Money matters: An exploratory study of the socio-cultural context of consumption, saving, and investment patterns

This study focuses on 36 professional South Asian (Indian) families in a metropolitan city in Canada in order to understand motives for financial behavior. In accordance with the Hindu world view, Indians view wealth acquisition as necessary for the natural progression of an individual's life and take a long view of time when it comes to investment decisions. Their primary purpose is to invest money in order to provide for their children's education. Their cultural roots allow them to take a long-term view and makes them more risk tolerant. Although these families take economic criteria into account, such criteria alone do not fully explain their consumption, saving, and investment patterns. It would appear that their need for saving determines their consumption, not the other way around. To understand their financial behavior, one has to identify the cultural worlds in which Indians live. The study highlights the importance of understanding the socio-cultural context of decisions that may appear to be purely economic decisions at first sight.     

A Test for bivariate exponentiality against bhnbue alternative

A test statistic for testing bivariate expotentiality against the alternative representing the property ‘bivariate harmonic new better than used in expectation’ (Bhnbue) is developed.     

A unified approach for estimation and detection of outliers

Two two-stage procedures RD_M-ESD and RD_M-KUR to detect outliers from normal samples are considered. Their powers for n=20 (10)60, k=2(1)(n/5) are computed and compared. Percentage points of these procedures are presented.Two examples to illustrate the use of these procedures are also given.     

A Simple Method for Computing the Arl of [ILM0001]-Charts with Zone Tests

In practice the [ILM0002]-chart has been augmented with one or more zone tests to improve the sensitivity of detecting small shifts in the process mean. The average run length (ARL) is one of the indices used to evaluate the performance of control chart procedures. Two unified patterns of transition probability matrices and four closed form expressions of the ARL are found based on the Markov Chain approach. These closed form expressions can be used for computing the ARL for both one-sided and two-sided [ILM0003]-charts with zone tests.     

On the adoption of lean manufacturing principles in process industries

Traditionally, the lean paradigm has been applied to discrete manufacturing of items that can be easily put together and taken apart. The process industry, on the other hand, transforms raw materials into cohesive units that are basically blended into a final product with parts that cannot be disassembled and then reassembled. The current lean literature provides numerous commendable examples of theory and practices of lean principles in discrete manufacturing. However, its application in process industry is limited. Furthermore, there is no systematic accounting of the lean literature in this sector, which may have contributed to lesser awareness in the industry. This paper provides a state-of-the-art review of lean manufacturing literature with respect to its applications in process industry. It contributes to the classification of literature in a manner which helps to identify strategies suitable for the adoption of lean concepts in process industry. The paper seeks to synthesise the literature with an emphasis on identifying the scope for lean in process industry and associated benefits. The review also presents an analysis of the lean tools and techniques that have been applied or have potential application in the process industry and the challenges to implement lean. We believe that such a comprehensive review will not only facilitate the adoption of lean in process industry but will also provide agenda for further research by exposing voids in the knowledge base.     

Consequences of Pain in Early Life and its Remedy: Maternal Responsibility

ABSTRACT

Neonatal and childhood pain experience is an unavoidable consequence of modern-day medical practice. Repeated exposure to noxious stimuli is not free from adverse consequences in adult life. Therefore it is important to minimize pain if unavoidable in early life. Parents need to be aware of the various measures available to minimize pain in infants and children. They need to be educated about the analgesic efficacy of nonpharmacological agents such as sucrose. Judicious use of these substances is advised to prevent the immediate and late consequences of early pain experience.     

Why People Do What They Do to Protect Against Earthquake Risk: Perceptions of Hazard Adjustment Attributes

This study examined respondents' self-reported adoption of 16 hazard adjustments (preimpact actions to reduce danger to persons and property), their perceptions of those adjustments' attributes, and the correlations of those perceived attributes with respondents' demographic characteristics. The sample comprised 561 randomly selected residents from three cities in Southern California prone to high seismic risk and three cities from Western Washington prone to moderate seismic risks. The results show that the hazard adjustment perceptions were defined by hazard-related attributes and resource-related attributes. More significantly, the respondents had a significant degree of consensus in their ratings of those attributes and used them to differentiate among the hazard adjustments, as indicated by statistically significant differences among the hazard adjustment profiles. Finally, there were many significant correlations between respondents' demographic characteristics and the perceived characteristics of hazard adjustments, but there were few consistent patterns among these correlations.     

Bayesian Estimation of Dynamic Discrete Choice Models

We propose a new methodology for structural estimation of infinite horizon dynamic discrete choice models. We combine the dynamic programming (DP) solution algorithm with the Bayesian Markov chain Monte Carlo algorithm into a single algorithm that solves the DP problem and estimates the parameters simultaneously. As a result, the computational burden of estimating a dynamic model becomes comparable to that of a static model. Another feature of our algorithm is that even though the number of grid points on the state variable is small per solution‐estimation iteration, the number of effective grid points increases with the number of estimation iterations. This is how we help ease the “curse of dimensionality.” We simulate and estimate several versions of a simple model of entry and exit to illustrate our methodology. We also prove that under standard conditions, the parameters converge in probability to the true posterior distribution, regardless of the starting values.     

Assessing the performance of a development bank

The performance of a development bank can be assessed on the basis of ‘financial function’ and ‘development function’ criteria. While the financial function measures its operational efficiency in terms of the profitability of its investment operations, the developmental function evaluates its allocational efficiency as reflected by its investment activities for the economic development of the country and the stimulation of the capital market. The objective of this paper is to appraise the performance of the Industrial Finance Corporation of India, in terms of its profitability. The profitability has been analysed with reference to its (i) operating earnings, (ii) cost of operations, (iii) gross and net profit margins on the loan portfolio and (iv) rate of return and capital appreciation on the securities portfolio. The paper concludes with suggested measures to improve its profitability in future.