Tests for cointegration rank and choice of the alternative

This paper discusses likelihood-ratio (LR) tests on the cointegrating (CI) rank which consider any possible dimension of the CI rank under the alternative. The trace test and lambda-max test are obtained as special cases. Limit quantiles for all the tests in the class are derived. It is found that any of these tests can be used to construct an estimator of the CI rank, with no differences in asymptotic properties when the alternative is fixed. The properties of the class of tests are investigated by local asymptotic analysis, a simulation study and an empirical illustration. It is found that all the tests in the class have comparable power, which deteriorates substantially as the number of random walks increases. Tests constructed for a specific class of alternatives present minor power gains for alternatives in the class, and require the alternative to be far from the null. No test in this class is found to be asymptotically (in-)admissible. Some of the new tests in the class can also be arranged to give a constrained estimator of the CI rank, that restricts the minimum number of common trends. The power gains that these tests can obtain by constraining the minimum number of common trends appears to be limited and outweighted by the risk of inconsistency induced by the constrains. As a consequence, no value of the CI rank should be left untested, unless it can be excluded beyond any reasonable doubt.     

Certificates of optimality: the third way to biproportional apportionment

The biproportional apportionment problem (BAP) must be faced in many proportional electoral systems where seats must be allocated to parties within regions. BAP is a non-trivial optimization problem, and only sophisticated algorithms are currently available for solving it. The issue is: are they “writable” as an actual law? Citizens rightly demand simple, easy to understand, voting systems. The alternative, though, seems to have simple, but unsound electoral laws. We propose the following way out of this dilemma: leave to a mathematically sophisticated algorithm the task of producing an optimal apportionment, but attach to it a “certificate of optimality”, that is, describe a simple procedure whereby anybody can check, through some elementary operations, that the seat allocation output by the algorithm is indeed an optimal apportionment. We discuss one such certificate, based on the Max flow- min cut Theorem, relative to a parametric max flow method of ours for BAP.     

Association of Problem Gambling with Type of Gambling Among Italian General Population

The origin of gambling disorders is uncertain; however, research has shown a tendency to focus on specific types of games as a potential important risk factor. The principal aim of this study is to examine the relationships between types of gambling practices and gambling disorder. The data were extracted from IPSAD-Italia^® 2010–2011 (Italian Population Survey on Alcohol and other Drugs), a survey among the Italian general population which collects socio-cultural information, information about the use of drugs, legal substances and gambling habits. In order to identify the “problem gambler” we used the Problem Gambling Severity Index. Three groups are considered in this analysis: no-risk gamblers, low-risk gamblers, moderate-risk/problem gamblers. Type of gambling practice was considered among two types of gambler: one-game players and multi-games players. 1.9 % of multi-game players were considered problem gamblers, only 0.6 % of one-game players were problem gamblers (p < 0.001). The percentage of players who were low and moderate-risk gamblers was approximately double among multi-game players, with 14.4 % low-risk and 5.8 % moderate-risk; compared with 7.7 % low-risk and 2.5 % moderate risk among one-game players. Results of ordinal logistic regression analysis confirmed that higher level of gambling severity was associated with multi-game players (OR = 2.23, p < 0.0001). Video-poker/slot-machines show the highest association with gambling severity among both one-game players and multi-game players, with scores of OR equal to 4.3 and 4.5 respectively. These findings suggest a popular perception of risk associated with this type of gambling for the development of gambling problems.     

Brain Emotion Systems,Personality, Hopelessness,Self/Other Perception,and Gambling Cognition: A Structural Equation Model

The aim of this study was to explore the relations between gambling, brain emotion systems, personality, self/other perception, and hopelessness in an Italian community. Dimensions of gambling, positive and negative emotions, self/other perception, personality and hopelessness were assessed in a community sample of 235 adults aged 19–59 years. Two structural models were tested. We found a significant correlation between problem gambling and impulsivity, which in association with aggressivity and negative personality dimensions may help explain the psychopathology factor, i.e. a latent variable involving neurotic personality, hopelessness, high sensation seeking, low metacognitive responsiveness, and disorganized patterns of interpersonal relationships. These results contribute to develop a theoretical framework of gambling in relation with personality factors and provide a new approach for clinical intervention of problem gambling that relies on a solid multidimensional perspective.     

Citalopram-Associated Gambling: A Case Report

Pathological gambling behaviour is a side effect of dopaminergic drugs used in Parkinson’s disease, but has seldom been reported with selective serotonin reuptake inhibitors. A 58-years-old woman with somatisation disorder since the age of 20 and recent-onset major depression (at 54 years) received 40 mg/day intravenous citalopram, thereafter switching to the same dose of oral citalopram to treat her comorbid psychiatric disorders after showing poor response to paroxetine for one year. Her anxious and depressive symptoms were moderately reduced after 7 months of oral citalopram, but simultaneously, the patient admitted gambling. We gradually discontinued citalopram and introduced pregabalin and alprazolam; this was followed by a reduction of gambling compulsions, but the somatisation and depressive symptoms did not further improve. Pathological gambling may be mediated by an interplay of 5-HT_1A serotonergic and D₂ dopaminergic mechanisms. Citalopram affects both these mechanisms in areas that were shown to be involved in gambling behaviour, but while dopaminergic effects of citalopram appear to be consistent with the induction of gambling, its serotonergic mechanisms are rather inconsistent. In our patient, mood destabilisation induced by citalopram may have contributed to the first onset of pathological gambling.     

A RETROSPECTIVE STUDY ON THE INFLUENCE OF A STATE PARK-LAKE ON LAND VALUE,FROM THE TIME OF LAND ACQUISITION TO RESERVOIR FILLING

A new multiple purpose park-lake facility is being developed in the sub urbanrural fringe of the Philadelphia, Pennsylvania metropolitan region. This study assesses the impact of the new park-lake upon surrounding land values in order to provide information for improved planning and decision making in such a context. The investigation covers the period from the time of land acquisition to that of near-completion of dam construction. The results of the study provide a “baseline” from which it will later be possible to assess changes in land values as the park-lake becomes fully operational as a major public recreational facility. Two geographic zones of impact on surrounding land value are identified by the analysis, and variations in the impact of the park-lake over time are identified. The importance of these new findings to public organizations involved in recreational decision making is discussed and areas for future research are suggested.     

The asymmetric impact of the pandemic crisis on interest rates on public debt in the Eurozone

The outbreak of Covid-19 has played the role of a ‘game changer’ in the way countries of the Eurozone have faced the economic consequences of the pandemic crisis. This paper investigates what has happened to the interest rates of the sovereign bond in selected countries of the Eurozone during 2020. While the pandemic crisis can be interpreted as a symmetric shock, we found some important asymmetric consequences both in the sovereign bond market and the credit default swap market. Even though the European Central Bank (ECB) has played a fundamental role in easening tensions, especially with the announce of the Pandemic Emergency Purchase Programme (PEPP), countries with a higher pre-Covid level of the debt-to-GDP ratio have been found to undergo a significant jump in interest rates and a greater perceived risks of default. Important policies implications emerge in relation to the future role of the ECB.     

YOUR LANGUAGE OR MINE? THE NONCOMMUNICATIVE BENEFITS OF LANGUAGE SKILLS

Do languages matter beyond their communicative benefits? We explore the potential role of preferences over the language of use, theoretically and empirically. We focus on Catalonia, a bilingual society where everyone is fully proficient in Spanish, to isolate linguistic preferences from communicative benefits. Moreover, we exploit the language‐in‐education reform of 1983 to identify the causal effects of language skills. Results indicate that the policy change has improved the Catalan proficiency of native Spanish speakers, which in turn increased their propensity to find Catalan‐speaking partners. Hence, the acquisition of apparently redundant language skills has reduced endogamy. (JEL C26, C78, I28, J12, J15, Z13)     

From communism to market: business models and governance in heritage conservation in Poland

The paper focuses on the effect of business model and governance changes on conservation and access outcomes in three heritage sites in Poland: Ksiaz Castle, the Shrine of Our Lady of Grace Abbey and the Jelenia Gora Valley historic palaces. It argues that the interplay between business model and governance led by relevant political, administrative and economic changes has an impact on which historic buildings are conserved for future generations, in what form, and with which functions. Findings from the case studies allow us to design three ideal business models for the management of heritage sites. The paper also explores implications for management research regarding business model and public sector change.

     

A Note on Two-Way ECM Estimation of SUR Systems on Unbalanced Panel Data

This article considers the two-way error components model (ECM) estimation of seemingly unrelated regressions (SUR) on unbalanced panel by generalized least squares (GLS). As suggested by Biørn (2004 Biørn , E. ( 2004 ). Regression systems for unbalanced panel data: a stepwise maximum likelihood procedure . Journal of Econometrics 122 : 281 – 291 . [Google Scholar]) for the one-way case, in order to use the standard results for the balanced case the individuals are arranged in groups according to the number of times they are observed. Thus, the GLS estimator can be interpreted as a matrix weighted average of the group specific GLS estimators with weights equal to the inverse of their respective covariance matrices.