The local fractional bootstrap

We introduce a bootstrap procedure for high‐frequency statistics of Brownian semistationary processes. More specifically, we focus on a hypothesis test on the roughness of sample paths of Brownian semistationary processes, which uses an estimator based on a ratio of realized power variations. Our new resampling method, the local fractional bootstrap, relies on simulating an auxiliary fractional Brownian motion that mimics the fine properties of high‐frequency differences of the Brownian semistationary process under the null hypothesis. We prove the first‐order validity of the bootstrap method, and in simulations, we observe that the bootstrap‐based hypothesis test provides considerable finite‐sample improvements over an existing test that is based on a central limit theorem. This is important when studying the roughness properties of time series data. We illustrate this by applying the bootstrap method to two empirical data sets: We assess the roughness of a time series of high‐frequency asset prices and we test the validity of Kolmogorov's scaling law in atmospheric turbulence data.     

Unpacking cosmopolitanism for the social sciences: a research agenda

This article calls for a re-conceptualization of the social sciences by asking for a cosmopolitan turn. The intellectual undertaking of redefining cosmopolitanism is a trans-disciplinary one, which includes geography, anthropology, ethnology, international relations, international law, political philosophy and political theory, and now sociology and social theory. Methodological nationalism, which subsumes society under the nation-state, has until now made this task almost impossible. The alternative, a 'cosmopolitan outlook', is a contested term and project. Cosmopolitanism must not be equalized with the global (or globalization), with 'world system theory' ( Wallerstein ), with 'world polity' ( Meyer and others ), or with 'world-society' ( Luhmann ). All of those concepts presuppose basic dualisms, such as domestic/foreign or national/international, which in reality have become ambiguous. Methodological cosmopolitanism opens up new horizons by demonstrating how we can make the empirical investigation of border crossings and other transnational phenomena possible.     

The cosmopolitan perspective: sociology of the second age of modernity*

'Second age of modernity' is a magical password that is meant to open the doors to new conceptual landscapes. The whole world of nation sovereignty is fading away – including the 'container theory of society' on which most of the sociology of the first age of modernity is based upon. In this article I propose a distinction between 'simple globalization' and 'reflexive cosmopolitization'. In the paradigm of the first age of modernity, simple globalization is interpreted within the territorial compass of state and politics, society and culture. This involves an additive, not substitutive, conception of globalization as indicated for example by 'interconnectedness'. In the paradigm of the second age of modernity globalization changes not only the relations between and beyond national states and societies, but also the inner quality of the social and political itself which is indicated by more or less reflexive cosmopolitization as an institutionalized learning process – and its enemies.     

Lottery Dependent Utility: a Reexamination

In order to accommodate empirically observed violations of the independence axiom of expected utility theory Becker and Sarin (1987) proposed their model of lottery dependent utility in which the utility of an outcome may depend on the lottery being evaluated. Although this dependence is intuitively very appealing and provides a simple functional form of the resulting decision criterion, lottery dependent utility has been nearly completely neglected in the recent literature on decision making under risk. The goal of this paper is to revive the lottery dependent utility model. Therefore, we derive first a sound axiomatic foundation of lottery dependent utility. Secondly, we develop a discontinuous variant of the model which can accommodate boundary effects and may lead to a lexicographic non-expected utility model. Both analyses are accompanied by considering some functional specifications which are in accordance with recent experimental results and may have significant applications in business and management science.     

Some new international comparisons of productivity performance at the sectoral level

Summary. We present several new measures of gross-output-based total factor productivity (TFP) at the sectoral level for manufacturing industries in the G-7 economies. We calculate measures of both TFP growth and comparative levels. These are obtained by combining conventional Organisation for Economic Co-operation and Development sectoral data on labour and capital inputs with data on intermediate inputs from national input–output tables. Additionally, we derive cyclically corrected measures of TFP growth. Our evidence shows that the considerable gap in TFP between the USA and other G-7 economies is closing but remains significant.     

Hierarchical mean and covariance structure models

Purpose of this paper is the formulation of a generalized latent variable model. A variety of mixed measurement and structural relationship models for metric, classified metric, ordered categorical, dichotomous and one- and double-sided censored indicators is linked to metric latent variables by three construction principles. These involve the combination of threshold concepts, simultaneous equation systems and hierarchical factor analytical models. The LISREL model is shown to be a special case. While focusing on construction principles and important special cases of the general model, some references to estimation strategies are given. This research was partially supported by a dissertation grant of theStudienstiftung des Deutschen Volkes. Comments and suggestions on earlier drafts by Gerhard Arminger, Günter Bamberg, Bernd Korzen and Andreas Schepers are gratefully acknowleged.     

A New Fully Polynomial Time Approximation Scheme for the Knapsack Problem

A fully polynomial time approximation scheme (FPTAS) is presented for the classical 0-1 knapsack problem. The new approach considerably improves the necessary space requirements. The two best previously known approaches need O(n + 1/³) and O(n · 1/) space, respectively. Our new approximation scheme requires only O(n + 1/²) space while also reducing the running time.     

Integre Unternehmensführung — Antwort auf die Replik von Horst Albach

Ohne Zusammenfassung