysis of terrorism, particularly (standard) expected utility analysis and game theoretical analysis, may need to be extended or complemented with new approaches in order to generate analytical insights into lone wolf suicide terrorism. One such approach is mean-variance analysis. Commonly deployed in financial economics, mean-variance preference orderings with quadratic utility can be applied even when the mean expected return and variance are infinite. This fact might potentially be exploited to analyse, from an economic perspective, the behaviour of the lone wolf suicide terrorist for which success might be reasonably considered to generate an infinite expected return.


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Item Type: Article (Commonwealth Reporting Category C)
Refereed: No
Item Status: Live Archive
Additional Information: This publication is copyright. It may be reproduced in whole or in part for the purposes of study, research, or review, but is subject to the inclusion of an acknowledgment of the source. The journal is committed to remaining a non-commercial undertaking. http://berkeleymath.com/BerkeleyJournal.aspx
Faculty / Department / School: Historic - Faculty of Business - School of Accounting, Economics and Finance
Date Deposited: 16 Jun 2011 11:45
Last Modified: 06 Apr 2017 07:13
Uncontrolled Keywords: lone wolf; suicide terrorism; economic analysis; mean-variance; preference ordering; quadratic utility
Fields of Research : 16 Studies in Human Society > 1608 Sociology > 160807 Sociological Methodology and Research Methods
01 Mathematical Sciences > 0104 Statistics > 010405 Statistical Theory
17 Psychology and Cognitive Sciences > 1701 Psychology > 170110 Psychological Methodology, Design and Analysis
Socio-Economic Objective: C Society > 95 Cultural Understanding > 9599 Other Cultural Understanding > 959999 Cultural Understanding not elsewhere classified
URI: http://eprints.usq.edu.au/id/eprint/8254

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