Reversed preservation of stochastic orders for random minima and maxima with applications

In this paper, reversed preservation properties of right spread order, total time on test order and increasing convex (concave) order when taking random minima and maxima are developed. In this context, reversed preservation properties of some ageing concepts are investigated under parallel (series) systems which are composed of a random number of i.i.d. components. Some applications in reliability and economics are given.     

A structured variational learning approach for switching latent factor models

A data-driven approach for modeling volatility dynamics and co-movements in financial markets is introduced. Special emphasis is given to multivariate conditionally heteroscedastic factor models in which the volatilities of the latent factors depend on their past values, and the parameters are driven by regime switching in a latent state variable. We propose an innovative indirect estimation method based on the generalized EM algorithm principle combined with a structured variational approach that can handle models with large cross-sectional dimensions. Extensive Monte Carlo simulations and preliminary experiments with financial data show promising results.     

Public relations in the United Arab Emirates: The emergence of a profession

This paper discusses the development of public relations in a fast growing emerging country, United Arab Emirates. The making of the public relations profession in UAE has been affected tremendously by the socio-economic, educational and cultural development of the country. Ministries and government administrations established their in-house public relations departments and sections to respond to the growing demands of their various publics. Journalism and Mass Communication departments launched PR programs to meet the growing needs of the job market with qualified practitioners. International public relations agencies chose Dubai as a base for their activities in the UAE and the region. The future of public relations in the UAE is very promising. Although it is facing some problems, public relations is the job of the future.     

Problematic Progress in Asia: Growing Older and Apart

The purpose of this article is to describe the demographic dynamics in 14 Asian countries. The foreseen impacts on economic growth, income disparity, social stability, pension programs, retirement, health care insurance, and labor market are presented. Public policy recommendations are delineated.     

First order autoregressive time series with negative binomial and geometric marginals

In this paper we present first order autoregressive (AR(1)) time series with negative binomial and geometric marginals. These processes are the discrete analogues of the gamma and exponential processes introduced by Sim (1990). Many properties of the processes discussed here, such as autocorrelation, regression and joint distributions, are studied.     

The Relative Size of Windfall Income and the Permanent Income Hypothesis

A reconciliation is offered for the diverse test results on Friedman's permanent income hypothesis. A large data sample of those receiving windfall income in the Bureau of Labor Statistics' 1972–1973 Consumer Expenditure Survey is divided according to the size of the windfall relative to estimated permanent income. A pattern of a declining marginal propensity to consume windfall income as the relative size of the windfall increases is apparent. These results support the permanent income hypothesis for relatively large windfalls.