CURRICULUM VITAE HANS R. DUTT, PhD Contact Information Hans R, Dutt, PhD, President Stat Analytics, Inc. (410) 842-5001 PO Box 1656 dutt@stat-analytics.com Sykesville, MD 21784 Education Ph.D. Economics (Monetary and Financial Economics), George Mason University, Fairfax, VA (2007). Dissertation: "Excessive Margin Requirements and Intermarket Derivatives Exchange Competition: A Study of the Effect of Risk Management on Market Microstructure" M.A. Economics and Finance, Binghamton University, Binghamton, NY (1990) B.A. Economics (High Honors), University of Buffalo, Buffalo, NY (1988) A.A.S. Accounting, State College of Technology at Alfred, Alfred, NY (1986) Professional Experience President, Stat Analytics, Inc. (formerly Hans R. Dutt), Sykesville, Md. October 2008 present Provision of expert economic and statistical advice. Clients include US Department of Health and Human Services, Centers for Medicare and Medicaid Services and MAXR, LLC. Work includes independent statistical consulting on risk adjustment statistical models, modeling improper payments, statistical issues with regard to Medicare Audits, statistical issues with regard to implementation of the Affordable Care Act, business valuations, litigation consulting (antitrust, valuation, etc.) and selected Chief Financial Officer duties. Work has been used as input for Federal Register Notices. Hans R. Dutt Page 1
Arbitrator (Public), Financial Industry Regulatory Authority, New York, New York, February 2014- Serves as Public Arbitrator in FINRA dispute matters. Financial Economist, US Securities and Exchange Commission, Office of Economic Analysis, Washington, DC, July 2000-October 2008 Provision of expert economic and statistical advice to various components of the SEC including The Division of Market Regulation, the Division of Enforcement, and the commissioners. Typical work has involved assisting attorneys and other professionals to understand the economics of complex issues such as the pricing of complex derivative instruments. Enforcement work has included assisting in depositions, performing financial calculations and conducting economic studies to analyze the issue under consideration. Developed the Dutt-Harris model to determine position limits for narrow-based cash settled derivatives. Worked involved studies that were statistical and economic in nature. Work used in the Federal Register Notice and published in academic journals. Economist, Centers for Medicare and Medicaid Services (formerly HCFA),Office of the Actuary, Baltimore. Md., August 1998-July 2000 Provision of expert economic and statistical advice within the area of the Office of the Actuary. Typically work involved assisting actuaries and economists to understand complex economic and statistical issues relating to managed care payment. Managed and directed work. Work was published in academic journals. Senior Statistician/Researcher, DCCA, Inc, Columbia, Md., October 1996-August 1998 (CMS related work) Managed and directed a two-year project to develop a statistically-based model to detect abusive billing practices in Medicare (hospice, home health agencies, skilled nursing facilities, hospital outpatient). Work was published. Economist, US Commodity Futures Trading Commission, Division of Economic Analysis, Washington, DC, May 1991-October 1996 Hans R. Dutt Page 2
Provision of expert economic and statistical advice to components of the CFTC including the Division of Enforcement. Typically, work involved assisting attorneys and other professionals to understand the economics of complex issues such as the pricing of complex derivative instruments. Enforcement work has included assisting in depositions, performing financial calculations and conducting economic studies to analyze the issue under consideration. Worked involved studies that were statistical and economic in nature. Technical Skills Applied econometrics including OLS, times series, GARCH(1,1), statistical techniques for VaR, monte carlo simulation, bootstrapping, and logit. Survey sampling including stratification, cluster sampling, 2 phase sampling, and adaptive sampling. Statistical programming languages include SAS and the R programming language. Small sample and distributions free modeling. Selected Publications Hans R. Dutt Comments of Hans R Dutt, PhD, on Position Limits on NADAQ SPY-EFT Options, Securities and Exchange Commission Release #. 34-69180, File # SR- NASDAQ-2012-046, April 12, 2013 Hans R. Dutt, Excessive Margin Requirements and Intermarket Derivative Exchange Competition: A Study of the Effect of Risk Management on Market Microstructure, George Mason University Dissertation, Defended: February 1, 2007 Hans R. Dutt and Lawrence E. Harris, Position Limits for Cash Settled Derivative Contracts, Journal of Futures Markets, Vol. 25, No. 10, 94-5965 (2005) Hans R. Dutt and Ira L. Wein, On the Adequacy of Single Stock Futures Margining Requirements, The Journal of Futures Markets, Vol. 23, No. 10 (2003a) Hans R. Dutt and Ira L. Wein, Revisiting the Empirical Estimation of the Effect of Margin Changes on Futures Trading Volume, The Journal of Futures Markets, Vol. 23. No. 6 (2003b) Hans R. Dutt, Developing Medicare HMO Market Areas and Their Implications for HMO Capitation Rates, Managed Care Interface, Jan 2003 Hans R. Dutt, Zezza MA and Jonathan D. Smith, The Financial Implications of HMO s Partial County Carve-Out Option, Managed Care Interface, May 2001 Hans R. Dutt Page 3
Hans R. Dutt, M. Pepper, J. Brenner, J. Stewart, J. Smith, M. Zezza, "Developing a Data-Driven Method for Estimating Provider Penetration and Abusive Billing Practices," HICSS, vol. 6, pp.6017, 34th Annual Hawaii International Conference on System Sciences ( HICSS-34)-Vol. 6, 2001 Hans R. Dutt, et at., Crop Year Influences and Variability of the Agricultural Futures Spreads, The Journal of Futures Markets, Vol. 17, No. 3, pp 341-367 (1998) Working Papers Hans R. Dutt, Franchisor Exclusive Territories, Competition and Antitrust" Working Paper, January 2014. Hans R. Dutt and Marc Weinstein, Assessing Economic Damages in Personal Injury and Wrongful Death Litigation: The State of Delaware." Working Paper, March 2014. Notable Casework Commodity Futures Trading Commission -Conducted empirical economic analysis with regard to a commission extraction strategy using butterfly spreads (i.e., churning) (CFTC Release: 4096-98 (CFTC Docket 95-8 and 95-9)). Securities and Exchange Commission - Provided litigation support relating to pricing issues of convertible bond portfolio (SEC Release 2003-143) Notably Cited Dutt and Harris (2005) cited in Methods and Applications of Statistics in Business, Finance and Management Science, (N Balakrishnan) Dutt and Wein (2003a) cited in Methods and Applications of Statistics in Business, Finance and Management Science, (N Balakrishnan) Hans R. Dutt Page 4
Dutt and Wein (2003b) cited in Garcia, P., & Leuthold, R. M. (2004). A Selected Review of Agricultural Commodity Futures and Options Markets. European Review of Agricultural Economics, 31(3). Recent Scholarly Support Discussant: "Determining Economic Damages: State of Maryland" Gaskins R. and J. Rosenberg. American Economic Association Meetings (National Association of Forensic Economists) (January 2014) Discussant: A Renewed Appreciation for Constructed Instruments in Discrimination Econometrics, Rodriguez, A., Eastern Economic Association 40th Annual Conference (National Association of Forensic Economists) (March 2014) Presenter: "Real Options Approach for Measuring Lost Opportunities in the Employment Context." Western Economic Association International Meetings 89th Annual Conference June 27 July 1, 2014. Reviewer Journal of Futures Markets Teaching Money and Banking (upper undergraduate), George Mason University, Department of Economics, Spring 2007, Fall 2007. Principles of Microeconomics (lower undergraduate), Binghamton University, Department of Economics, Fall 1988, Spring 1989. Member National Association of Forensic Economists Collegium of Pecuniary Damage Experts Hans R. Dutt Page 5