Fuzzy K-means clustering models for triangular fuzzy time trajectories

We focus our attention on the classification of fuzzy time trajectories with triangular membership function, described by a given set of individuals. To this purpose, we adopt a fullyinformational approach, explicitly recognizing the informational nature shared by the ingredients of the classification procedure: the observed data (Empirical Information) and the classification model (Theoretical Information). In particular, by supposing that the informational paradigm has a fuzzy nature, we suggest three fuzzy clustering models allowing the classification of the triangular fuzzy time trajectories, based on the analysis of the cross sectional and/or longitudinal characteristics of their components (centers and spreads). Two applicative examples are illustrated.     

Modeling Local BES Indicators by Copula-Based Bayesian Networks

In Italy, the measure of the Equitable and Sustainable Well-being is provided by the Italian Institute of Statistics by means of a dashboard of basic and composite indicators. To investigate the dependence structure between the different domains of well-being, we propose the use of Non-Parametric Bayesian Networks based on the normal copula distribution, that allow to explore the conditional independence relationships between the composite indicators. The main advantage of the non-parametric models is that, as opposed to the parametric approach, they do not require any assumption on the marginal distributions of the variables. The proposed model is applied to the Equitable and Sustainable Well-being indicators measured at the provincial level and enriches the analysis of well-being by inspecting similarities and differences between Italian urban areas and territories.

     

Beyond the dilemmas of multiculturalism: recognition through ‘relational reason’

Recent sociological research has shown that the ideology of multiculturalism, after having been adopted as official policy in many countries, has generated more negative than positive effects (fragmentation of society, separation of minorities, cultural relativism). This article discusses the possible alternatives to multiculturalism, asking whether the path of interculturality can be a solution or not. The idea of interculturality has the advantage of stressing the inter, namely what lies in between different cultures. But it does not yet possess a conceptual and effective means to understand and handle the problems of the public sphere. To go over the failures of multiculturalism and the fragilities of interculturality, a lay approach to the coexistence of cultures is required, which is able to give strength back to Reason, through a new semantics of inter-human diversity. The author suggests the development of ‘relational reason’, beyond the forms of rationality already known. To make human reason relational might be the best way to imagine a social order which is able to humanize the globalizing processes and the increasing migrations.     

REPATRIATION OF DEBT IN THE EURO CRISIS

With the beginning of the Euro Crisis, the long‐standing trend of European financial integration reversed. Investors unwound cross‐border positions of debt obligations and increased holdings of locally issued debt. In other words, debt obligations were repatriated. We use data on bank portfolios to document three new empirical regularities of the financial disintegration: (i) repatriation affected mainly debt of crisis countries; (ii) repatriation affected mainly public debt; (iii) the public debt of crisis countries that was not repatriated was reallocated to large and politically influential countries within the Euro area. We read these results in light of standard theories of cross‐border portfolio allocation and argue that the sum of these patterns constitutes evidence for the secondary market theory of public debt.     

Satisfaction and Tourism Expenditure Behaviour

In the literature, the quantification of the effect of satisfaction on tourists’ expenditure behaviour has not been extensively studied. This research aims to fill in this gap, providing additional information about this crucial relation by analysing it from a microdata perspective. In particular, the Fuzzy Double-Hurdle model, a new model which combines the well-known Double-Hurdle model and the fuzzy set theory, is suggested and presented, both technically and by means of a real case study. The proposed model gathers the advantages of the Double-Hurdle model and the fuzzy set theory together producing a suitable model for the analysis of censored observations in presence of imprecise data. Specifically, the Double-Hurdle model allows to efficiently estimate the average values of a non-negative, non-normally distributed variable characterised by high frequency of zero values, as tourists’ expenditure can be, considering the two-stages nature of the decision process. On the other end, the inclusion of the fuzzy set theory in the regression model allows to cope with the imprecision of both collected information (i.e. levels of satisfaction) and kind of measurement used (i.e. Liker-type scale). The results will help tourism managers to more accurately evaluate the efficacy of their policies and marketing strategies in enhancing tourists’ satisfaction and, consequently, in increasing the level of spending at the destination.

     

Manifesto for a critical realist relational sociology

In recent years, many different versions of relational sociology have appeared. In this paper, I present a critical realist version developed since 1983, which is also called ‘relational theory of society’ (CRRS). It shares with the other relational sociologies the idea of avoiding both methodological individualism and holism. The main differences lie in the way social relations are defined, the kind of reality that is attributed to them, how they configure social formations, and the way in which their changes are conceived (morphogenesis and emergence). In particular, this approach is suitable to understand how the morphogenesis of society comes about through social relations, which are the connectors that mediate between agency and social structure. The generative mechanism that feeds social morphogenesis resides in the dynamic (that is, in their ways of operating) of the social relations networks that alter the social molecule constituting structures already in place. Social morphogenesis is a form of surplus of society with respect to itself. Society increases (or decreases) its potential for surplus depending on processes of valorization (or devalorization) of social relations.     

Security-voting structure and equity financing in the banking sector: ‘one head-one vote’ versus ‘one share-one vote’

Using a unique dataset including all rights issues of new shares and other equity-like securities announced by Italian listed banks between 1989 and 2014, and exploiting the ideal setting provided by the Italian Banking Law, which allows for listed co-operative banks, we test if the ‘one head-one vote’ principle of co-operative banks and the ‘one share-one vote’ voting system of joint stock banks imply different costs of equity. Our empirical results, obtained using an event-study methodology, regressions and matching estimators, support our research hypothesis that the one head-one vote principle makes it more difficult raising new capital compared to one share-one vote principle, and contribute to the literature on demutualization and cooperative hybrids.