On the mathematics of the Jeffreys–Lindley paradox

This paper is concerned with the well known Jeffreys–Lindley paradox. In a Bayesian set up, the so-called paradox arises when a point null hypothesis is tested and an objective prior is sought for the alternative hypothesis. In particular, the posterior for the null hypothesis tends to one when the uncertainty, i.e., the variance, for the parameter value goes to infinity. We argue that the appropriate way to deal with the paradox is to use simple mathematics, and that any philosophical argument is to be regarded as irrelevant.     

基于动态因子Copula模型的行业间系统性风险分析

国际金融市场间的相关关系以及系统性风险受到很多学者的重视，本文则以我国股市的行业指数作为研究对象进行实证研究。通过构建动态因子Copula模型，文章对行业的日收益率数据进行了动态相关性分析，并基于风险预期占比度量了我国行业之间系统性风险的溢出效应。本文分析了2006年1月4日至2016年7月1日的28个行业指数数据，基于GAS动态负荷因子的变化路径来刻画其相关关系，通过风险预期占比来研究行业间的风险溢出效应。研究表明，各个行业指数收益率之间存在较强的关联性。就单个行业来说，化工行业与其他行业关系最为不稳定。就金融与非金融行业而言，金融行业对非金融行业的影响较大且较为平稳。本文所得研究结果可以为投资者和风险管理者在进行决策时提供一定的指导。     

Fixed T dynamic panel data estimators with multifactor errors

This article analyzes a growing group of fixed T dynamic panel data estimators with a multifactor error structure. We use a unified notational approach to describe these estimators and discuss their properties in terms of deviations from an underlying set of basic assumptions. Furthermore, we consider the extendability of these estimators to practical situations that may frequently arise, such as their ability to accommodate unbalanced panels and common observed factors. Using a large-scale simulation exercise, we consider scenarios that remain largely unexplored in the literature, albeit being of great empirical relevance. In particular, we examine (i) the effect of the presence of weakly exogenous covariates, (ii) the effect of changing the magnitude of the correlation between the factor loadings of the dependent variable and those of the covariates, (iii) the impact of the number of moment conditions on bias and size for GMM estimators, and finally (iv) the effect of sample size. We apply each of these estimators to a crime application using a panel data set of local government authorities in New South Wales, Australia; we find that the results bear substantially different policy implications relative to those potentially derived from standard dynamic panel GMM estimators. Thus, our study may serve as a useful guide to practitioners who wish to allow for multiplicative sources of unobserved heterogeneity in their model.     

Social mobility and demand for redistribution in Europe: a comparative analysis

The literature on preferences for redistribution has paid little attention to the effect of social mobility on the demand for redistribution and no systematic test of the hypotheses connecting social mobility and preferences for redistribution has yet been done to date. We use the diagonal reference model to estimate the effect of origin and destination classes on preferences for redistribution in a large sample of European countries using data from the European Social Survey. Our findings are consistent with the logic of acculturation in the sense that newcomers tend to adapt their views to those of the destination class at early stages and that upward and downward mobility do not have distinctive effects on the formation of political preferences. However, even though social origins seem to have a limited impact on preferences for redistribution, the evidence does not support the hypothesis that mobile and non‐mobile individuals are alike. We also find that the effect of social origin on preferences varies largely across countries. The empirical evidence leads to the conclusion that the effect of social origin on preferences for redistribution increases in contexts of strong familism.     

Broken promise of college? New educational sorting mechanisms for intergenerational association in the 21st century

Previous studies have shown that intergenerational socioeconomic association becomes weaker as children's education level increases and is negligible among college graduates. A college degree is known as the great equalizer for intergenerational socioeconomic mobility. Recent studies, however, reported that the strong intergenerational association reemerges among advanced degree holders although it stays weak among BA-only holders. Despite the substantial theoretical importance and policy implications, the mechanisms behind the reemergence of the intergenerational association at the post-baccalaureate level have been less studied. In this paper, we examine the association between parents' education and children's earnings using the 2010, 2013, 2015, and 2017 National Survey of College Graduates data. Our results show that the strong intergenerational socioeconomic immobility among advanced degree holders is fully attributable to three educational sorting mechanisms: children from high-SES families (1) obtain expensive and financially rewarding advanced degrees, (2) attend selective institutions and major in hyper-lucrative fields of study such as law and medicine in graduate school, and (3) complete their education at a younger age and enjoy income growth over more years in the labor market. Implications of these findings are discussed.     

Mixtures of Gaussian copula factor analyzers for clustering high dimensional data

Mixtures of factor analyzers is a useful model-based clustering method which can avoid the curse of dimensionality in high-dimensional clustering. However, this approach is sensitive to both diverse non-normalities of marginal variables and outliers, which are commonly observed in multivariate experiments. We propose mixtures of Gaussian copula factor analyzers (MGCFA) for clustering high-dimensional clustering. This model has two advantages; (1) it allows different marginal distributions to facilitate fitting flexibility of the mixture model, (2) it can avoid the curse of dimensionality by embedding the factor-analytic structure in the component-correlation matrices of the mixture distribution.An EM algorithm is developed for the fitting of MGCFA. The proposed method is free of the curse of dimensionality and allows any parametric marginal distribution which fits best to the data. It is applied to both synthetic data and a microarray gene expression data for clustering and shows its better performance over several existing methods.     

The role of social capital in the job-related regional mobility decisions of unemployed individuals

Social capital is an important factor in interregional mobility. Although most prior research has focused on its role in the job-finding process, this study investigates the function of social networks and the social capital embedded therein after an interregional job offer has been received. This subject is particularly important for the unemployed, who should be able to exploit a mobility strategy to re-enter the labour market. Unemployed persons rely on their social networks to cope with joblessness, but there is evidence that social contexts can also act as mobility traps for this group (Windzio, 2004). We examine whether the unemployed weight social capital in a unique manner when making decisions regarding mobility.To investigate these issues, we combine a factorial survey module (FSM) with data from the German “Labour market and social security” (PASS) panel study to generate representative samples of both unemployed and employed persons with a randomised mobility stimulus in the form of hypothetical interregional job offers. Our results reveal the mobilising effects of exposure to conflict-laden relationships with the social network and the household. These are particularly pronounced for unemployed persons, highlighting the importance of factors that influence decision making about mobility beyond simple economic considerations.     

Older Adults’ Expectations about Mortality,Driving Life and Years Left without Driving

ABSTRACT

People are living and driving longer than ever before, with little preparation for transitioning to being non-drivers. We investigated driving expectations among drivers age 65 and older, including sociodemographic and driving context predictors. Cross-sectional data from 349 older drivers were explored to determine variation in how many years they expected to continue driving. General linear models examined predictors of both expectations. In this predominantly Black/African American sample, 76% of older drivers (mean age = 73 ± 5.7 years) expected a non-driving future, forecasting living an average of 5.75 ± 7.29 years after driving cessation. Regression models on years left of driving life and years left to live post-driving cessation predicted nearly half of the variance in older drivers’ expectations with five significant predictors: income, current age, age expected to live to, self-limiting driving to nearby places and difficulty, visualizing being a non-driver. Many older drivers expect to stop driving before end of life.     

Mobility and Professional Networks in Academia: An Exploration of the Obligations of Presence

This article explores the obligations of presence behind work-related mobility for academics in internationalizing higher education systems. By further developing John Urry’s concept of ‘meetingness’, the article reveals how academics depend on corporeal and virtual mobility to create and maintain a networked professional life outside their own institution, which is crucial in the context of changing work conditions. Our insights are drawn from original qualitative research (42 interviews) in a Flemish and Danish context. The data reveal obligations of presence associated with an interrelated mix of functionality, and the construction of dense and sparse social networks that together support career success and work at the frontiers of academic knowledge. Despite the now well-recognized costs of corporeal mobility, obligations of presence result in virtual and corporeal mobility coexisting, rather than the former substituting for the latter. Virtual mobility is mainly used when conflicting obligations of presence exist, and as a means of sustaining networks over time given the processual nature of meetingness, rather than as a means to reduce levels of corporeal mobility.     

马克思主义视阈下的生产力解读

迄今,国内外对生产力的含义众说纷纭,有"劳动生产率与因素综合说";有"人类的能力说";有"人对自然的作用说";有"关系系统说". 正确地把握马克思主义生产力含义,对于我们坚持"解放生产力,发展生产力"的思想和科学发展观有重大的理论意义和实践意义.重新审视马克思的原著,应该把生产力定义为:劳动者通过具体劳动生产出满足人们需要的使用价值时所表征出来的力量.按照这一观点,决定生产力的因素应该包括实体性因素、附着性因素或渗透性因素和运行性因素.