RISK AVERSION AND OVERBIDDING IN FIRST PRICE SEALED BID AUCTIONS: NEW EXPERIMENTAL EVIDENCE

Bidding above the risk‐neutral Nash equilibrium in first price sealed bid auctions has traditionally been ascribed to risk aversion. Later studies, however, offer other explanations and even argue that risk aversion plays no or a minor role. In a novel experimental design, we directly test the relationship between risk aversion and overbidding by systematically varying the distribution of risk attitudes in auction markets. We find a significant relationship between our measure of risk aversion and overbidding. (JEL D44, C91)     

Poverty Research in a Development Policy Context

This article provides an evaluation of the extent to which science is addressing worldwide poverty and hunger. It is based on the literature contained in the Thomson Reuters' Web of Science Citation Index (1980 to 2008) and focuses on the WOTRO Strategy Plan 2007–2010 of the Netherlands Foundation for the Advancement of Tropical Research, although similar policies from other countries might also be assessed. The data show that poverty/hunger research has grown steadily over time in many disciplines, most significantly in Environmental Sciences and Technology. Much of this research is hidden; hence the construction of an internationally recognised open‐access database is recommended so that scientists can easily identify critical gaps related to scientific capacity‐building.     

Technoscientia est Potentia?

Within the realm of nano-, bio-, info- and cogno- (or NBIC) technosciences, the ??power to change the world?? is often invoked. One could dismiss such formulations as ??purely rhetorical??, interpret them as rhetorical and self-fulfilling or view them as an adequate depiction of one of the fundamental characteristics of technoscience. In the latter case, a very specific nexus between science and technology, or, the epistemic and the constructionist realm is envisioned. The following paper focuses on this nexus drawing on theoretical conceptions as well as empirical material. It presents an overview of different technoscientific ways to ??change the world????via contemplation and representation, intervention and control, engineering, construction and creation. It further argues that the hybrid character of technoscience makes it difficult (if not impossible) to separate knowledge production from real world interventions and challenges current science and technology policy approaches in fundamental ways.     

Debt–Growth Nexus: A Spatial Econometrics Approach for Developing Countries

The objective of this paper is to examine the role of external debt in a country’s economic growth. With 31 developing countries divided into four regions, this paper employs the recent technique of spatial econometrics to incorporate the neighbouring effect in the debt–growth model. The empirical results reveal that the East Asia and Pacific, Latin America and Caribbean and the Sub-Saharan Africa regions provide convincing evidence to support a negative relationship between the external debt and economic growth. In addition, there is evidence to support the existence of spillover growth among neighbouring countries. This suggests that the role of spatial correlation is important and should be considered for any analysis of the growth model.     

Problem Gambling and Gaming Machine Density: Socio-spatial Analysis of Three Victorian Localities

This paper examines the debate about possible relationships between problem gambling and accessibility to electronic gaming machines (EGMs), in the context of the Victorian Government's policy that imposed a ‘cap’ on EGMs in disadvantaged communities. Using GIS (Geographical Information Systems), the spatial distribution of social disadvantage in three ‘capped’ localities was compared with the spatial distribution of gaming venues and patterns of concentrated EGM expenditure during 2001–2005, including seasonal trends. Research revealed different relationships between spatial and social categories in the study localities, indicating the need for more systematic local area analysis. This research raises questions about the limitations of conventional methodologies and regulatory strategies based on simple measures such as gaming machine density. We propose improvements to the methodology to better measure the changing level of local supply and demand for machine gaming.     

Leadership Trends in Advanced Democracies

Political sociology suggests two inter‐related leadership trends in advanced democracies: the increasing prominence of political leaders, and the waning influence of political parties, especially the ideological‐programmatic ‘mass parties’ or Volksparteien. These trends intensified and reinforced each other over the last 30–40 years resulting in a rapidly changing physiognomy of contemporary democracy. Democratic politics becomes more elite driven, mass‐mediated and populist in style than in the past. Moreover, the power and elite structures in advanced democracies, as well as the electoral competition, increasingly resemble what Weber labelled ‘leader democracy’. The shift towards ‘leader democracy’ has coincided with the processes of party‐voter dealignment and decline of political parties, the rise of the electronic mass media, and the ascendancy of powerful leaders–reformers in the ‘core’ liberal democracies. The sociological argument about the shift is anchored in a theoretical framework derived from works of Max Weber and Joseph Schumpeter. It depicts democratic political leaders as key political actors embedded in broader elites, motivated by determination and commitment, and empowered by the resources of modern states and the mass media.     

On regression modelling with dummy variables versus separate regressions per group: Comment on Holgersson et al.

In a recent issue of this journal, Holgersson et al. [Dummy variables vs. category-wise models, J. Appl. Stat. 41(2) (2014), pp. 233–241, doi:10.1080/02664763.2013.838665] compared the use of dummy coding in regression analysis to the use of category-wise models (i.e. estimating separate regression models for each group) with respect to estimating and testing group differences in intercept and in slope. They presented three objections against the use of dummy variables in a single regression equation, which could be overcome by the category-wise approach. In this note, I first comment on each of these three objections and next draw attention to some other issues in comparing these two approaches. This commentary further clarifies the differences and similarities between dummy variable and category-wise approaches.     

‘Religious Parents… Just Want the Best for Their Kids’: Young People’s Perspectives on the Influence of Religious Beliefs on Parenting

Challenging some of the current predominantly negative representations of the effects of religion on young people requires further research into faith and family life, particularly from the perspective of young people themselves. This article presents a preliminary report of a study of 40 young people, mostly Christians and Muslims, aged 13–15 years. Three themes – defining religion, religious parenting and life in a religious family – are illustrated with reference to data collected from discussion groups in six schools and recent research literature. We conclude that religion still provides a positive influence on family life and parenting from the perspective of young people.