On Robust Analysis of a Normal Location Parameter

Pericchi and Smith considered a normal location parameter problem with double-exponential and Student t prior distributions. These two prior distributions both belong to the class of scale mixtures of normal distributions and are useful in providing a robust analysis of the normal location parameter problem. In this paper we extend the analysis to other scale mixtures of normal distributions, such as the exponential power and the symmetric stable distributions.     

Central bank credibility and monetary policy in Indonesia

This paper examines the role of central bank credibility in achieving an inflation target and proposes monetary policy rules for Indonesia. Towards that end, we construct and estimate a forward-looking small scale macroeconomic model (SSMM) of the Indonesian economy by adapting the theoretical underpinnings of the well-known Batini–Haldane model, along with the Taylor policy rule. Our results indicate that it is crucial for the Indonesian central bank to bolster its credibility in order to achieve a lower inflation rate. The inflation–output volatility trade-off frontier we derived from the SSMM shows that a monetary policy rule that targets both inflation and output gaps will result in less macroeconomic volatility. We also found that the inclusion of the exchange rate into the rule as an additional feedback variable warrants consideration in the future course of monetary policy management.     

Using Malmquist Indexes to measure changes in the productivity and efficiency of US accounting firms before and after the Sarbanes–Oxley Act

There have been many criticisms of the Sarbanes–Oxley (SOX) Act passed in July of 2002 to correct business accountability and performance practices. The act has a major emphasis on accounting and its practices. This paper attempts a response to these criticisms by investigating changes in productive efficiency for 62 of the largest US public accounting firms between the periods (2000–2001) and (2003–2004)—the periods before and after enactment of SOX in July of 2002. DEA is used to calculate Malmquist indexes of productivity and efficiency changes. This index is used because it can distinguish between changes in technical efficiency, which limit the possibilities, and changes in the performance efficiencies for each firm. Contrary to many of the criticisms, results indicate that accounting firms have exhibited significant post SOX growth in productive efficiency which is better than pre-SOX performances.     

Production technology and management in planned and market economies

This paper discusses how technological innovation takes place in manufacturing industry, and especially in the engineering sector, contrasting in particular the effects of the Western market economy, and the East European planned economy. The relative lack of cross-influence between formal scientific research and actual industrial innovation practice in this area is first discussed. Comparative studies of engineering practice in planned and market economies are described which point to the important influence of the economic environment on innovation practice in the factory's design office, and on the shop-floor. The East European Soviet Type Economy is seen to have features which in the light of recent Western empirical studies into industrial innovation, must hamper this process. In particular it is proposed that its relative economic and social rigidity has an important restricting influence on the actual process of innovation in the factory.     

Chivalry and solidarity in ultimatum games

We report the results of ultimatum game experiments designed to test for differences in the behavior of women and men. Women's proposals are on average more generous than men's, regardless of the sex of the partner, and women respondents are more likely to accept an offer of a given amount. A given offer is more likely to be accepted if it comes from a woman; we term this result chivalry . Women paired with women almost never fail to reach an agreement; we term this result solidarity . Age, earnings, and race also significantly affect proposals and the rates of rejection.     

优雅之椅

似乎当我们需要坐下来休息的时候就出现了椅子。刚开始时也许是鹅卵石,然后是树干,但在远古的某一天,人们把木头从未经加工的木板制作成了精致漂亮的形状。人们开始渴望更加漂亮华丽的家具。     

The Pre- and Post-1997 Well-Being of Hong Kong Residents

Since July 1997, Hong Kong has become a Special Administrative Region (SAR) under the sovereignty of China. This paper compares the social well-being of Hong Kong residents before and after the change of sovereignty by analyzing six sets of survey data collected between 1990 and 2001. These are six biennial territory wide Social Indicator Surveys conducted to collect subjective assessments of well-being of Hong Kong residents. Analysis of the survey data which are typically categorized subjective evaluations has to deal with the commonly encountered problems of ‘direct quantification’ (Schuessler and Fisher, 1985) and ‘incomplete data’ (Little R.J.A. and Rubin D.B., 2002, Statistical Analysis with Missing data (Wiley-Interscience, New Jersy). The problems are handled by applying ‘optimal scaling’ and ‘hot-deck imputation’ as recommended by Shen S.M. and Lai Y.L. (2001, Social Indicators Research 55, pp. 121-166). Different life domain measures as well as compound measures in the form of indices are studied. The data analysis indicates that the residents of Hong Kong were most satisfied in 1997 and least satisfied in 1995. It reveals that the sovereignty change had major impact on many life domains of the people of Hong Kong and the effect was compounded by the economic situation of the territory.     

SCALE MIXTURES DISTRIBUTIONS IN STATISTICAL MODELLING

This paper presents two types of symmetric scale mixture probability distributions which include the normal, Student t, Pearson Type VII, variance gamma, exponential power, uniform power and generalized t (GT) distributions. Expressing a symmetric distribution into a scale mixture form enables efficient Bayesian Markov chain Monte Carlo (MCMC) algorithms in the implementation of complicated statistical models. Moreover, the mixing parameters, a by-product of the scale mixture representation, can be used to identify possible outliers. This paper also proposes a uniform scale mixture representation for the GT density, and demonstrates how this density representation alleviates the computational burden of the Gibbs sampler.