| Bias | 0.5% | 1.1% | 0.8% | 0.8% |
| RMSE | 3.2% | 6.7% | 3.6% | 3.3% |
| Panel C―Optimization of Bell Utility Function with C = 34 | ||||
| ERAt | 75.8% | 50.0% | 55.3% | 54.9% |
| ERAt+4 | 76.2% | 50.6% | 55.7% | 55.3% |
| Bias | 0.5% | 1.2% | 0.8% | 0.7% |
| RMSE | 3.0% | 7.0% | 3.5% | 3.1% |
| Panel D―Optimization with MVaR | ||||
| ERAt | 50.0% | 18.9% | 23.2% | 23.3% |
| ERAt+4 | 50.2% | 19.0% | 23.3% | 23.4% |
| Bias | 0.4% | 0.9% | 0.5% | 0.4% |
| RMSE | 4.5% | 7.0% | 4.7% | 4.6% |