Retirement patterns in Hong Kong: a censored regression analysis

This paper provides an overview of retirement patterns in Hong Kong on the basis of limited data. A censored regression model is used to infer the retirement age from people‘s current retirement status and their current age. This model is equivalent to a restricted probit model, and the interpretation of parameters is straightforward. The results clearly show a negative income effect on the retirement decision. The retirement age seems to be positively related to lifetime earnings but negatively related to the rate of decline of earnings with age. JEL classification: C24, J14, J26 Received May 6, 1996 / Accepted February 5, 1997     

A Study of Interval Censoring in Parametric Regression Models

Parametric models for interval censored data can now easily be fitted with minimal programming in certain standard statistical software packages. Regression equations can be introduced, both for the location and for the dispersion parameters. Finite mixture models can also be fitted, with a point mass on right (or left) censored observations, to allow for individuals who cannot have the event (or already have it). This mixing probability can also be allowed to follow a regression equation.Here, models based on nine different distributions are compared for three examples of heavily censored data as well as a set of simulated data. We find that, for parametric models, interval censoring can often be ignored and that the density, at centres of intervals, can be used instead in the likelihood function, although the approximation is not always reliable. In the context of heavily interval censored data, the conclusions from parametric models are remarkably robust with changing distributional assumptions and generally more informative than the corresponding non-parametric models.     

A Dynamic Model of Work Satisfaction: Qualitative Approaches

Traditional work satisfaction research iscriticized for its personalistic approach inconceptualization and measurement. Its results aredoubted because of the artificially high proportions ofsatisfied. In order to overcome some of theseshortcomings, the extended model of different forms ofwork satisfaction originally proposed by Bruggemann(1974) is validated. Six forms of work satisfaction(progressive, stabilized, resigned satisfaction;constructive, fixated, resigned dissatisfaction) arederived from the constellation of four constituentvariables: comparison of the actual work situation andpersonal aspirations, global satisfaction, changes inlevel of aspiration, controllability at work. Resultsfrom semistructured interviews, a free Q-sort, and aquestionnaire for differentiating forms of worksatisfaction for 46 nurses provide support for the model.Various methods proved useful in accessing particularaspects of the underlying cognitive and evaluativeprocesses in the formation of different forms of work satisfaction. Implications for personnelmanagement and studies in organizational behavior(performance, intervention strategies) arediscussed.     

Social mobility and personal satisfaction: evidence from ten countries

This paper examines survey data relating class mobility to satisfaction and dissatisfaction with seven different domains of everyday life among nationally representative samples of men and women living in ten industrialized nations. The evidence is set against competing pessimistic and optimistic accounts of the mobility experience found in earlier literature. Results show that individuals who move from working-class origins to middle-class destinations are no more likely to be systematically satisfied or dissatisfied with life than are the socially immobile or even those downwardly mobile from advantaged backgrounds into the working class. Indeed, in all nations, the overall association between class experience and satisfaction with life is both weak and uneven across the different life-domains. The study also serves to illustrate an important principle of research methodology more generally.     

Fitting Markov chain models to discrete state series such as DNA sequences

Discrete state series such as DNA sequences can often be modelled by Markov chains. The analysis of such series is discussed in the context of log-linear models. The data produce contingency tables with similar margins due to the dependence of the observations. However, despite the unusual structure of the tables, the analysis is equivalent to that for data from multinomial sampling. The reason why the standard number of degrees of freedom is correct is explained by using theoretical arguments and the asymptotic distribution of the deviance is verified empirically. Problems involved with fitting high order Markov chain models, such as reduced power and computational expense, are also discussed.     

A note on super exogeneity in linear regression models

This note considers how hypotheses of invariance and super exogeneity may be formulated and tested in elliptical linear regression models. It is demonstrated that for jointly elliptical random variables super exogeneity will only hold under normality.     

On the logic of common belief and common knowledge

The paper surveys the currently available axiomatizations of common belief (CB) and common knowledge (CK) by means of modal propositional logics. (Throughout, knowledge — whether individual or common — is defined as true belief.) Section 1 introduces the formal method of axiomatization followed by epistemic logicians, especially the syntax-semantics distinction, and the notion of a soundness and completeness theorem. Section 2 explains the syntactical concepts, while briefly discussing their motivations. Two standard semantic constructions, Kripke structures and neighbourhood structures, are introduced in Sections 3 and 4, respectively. It is recalled that Aumann's partitional model of CK is a particular case of a definition in terms of Kripke structures. The paper also restates the well-known fact that Kripke structures can be regarded as particular cases of neighbourhood structures. Section 3 reviews the soundness and completeness theorems proved w.r.t. the former structures by Fagin, Halpern, Moses and Vardi, as well as related results by Lismont. Section 4 reviews the corresponding theorems derived w.r.t. the latter structures by Lismont and Mongin. A general conclusion of the paper is that the axiomatization of CB does not require as strong systems of individual belief as was originally thought — onlymonotonicity has thusfar proved indispensable. Section 5 explains another consequence of general relevance: despite the infinitary nature of CB, the axiom systems of this paper admit of effective decision procedures, i.e., they aredecidable in the logician's sense.     

Saving for Children’s College Education: An Empirical Analysis of the Trade-off Between the Quality and Quantity of Children

This paper examines the effect of children’s college expenses on household savings. The theoretical model introduces life-cycle savings into the quality–quantity model of fertility and derives predictions for the impact of expected expenses on parents’ savings. Using the actual amount of parents’ financial support reported in the Survey of Consumer Finances, the empirical model estimates the expected expenditures on children’s college education and investigates the effect of expected expenditures on parents’ savings. The results show that parents’ support for each of their children’s college expenses decreases with the number of children. The results are consistent with the predictions of the life-cycle theory of saving and consumption that households save in advance for expected expenses to smooth their consumption.

It's a long way to Auchterarder! 'Negotiated management' and mismanagement in the policing of G8 protests

Recent analyses of protest policing in Western democracies argue that there has been a marked shift away from oppressive or coercive approaches to an emphasis on consensus based negotiation. King and Waddington (2005) amongst others, however, suggest that the policing of international summits may be an exception to this rule. This paper examines protest policing in relation to the 2005 G8 summit in Gleneagles, Scotland. We argue that 'negotiated management' cannot be imported wholesale as a policing strategy. Rather it is mediated by local history, forms of police knowledge and modes of engagement. Drawing on interviews and participant observation we show that 'negotiated management' works best when both sides are committed to negotiation and that police stereotyping or protestor intransigence can lead to the escalation of any given event. In closing we note the new challenges posed by forms of 'global' protest and consider the implications for future policing of protest.     

Long-term Growth Perspectives and Economic Convergence of CEE and SEE Countries

The paper first investigates the main drivers of economic growth and real convergence in CEE and SEE Countries. In the theoretical framework provided by the growth-accounting approach, both are shown to be driven by capital accumulation and total factor productivity changes, with the latter making however a major contribution. The nominal convergence path towards the Eurozone is then analysed. Despite considerable results obtained in the last decade, most EU new members are still found to face severe challenges in the process of converging towards Maastricht criteria. The need to reconcile exchange rate stability with inflation convergence is in particular seen to be at the heart of their de facto decision to delay the EMU entry date until a higher degree of real convergence will have been achieved.