Comparing several independent correlations with a standard correlation

The Dunnett procedure for comparing several treatments with a control is applied to the problem of comparing several independent correlations with a standard correlation. Appropriate critical values are specified and an example is provided.     

Partial order analysis of crime indicators

A frequent variety of typological system is that which results when a given population is classified simultaneously by several social indicators. When the categories of each indicator are ordered, and in a sense common to all the indicators, a partial order is automatically defined for the system. The empirical problem is to ascertain the dimensionality and the substantive meaning of the partly ordered system. This will be illustrated here by the case of the characterization of American cities by their crime rates, the data analysis employing the technique of Partial Order Structuple (Scalogram) Analysis.     

Hurricane Katrina's Impact on African Americans' and European Americans' Endorsement of the Protestant Work Ethic

The Protestant work ethic (PWE), the belief that hard work leads to success, is a quintessentially American belief. The present research addresses a critical gap in psychological research on PWE: can a single, large-scale sociopolitical event (government's response to Hurricane Katrina) produce changes in PWE? We review evidence showing that the salience of Katrina led to a reduction in African Americans' (not European Americans') endorsement of PWE and that this result appears explained by African Americans' greater belief in the government's inadequate response to Katrina victims, who were predominately African American. The implications of differential endorsement of PWE for future expectations of societal treatment, motivation to pursue important goals, and willingness to endorse structural corrections of inequality are discussed.     

Absolute and relative risk aversion: An experimental study

Kenneth Arrow posed the hypotheses that investors reveal decreasing absolute risk aversion (DARA) and increasing relative risk aversion (IRRA). It is very difficult to empirically test these two hypotheses since one needs to analyze an investor's investment decisions at various points in his/her economic life cycle as the investor's wealth varies. An experimental study is conducted to test these two hypotheses when the subject's wealth varies depending on his/her investment performance. The experiment involves an actual money gain or loss which is indexed to the individual's investment performance. It is found that DARA is indeed strongly supported, but IRRA is rejected.     

Overconfident investors and probability misjudgments

This paper explores systematic distortions of subjective probabilities by overconfident investors. In agreement with many non-expected utility theories, our devised setup acknowledges nonlinear weighting of physical probabilities by both rational and overconfident investors. Overconfidence – assumed to be higher after a history of gains and lower after a history of losses – changes these probability transformations. Using US asset price data, overconfident investors are found to be more optimistic than rational investors about future prospects.     

Introduction Are We Ready to Translate Research Into Programs?

There is enough basic research on social cognition, developmental psychology,and peer relations as they relate to prejudice, discrimination, and stereotyping to address program development and evaluation. At the same time, there are enough race relations programs being developed and implemented to inform basic research on prejudice. This issue brings together articles on the interface between basic research and programs on prejudice. The articles focus onspecific programs such as affirmative action, multicultural and bilingual education, cooperative learning, social-cognitive skills training, and bystander interventions. This introductory article provides an overview of the goals and implications of the issue.     

The market for (Ir)reproducible econometrics

Context: As the volume and complexity of research have increased, the amount of time spent on Institutional Review Board (IRB) review has decreased. The complexity of research has expanded, requiring increasingly specialized knowledge to review it. Dilemma: Under the current system, increasing numbers of research studies requiring expertise in ethics, new technologies or diverse study designs place a substantial burden upon local IRBs and often result in substantial variability among their reviews. This lack of uniformity in the review process creates uneven human subjects’ protection thus undermining the intent of the Common Rule. Objectives: To outline a scenario for expert centralized IRB review via implementation of a national virtual IRB review system overseen by the Office for Human Research Protections (OHRP). Conclusions: The complicated ethical issues and science involved in much of current research warrant an expert review panel. Centralized review would enable expert review specific to the research at hand, ensure consistency in human subjects protection, reduce the burden on local IRBs, and may reduce time spent obtaining approval. A centralized virtual system would allow IRB members to remain at their institutions while providing unprecedented expert review through currently available technology, and make information regarding monitoring and adverse event reporting available online in real-time.     

The conical structure of adjustive behavior

Wellbeing and coping have usually been treated as separate topics in previous research. The present study proposes a general framework for adjustive behavior which incorporates both previous topics as special cases. This framework shows definitional similarities and differences among wellbeing, coping and further special cases. Empirical data are presented which show a correspondence between the facets of the definitional system and the matrix of intercorrelations of the variables defined thereby. The correspondence is that of a conex, that is, the facets correspond to a conical coordinate system for the SSA space that reproduces the correlation matrix.The data were gathered as part of the Continuing Survey conducted jointly by the Israel Institute of Applied Social Research and the Hebrew University's Communications Institute. The population sampled is the adult urban and rural Jewish population of Israel, over 20 years of age in mid-December 1977. Interviews were conducted in the home through closed questionnaires, 27 of the items being of adjustive behavior.     

THE WORLD OIL CRISIS: A PORTFOLIO INTERPRETATION

This paper applies the mean-variance portfolio model to the analysis of one facet of the production decision confronting the oil exporting countries. Specifically we assume that the countries in question seek the optimal solution to the problem of diversifying their assets between oil reserves in the ground and other non-petroleum investment alternatives. With respect to the group of countries which tend to accumulate money resources in excess of their domestic development needs (e. g., Saudi Arabia and Kuwait) the availability of an "inflation-proof" investment outlet whose principal and interest are linked to a general index of the change in world prices is likely to enhance these countries' incentive to extract oil from the ground on portfolio considerations alone.