Treatment of incomplete data: the effects on parameter estimates, EL and UL figures
Marco Moscadelli1, Anna Chernobai 2 and Svetlozar Rachev 3 discuss a practical solution for consistent estimation of operational loss severity and frequency distributions, and analytically measure the extent of the bias on the EL and UL figures when incorrect statistical approaches are used to treat incomplete data.
Error: In the June issue of Operational Risk magazine, 'Treatment of incomplete data: the effects on parameter estimates, EL and UL figures' was missing figure five. The following is a revised version with this figure incorporated.
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