Estimation for seasonal fractional ARIMA with stable innovations via the empirical characteristic function method

Seasonal fractional ARIMA (ARFISMA) model with infinite variance innovations is used in the analysis of seasonal long-memory time series with large fluctuations (heavy-tailed distributions). Two methods, which are the empirical characteristic function (ECF) procedure developed by Knight and Yu [The empirical characteristic function in time series estimation. Econometric Theory. 2002;18:691–721] and the Two-Step method (TSM) are proposed to estimate the parameters of stable ARFISMA model. The ECF method estimates simultaneously all the parameters, while the TSM considers in the first step the Markov Chains Monte Carlo–Whittle approach introduced by Ndongo et al. [Estimation of long-memory parameters for seasonal fractional ARIMA with stable innovations. Stat Methodol. 2010;7:141–151], combined with the maximum likelihood estimation method developed by Alvarez and Olivares [Méthodes d'estimation pour des lois stables avec des applications en finance. Journal de la Société Française de Statistique. 2005;1(4):23–54] in the second step. Monte Carlo simulations are also used to evaluate the finite sample performance of these estimation techniques.     

PROVIDING GLOBAL PUBLIC GOODS: ELECTORAL DELEGATION AND COOPERATION

This study experimentally examines the effect of electoral delegation on providing global public goods shared by several groups. Each group elects one delegate who can freely decide on each group member's contribution to the global public goods. Our results show that people mostly vote for delegates who assign equal contributions for every group member. However, in contrast to standard theoretical predictions for our delegation mechanism, unequal contributions across groups drive cooperation down over time, and it decreases efficiency by almost 50% compared to the selfish benchmark. This pattern is not driven by delegates trying to exploit their fellow group members, as indicated by theory. It is driven by conditional cooperation of delegates across groups. Since one of the potential sources of the resulting inefficiency is the polycentric nature of global public goods provision together with other‐regarding preferences, we use the term P‐inefficiency to describe our finding. (JEL C92, D72, H41)     

COWORDS: a probabilistic model for multiple word clouds

Word clouds constitute one of the most popular statistical tools for the visual analysis of text documents because they provide users with a quick and intuitive understanding of the content. Despite their popularity for visualizing single documents, word clouds are not appropriate to compare different text documents. Independently generating word clouds for each document leads to configurations where the same word is typically located in widely different positions. This makes it very difficult to compare two or more word clouds. This paper introduces COWORDS, a new stochastic algorithm to create multiple word clouds, including one for each document. The shared words in multiple documents are placed in the same position in all clouds. Similar documents produce similar and compact clouds, making it easier to simultaneously compare and interpret several word clouds. The algorithm is based on a probability distribution in which the most probable configurations are those with a desirable visual aspect, such as a low value for the total distance between the words in all clouds. The algorithm output is a set of word clouds that are randomly selected from this probability distribution. The selection procedure uses a Markov chain Monte Carlo simulation method. We present several examples that illustrate the performance and visual results that can be obtained by our algorithm.     

Deep Uncertainties in Sea-Level Rise and Storm Surge Projections: Implications for Coastal Flood Risk Management

Sea levels are rising in many areas around the world, posing risks to coastal communities and infrastructures. Strategies for managing these flood risks present decision challenges that require a combination of geophysical, economic, and infrastructure models. Previous studies have broken important new ground on the considerable tensions between the costs of upgrading infrastructure and the damages that could result from extreme flood events. However, many risk-based adaptation strategies remain silent on certain potentially important uncertainties, as well as the tradeoffs between competing objectives. Here, we implement and improve on a classic decision-analytical model (Van Dantzig 1956) to: (i) capture tradeoffs across conflicting stakeholder objectives, (ii) demonstrate the consequences of structural uncertainties in the sea-level rise and storm surge models, and (iii) identify the parametric uncertainties that most strongly influence each objective using global sensitivity analysis. We find that the flood adaptation model produces potentially myopic solutions when formulated using traditional mean-centric decision theory. Moving from a single-objective problem formulation to one with multiobjective tradeoffs dramatically expands the decision space, and highlights the need for compromise solutions to address stakeholder preferences. We find deep structural uncertainties that have large effects on the model outcome, with the storm surge parameters accounting for the greatest impacts. Global sensitivity analysis effectively identifies important parameter interactions that local methods overlook, and that could have critical implications for flood adaptation strategies.     

Corporate social responsibility and governance

Journal of Management and Governance -     

An exercise in futurity: servitude as pathway to young Filipino men’s education- to-work transition

This article examines how young Filipino men looking to work in international seafaring deploy servitude as a means of attaining education-to-work transition. It focuses on those applying to work for free as ‘utility men’ (gofer or flunkey) in Manila’s manning and crewing agencies that supply seafarers to ship operators around the world in exchange for the promise of boarding a ship. Based on participant observation and life history interviews, the article accounts for how they transform their servitude into diskarte – strategy by which they navigate the limited employment opportunities in the Philippines – by constructing their ‘utility manning’ as an informal and negotiated pathway to employment. The young Filipino men’s seeking and enduring servitude, geared towards gleaning better social possibilities, becomes a profoundly rational act of investing in and securing their future.     

Is there a global super-bourgeoisie?

In recent decades, accelerating processes of globalization and an increase in economic inequality in most of the world's countries have raised the question of the emergence of a new bourgeoisie integrated at the global level, sometimes described as a global super-bourgeoisie. This group would be distinguished by its unequaled level of wealth and global interconnectedness, its transnational ubiquity and concentration in the planet's major global cities, its specific culture, consumption habits, sites of sociability and shared references, and even by class consciousness and capacity to act collectively. This article successively discusses how the social sciences have examined these various dimensions of the question and begun to provide systematic empirical answers.     

Attitudes of social work students towards older people

Demographic ageing is a challenge for many countries. Even though Turkey has a relatively younger demographic composition, the proportion of the older people (65+) within the population is rapidly increasing. Within this framework, older people are becoming more important clients for both social work students and social workers in Turkey. This study aims to reveal the attitudes of social work students towards older people and determine the various factors that affect their views on older persons. In the scope of the project, Kogan's Attitude Towards Old People Scale was applied to 419 social work undergraduate students at a university located in Central Anatolia. The findings showed that social work students scored a mean of 130.96 and they generally had positive attitudes towards older people. The correlation between year of study, gender and age was not statistically significant. However, having lived mostly in urban areas was positively correlated with the mean Kogan scores and this finding was found to be statistically significant. Exposure to personal contact with older people at both the personal and professional levels was influential in shaping attitudes about the older people.