A note on interdependent happiness

Based on two models of interdependent utilities [Becker, G., 1974. A theory of social interaction, Journal of Political Economy 82, 1064–1093; Fehr, E., Schmidt, K., 1999. A theory of fairness, competition, and cooperation, Quarterly Journal of Economics 114, 817–868] we derive a functional relationship between average happiness and the standard deviation of happiness within a country. This hypothesis is supported by an empirical investigation of 71 countries which shows that the average happiness in these countries depends only on income and on the standard deviation of happiness σ. The latter may be partly based on influences beyond income, for which no data are available. Income has the expected positive influence and σ has the expected negative influence, i.e. large differences in “autonomous” happiness have a dampening influence on “effective” happiness which also takes into account the happiness of others.     

Comparison of different estimation techniques for portfolio selection

The main problem in applying the mean-variance portfolio selection consists of the fact that the first two moments of the asset returns are unknown. In practice the optimal portfolio weights have to be estimated. This is usually done by replacing the moments by the classical unbiased sample estimators. We provide a comparison of the exact and the asymptotic distributions of the estimated portfolio weights as well as a sensitivity analysis to shifts in the moments of the asset returns. Furthermore we consider several types of shrinkage estimators for the moments. The corresponding estimators of the portfolio weights are compared with each other and with the portfolio weights based on the sample estimators of the moments. We show how the uncertainty about the portfolio weights can be introduced into the performance measurement of trading strategies. The methodology explains the bad out-of-sample performance of the classical Markowitz procedures.     

What do women really want? Exploring contemporary Ukrainian women’s magazines

Around the world, magazines for women have been one of the most popular media forms. Such periodicals have played and continue to play an important role in the production, reproduction to hegemonic cultural norms around gender, class, race, and sexuality, as well as challenges to such norms. Based on our reading of these magazines and drawing upon data from a survey and from interviews with a wide age range of women readers, we argue that Ukrainian women’s periodical press does not fully meet the needs of its audience in today’s society. The interests of women are much broader than the topics presented in these publications. Our study reveals that women readers are of the view that there is a need to expand the range of content to include a wider array of practical advice, educational, social, and political material. Finally, our research findings suggest that the narrow range of stereotypical gender-based content typically found in such magazines contributes to placing limits on what is imaginable and therefore politically possible in terms of advancing women’s equality in the Ukraine.     

Statistical hypothesis testing for the shape of impulse response function

The problem of estimation of unknown response function of a time-invariant continuous linear system is considered. Integral sample input–output cross-correlogram is taken as an estimator of the response function. The inputs are supposed to be zero-mean stationary Gaussian process. A criterion on the shape of impulse response function is given. For this purpose, we apply a theory of square–Gaussian random processes and estimate the probability that supremum of square–Gaussian process exceeds the level specified by some function.     

Open Access,Equity, and Strong Economy in Developing and Transition Countries: Policy Perspective

Since January 2007, Ukraine has a law mandating open access to publicly funded research. Most of the Parliament members supported it. The law is already the second parliamentary inquiry mandating the Cabinet of Ministers to take actions on creating favorable conditions for developing open access repositories in archives, libraries, museums, and scientific and research institutions with open access conditions to publicly funded research. Nevertheless, the “bottom-up” approaches of Ukrainian universities and research centers as well as political support from the principle legislative body in the country, have still not resulted in a network of well-functioning institutional repositories. The article highlights recent open access developments and presents the lists of open access benefits for the developing and transition countries and regions.     

New characteristics for portfolio surveillance

This paper elaborates the tools for the surveillance of the global minimum variance portfolio weights. Golosnoy and Schmid [V. Golosnoy and W. Schmid, EWMA control charts for optimal portfolio weights, Sequential Anal. 26 (2007), pp. 195–224] introduced exponentially weighted moving average-type control charts for this task based on the processes of the estimated weights as well as of their first differences. This paper proposes the new approximations to these processes exhibiting better stochastic properties for sequential monitoring purposes. The control schemes for the new processes are compared for different types of economically relevant changes using Monte Carlo simulations. The suggested procedures appear to be superior for the considered performance measures.     

What Can Migration Policymakers Learn From Legal Frameworks on National Minorities? National Minorities and Migration in Armenia and Belarus

The dissolution of the USSR resulted in massive depopulation of the republics and unprecedented migration flows, including national minorities. Citizens of a once indivisible country were suddenly divided into “those of our kind” (natives) and “outsiders” (national minorities/ immigrants). The latter were often not guaranteed citizenship and were denied basic rights. Many national minorities became forced migrants and refugees, leaving neighbouring states because of discrimination or fearing violence. This article focuses primarily on the interconnection of minority and migration issues, two topics which are often discussed separately. It investigates the interrelation between migration and the minority regimes adopted by Armenia and Belarus, and the extent to which certain policies and rights for national minorities can be meaningfully extended to new migrant minorities. It also asks what lessons can be learnt from the treatment of national minorities as far as future migration legislation is concerned.

Policy Implications

• Migrants' participation policy is always based on implicit political models of participation that should always be made explicit and examined before implementation.
• There is always a plurality of political preferences, for different models of participation in the migrant population, that should be explored and accommodated.
• The number of associations in existence should not be used as an indicator of a strong civil society as much as it is at present.

     

Distributional properties of continuous time processes: from CIR to bates

In this paper, we compute closed-form expressions of moments and comoments for the CIR process which allows us to provide a new construction of the transition probability density based on a moment argument that differs from the historic approach. For Bates’ model with stochastic volatility and jumps, we show that finite difference approximations of higher moments such as the skewness and the kurtosis are unstable and, as a remedy, provide exact analytic formulas for log-returns. Our approach does not assume a constant mean for log-price differentials but correctly incorporates volatility resulting from Ito’s lemma. We also provide R, MATLAB, and Mathematica modules with exact implementations of the theoretical conditional and unconditional moments. These modules should prove useful for empirical research.