Selecting the normal population with the smallest variance: A restricted subset selection rule

Consider k( ? 2) normal populations whose means are all known or unknown and whose variances are unknown. Let σ²_[1] ? ??? ? σ_[k]² denote the ordered variances. Our goal is to select a non empty subset of the k populations whose size is at most m(1 ? m ? k ? 1) so that the population associated with the smallest variance (called the best population) is included in the selected subset with a guaranteed minimum probability P* whenever σ²_[2]/σ_[1]² ? δ* > 1, where P* and δ* are specified in advance of the experiment. Based on samples of size n from each of the populations, we propose and investigate a procedure called R_BCP. We also derive some asymptotic results for our procedure. Some comparisons with an earlier available procedure are presented in terms of the average subset sizes for selected slippage configurations based on simulations. The results are illustrated by an example.     

Private equity regulation: a comparative analysis

This article examines the existing contractual arrangements and industry standards in private equity. It shows that investors are, in principle, capable of structuring their particular investments according to their own preferences, there are a range of governance problems and risks that could be potentially hazardous for some classes of investors. We examine the circumstances where existing industry codes and legal tools can be used to address the problems that arise in relation to private equity and buyout activity.     

Ex Ante Project Evaluation and the Complexity of Early Decision-Making

This paper looks beyond more traditional evaluation activities to focus primarily on evaluation up front. It suggests that the early appraisal of an investment case or a project should apply essentially the same evaluation criteria that will be used in ex post evaluation, and thus increase the likelihood of a successful project outcome. However, the initial plan might be altered as result of subsequent analysis, assessment, negotiation, positioning, and the exercise of power. The last part of this paper presents an empirical study of 23 projects, which examines the complexity of processes that occur in the idea- and decision phases.     

Is diversity in capabilities desirable when adding decision makers?

When the benefit of making a correct decision is sufficiently high, even a slight increase in the probability of making such a decision justifies an increase in the number of decision makers. Applying a standard uncertain dichotomous choice benchmark setting, this study focuses on the relative desirability of two alternatives: adding individuals with capabilities identical to the existing ones and adding identical individuals with mean-preserving capabilities that depend on the states of nature. Our main result establishes that when the group applies the simple majority rule, variability in the capabilities of the new decision makers under the two states of nature, which is commonly observed in various decision-making settings, is less desirable in terms of the probability of making the correct decision.     

The Impact of Macro- and Micro-Economic Uncertainty on Family Formation in The Netherlands

In this paper, we study the impact of macro- and micro-economic uncertainty on family formation between 1970 and 2000 in The Netherlands. Using data of the Family Survey Dutch Population, we analysed the monthly hazard rates of experiencing the transition into first union, first marriage and parenthood after the start of the relationship of 365 male and 364 female partners by applying piecewise-constant exponential models. The results show that macro-economic uncertainties, i.e. high unemployment rates, lead to postponement of the first union and marriage, but not of the first child. In addition, we found that this relationship is not interpreted by individual-level employment insecurity, i.e. temporary employment or unemployment, which does not seem to prevent people from making long-term family commitments. Although hypothesized, we did not find that the negative effects of macro- and micro-level insecurities on family formation reinforce each other or that they vary between individuals with different educational qualifications.     

4-Evening-Questions: Eine einfache Technik mit tiefgreifender Wirkung

The effect of a positive day reflection as a technique of positive psychology has been found repeatedly. The qualitative study is based on a sample of 74 participants and shows which kind of experiences people make during and after this exercise. For this purpose, participants were instructed to reflect their day based on four specific questions (4-Evening-Questions) every evening over a period of two weeks. Subsequently, individual experiences were collected and analyzed qualitatively. The results show that the exercise leads to a sensitization of perception, a change in the interpretation of situations as well as in one’s own actions.