Conditional Likelihood Estimators for Hidden Markov Models and Stochastic Volatility Models

ABSTRACT.  This paper develops a new contrast process for parametric inference of general hidden Markov models, when the hidden chain has a non-compact state space. This contrast is based on the conditional likelihood approach, often used for ARCH-type models. We prove the strong consistency of the conditional likelihood estimators under appropriate conditions. The method is applied to the Kalman filter (for which this contrast and the exact likelihood lead to asymptotically equivalent estimators) and to the discretely observed stochastic volatility models.     

Some results on optimality in models with heteroscedastic errors from partial optimum designs

This paper studies optimum designs for linear models when the errors are heteroscedastic. Sufficient conditions are given in order to obtainD-, A- andE-optimum designs for a complete regression model from partial optimum designs for some sub-parameters. A result about optimality for a complete model from the optimality for the submodels is included. Supported by Junta de Andalucía, research group FQM244.     

A “brer rabbit” case for reverse mandated benefits

Reverse mandated benefits is a government-mandated policy that requires employees to provide their employers with benefits that workers would not provide otherwise. Of course, only those benefits would be mandated that are worth more to employers than they cost, as determined by political authorities. My case for such a policy argues that it is at least as sensible as policies mandating that employers provide benefits to their employees that would not be provided otherwise.     

Intertemporal choice under timing risk: An experimental approach

This paper investigates how individuals evaluate delayed outcomes with risky realization times. Under the discounted expected utility (DEU) model, such evaluations depend only on intertemporal preferences. We obtain several testable hypotheses using the DEU model as a benchmark and test these hypotheses in three experiments. In general, our results show that the DEU model is a poor predictor of intertemporal choice behavior under timing risk. We found that individuals are averse to timing risk and that they evaluate timing lotteries in a rank-dependent fashion. The main driver of timing risk aversion is nothing but probabilistic risk aversion that stems from the nonlinear treatment of probabilities.     

POLARIZATION,SECULARIZATION, OR DIFFERENCES AS USUAL? The Denominational Cleavage in U.S. Social Attitudes Since the 1970s

Scholarly debates over modernization and social change in the late twentieth century have raised far-reaching questions about the possible consequences for religious group conflict and differences in behavior, identity, and opinion. Three general theoretical interpretations—polarization, secularization, and stable influence—have been asserted in the relevant literatures, yet which interpretation might best capture the effects of religious group memberships during the past three decades remains unresolved. We seek to advance research and debate on the changing influence of religion by investigating questions about the magnitude of, and trends in, religious groups differences in attitudes toward issues relating to gender, abortion, and sexuality during the past three decades. Building from past research, our analyses make use of three innovations: we apply a new typology of religious group memberships; we evaluate main versus interaction effect models to gauge evidence of change in the magnitude of religious influence; and we use indices that enable comparisons of the magnitude of group-based differences in attitudes across distinct issues and over time. Of the seven different issues we analyze, two reveal evidence of growing group-based differences, while the remaining five are characterized by a pattern of stability. We discuss the significance of these results for understanding limits of secularization theory, considering in conclusion how our results contribute to ongoing debate over the effects of religious group memberships.     

Beheimatungsprozesse begleiten — ein Werkstattbericht

Supporting processes of belonging in supervision and coachingThe contemporary employee has to cope with frequent changes. Not only does he lose his familiar environment, he also has to find ways to familiarize himself with new places and to develop a fresh sense of belonging. This process can be understood and facilitated by interpreting the German concept of “Heimat“ as something we have to create ourselves. First experiences demonstrate the usefulness of this approach in coaching processes.     

Expected sample moments of concomitants of selected order statistics

In this paper, the task of determining expected values of sample moments, where the sample members have been selected based on noisy information, is considered. This task is a recurring problem in the theory of evolution strategies. Exact expressions for expected values of sums of products of concomitants of selected order statistics are derived. Then, using Edgeworth and Cornish-Fisher approximations, explicit results that depend on coefficients that can be determined numerically are obtained. While the results are exact only for normal populations, it is shown experimentally that including skewness and kurtosis in the calculations can yield greatly improved results for other distributions.     

The Ecology of Family Guidance in Low-Income Mexican-American and European-American Families*

This two-part study applied an ecocultural perspective to socialization of daily and long-term goals in low-income Mexican-American and European-American families with children in third, fifth, and seventh grades. The first part of the study examined family members' participation and parents' socialization goals and guidance strategies for their children's daily household chores and homework activities. The second part of the study examined parents' long-term aspirations and guidance strategies for their children's educational, vocational, and moral development. For daily activities, results showed that in Mexican-American families both parents and siblings played important roles, whereas in European-American families parents were the primary socialization agents. As predicted, in both groups parents' expertise influenced their guidance strategies. Finally, Mexican-American and European-American parents differed in their relative endorsement of gender, relational, and self-reliance goals for household chores. For long-term goals, parents in both groups held high educational, vocational, and moral aspirations for their children. However, some parents of seventh-graders had lower educational and vocational aspirations than those of fifth- and third-graders. Although expertise consistently influenced Mexican-American parents' guidance strategies, the pattern for European-American parents was mixed. The discussion highlights between- and within-group differences in daily and long-term socialization practices with an emphasis on resources and vulnerabilities in the families.