A sequential approach to testing seasonal unit roots in high frequency data

In this paper we introduce a sequential seasonal unit root testing approach which explicitly addresses its application to high frequency data. The main idea is to see which unit roots at higher frequency data can also be found in temporally aggregated data. We illustrate our procedure to the analysis of monthly data, and we find, upon analysing the aggregated quarterly data, that a smaller amount of test statistics can sometimes be considered. Monte Carlo simulation and empirical illustrations emphasize the practical relevance of our method.     

Why one person one vote?

We provide a simple justification as to why the core principal in liberal democracies the one-person-one-vote is desirable. We compare two possible constitutions. In a fixed democracy, each individual has one vote and the same opportunity to propose public projects. In a flexible democracy, those that set the agenda can additionally propose to limit future participation in voting and agenda-setting. We show that a fixed democracy restricts majorities from taxing minorities to a greater extent than a flexible democracy. A flexible democracy may be more suited to enable a polity to undertake public projects. This possible advantage may be too small to outweigh taxation distortions and citizens unanimously favor the one-person-one-vote rule ex ante.I am grateful to Ami Glazer, Ulrich Erlenmaier, Tobias Kleinschmidt, seminar participants in Heidelberg and Konstanz, and in particular to an anonymous referee for valuable suggestions and comments.     

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A temporary equilibrium model for international migration

This paper is concerned with the existence of temporary equilibria of migration with an overlapping generation structure and analyzes some of its properties. In the first part of the paper sufficient conditions for the existence of a temporary equilibrium of migration (in a given period) are given. In the second part some interesting properties of migration equilibria are analyzed. In particular the effects of differing degrees of information of the individuals on migration equilibria are investigated. Furthermore, it is shown that incomplete information alone suffices to induce migration flows even between countries that can be regarded as identical from an economic point of view.The paper was partly written during a research stay at the Sonderforschungsbereich 178 (University of Konstanz). Financial support of the Deutsche Forschungsgemeinschaft is gratefully acknowledged. We wish to thank an anonymous referee for helpful comments.     

Laypeople''s and Experts'' Perception of Nanotechnology Hazards

Public perception of nanotechnology may influence the realization of technological advances. Laypeople's (N=375) and experts' (N=46) perception of 20 different nanotechnology applications and three nonnanotechnology applications were examined. The psychometric paradigm was utilized and applications were described in short scenarios. Results showed that laypeople and experts assessed asbestos as much more risky than nanotechnology applications. Analyses of aggregated data suggested that perceived dreadfulness of applications and trust in governmental agencies are important factors in determining perceived risks. Similar results were observed for experts and laypeople, but the latter perceived greater risks than the former. Analyses of individual data showed that trust, perceived benefits, and general attitudes toward technology influenced the perceived risk of laypeople. In the expert sample, confidence in governmental agencies was an important predictor of risks associated with nanotechnology applications. Results suggest that public concerns about nanotechnology would diminish if measures were taken to enhance laypeople's trust in governmental agencies.     

Process matters – How strategic decision-making process characteristics impact capital allocation efficiency

We employ strategic decision-making process theory to study the internal capital markets of firms and argue that varying allocation efficiency can result from the configuration of the capital allocation decision-making process. Learning from earlier research on firms' portfolio allocations, we also develop assumptions on interaction effects with firm-level unrelated diversification and environmental dynamics. We test our hypotheses with structural equation modeling on an international sample of large multi-business firms. Our results suggest that process formalization and analytical comprehensiveness have a positive influence on the efficiency of allocation decisions. Another key result is that unrelated diversified portfolios positively moderate the influence of analytical comprehensiveness and formalization, while dynamic environments negatively impact the influence of formal processes but reward managerial involvement.