Approximate estimation in nonlinear panel data models

This paper is concerned with the estimation of a general class of nonlinear panel data models in which the conditional distribution of the dependent variable and the distribution of the heterogeneity factors are arbitrary. In general, exact analytical results for this problem do not exist. Here, Laplace and small-sigma appriximations for the marginal likelihood are presented. The computation of the MLE from both approximations is straightforward. It is shown that the accuracy of the Laplace approximation depends on both the sample size and the variance of the individual effects, whereas the accuracy of the small-sigma approximation is 0(1) with respect to the sample size. The results are applied to count, duration and probit panel data models. The accuracy of the approximations is evaluated through a Monte Carlo simulation experiment. The approximations are also applied in an analysis of youth unemployment in Australia.     

Intercounty Variability of Net Migration at Older Ages as a Path‐Dependent Process

This article seeks to identify factors associated with the formation and development of nonmetropolitan destinations for older in‐migration, thereby explaining why some U.S. counties are more likely than others to be nonmetro retirement destinations. We contend that most nonmetro retirement destinations are established and developed over time through a path‐dependent process. When amenities are commodified as recreation and tourism, migration streams tend to be established that ultimately produce sustained in‐migration of older persons to selected destination communities. We use data from a variety of official sources and a spatial statistics methodology to examine intercounty variability in net migration rates at ages 60–74. Our findings are consistent with the aforementioned path‐dependent development framework. Counties with a long history of population growth, previous experience attracting older in‐migrants, attractive natural amenities, and a developed recreation and tourism industry are those most likely to be retirement‐age migration destinations. In contrast, agricultural heartland and relatively large population size are associated with lower rates of older in‐migration. Older in‐migration should be seen as neither a panacea for strapped rural communities nor a “pensions and care issue.” Older migrants can be “gray gold,” but they can also pose challenges, such as possibly increased demand for public services as they age in place.     

Introduction of long-term care insurance in Germany: An economic interpretation

This paper analyses the introduction of long-term care insurance in Germany and provides an overview of some of the main arguments. It focuses on economic aspects of the new scheme, namely its impact on efficiency, distribution and employment as well as government budgets. The new insurance is suboptimal on a number of dimensions but not clearly inferior to an alternative discussed in the literature.     

Decision Making in Multiple Value Perspectives

The paper presents an operationalised model for responsible decision making in corporate context. The starting point is Kenneth E. Goodpaster's conception of moral responsibility. Basic empirical findings of decision psychology are used to arrive at a robust model of making responsible decisions. In the proposed model decision alternatives are simultaneously evaluated from different value perspectives. Responsible decision making is defined as finding the least worst alternative in the multidimensional decision space of deontological, goal-achievement, and stakeholder values. Some character traits of the responsible decision maker are also provided. This revised version was published online in July 2006 with corrections to the Cover Date.     

Rooted transnational publics: Integrating foreign ties and civic activism

Can civic organizations be both locally rooted and globally connected? Based on a survey of 1,002 of the largest civic organizations in Hungary, we conclude that there is not a forced choice between foreign ties and domestic integration. By studying variation in types of foreign interactions and variation in types of domestic integration, our analysis goes beyond notions of footloose experts versus rooted cosmopolitans. Organizations differ in their rootedness according to whether they have ties to their members and constituents, whether they have ties to other organizations in the civic sector, and whether they associate with actors from outside the civic sector. Similarly, we specify different types of foreign ties. In both domains our emphasis is on the type of action involved in the tie–especially relations of accountability and partnership. By demonstrating a systematic relationship between the patterns of foreign ties and the patterns of domestic integration, we chart three emerging forms of transnational publics.     

The Epistemic Integrity of NASA Practices in the Space Shuttle Program

This article presents an account of epistemic integrity and uses it to demonstrate that the epistemic integrity of different kinds of practices in NASA's Space Shuttle Program was limited. We focus on the following kinds of practices: (1) research by working engineers, (2) review by middle-level managers, and (3) communication with the public. We argue that the epistemic integrity of these practices was undermined by production pressure at NASA, i.e., the pressure to launch an unreasonable amount of flights per year. Finally, our findings are used to develop some potential strategies to protect epistemic integrity in aerospace science.     

Strategic planning for commodities and specialties: A strategic industry study based on the example of the chemical industry

The objective of this paper is to identify general factors which are important to successful corporate strategic planning and to provide guidelines to requirements for successful entry into the specialty materials/products business. The study is based on the author's experience in the highly specialized Swiss chemical industry. While the concept of commodities/ specialties has been developed most intensively in the chemical industry, it has overall validity for all industries and services and the author gives many practical hints on strategic management.     

The involvement of board of directors and institutional investors in investing in transition economies: An agency theory approach

We investigate the influence of the composition of the board of directors and stock ownership patterns on the decision to enter markets in Central and Eastern Europe. Our findings suggest that board composition alone does not influence the entry decision while firms with less concentrated stock ownership were more likely to enter these developing markets. We also found that while better performing firms were attracted to opportunities in Central and Eastern Europe, firms with poor prior performance and outside dominated boards were also more likely to enter these markets.