Top PDF Models of Arbitrator Behavior: Theory and Evidence

Models of Arbitrator Behavior: Theory and Evidence

Models of Arbitrator Behavior: Theory and Evidence

As Table 3 indicates, the alternative wage variable (LPCI) has a statistically significant and positive effect on the mean of arbitra- tor preferences in the data for 1979 and 1980 for b[r]

41 Read more

Fiscal policy in models of economic growth: theory and evidence

Fiscal policy in models of economic growth: theory and evidence

In contrast, public policy in the endogenous growth models of Barro (1990) and Barro & Sala-i-Martin (1992,1995) fiscal policy determines both the level of output and the steady s[r]

298 Read more

Models of Firm Dynamics and the Hazard Rate of Exits: Reconciling Theory and Evidence using Hazard Regression Models

Models of Firm Dynamics and the Hazard Rate of Exits: Reconciling Theory and Evidence using Hazard Regression Models

February 24, 2005 Abstract This paper considers empirical work relating to models of firm dy- namics. It is shown that a hazard regression model for firm exits, with a modification to accommodate age-varying covariate effects, provides an adequate framework accommodating many of the features of in- terest in empirical studies on firm dynamics. Modelling implications of some of the popular theoretical models are considered and a set of empirical procedures for verifying theoretical implications of the models are proposed. The proposed hazard regression models can ac- commodate negative effects of initial size that increase to zero with age (active learning model), negative initial size effects that may increase with age, but stay permanently negative (passive learning model), conditional and unconditional hazard rates that decrease with age at higher ages, and adverse effects of macroeconomic shocks that de- crease with age of the firm. The methods are illustrated using data ∗ Address: School of Economics and Finance, University of St Andrews, Castlecliffe,
Show more

29 Read more

Testing the UIP theory in the CEE countries: evidence from the GARCH models

Testing the UIP theory in the CEE countries: evidence from the GARCH models

Apart from that, the financial system is predominantly banking oriented. In opposition with the euro area where the banking system represents only 4% out of the financial system, the average value for this indicator amounts to 80% in the CEE countries. In spite of other studies that revealed the accelerated rhythm of the financial integration in this geographical area during the last decade (Ferreira and Leon-Ledesma, ((2007)), significant discrepancies in the real convergence process between CEE countries and euro zone triggered by differences in the financial system development degree still persist. As such, financial system depth is still in an early stage, resulting in important transaction costs, which adds on other layers of risk premiums that determines the deviation from the UIP theory.
Show more

31 Read more

The Investment Behavior of Buyout Funds: Theory and Evidence

The Investment Behavior of Buyout Funds: Theory and Evidence

The dataset has several advantages over others used in the literature. First, unlike commercial databases such as Venture Economics, VentureOne, or Asset Alternatives, it is free of self-reporting and survivor biases: We know the complete portfolio composition of every fund in the sample as well as the ultimate fate of each investment. This obviates the need to remove reporting and survivor biases through the use of structural econometric models (as in Cochrane (2005) or Hwang, Quigley, and Woodward (2005), among others). Second, we know the timing and magnitude of both cash outflows and cash inflows associated with every portfolio company, enabling us to compute not just fund-level performance measures but also returns for each portfolio company. Commercial databases generally keep fund-level performance data secret; 1 portfolio company returns are impossible to compute with any certainty from commercially available data, because the precise contractual structure of the investments (which determines the division of cash flows at exit) is not recorded. Third, we can map every buyout target to an identifiable buyout fund, which enables us to track each fund’s precise investment choices. Commercial databases frequently do not know which fund in a manager’s funds family made an investment and so credit many investments to ‘unspecified’ funds.
Show more

43 Read more

Planning theory- and evidence-based behavior change interventions: a conceptual review of the intervention mapping protocol

Planning theory- and evidence-based behavior change interventions: a conceptual review of the intervention mapping protocol

Implementation: Dissemination of the JNC 7 guidelines Bartholomew et al. (2009; Stafford et al., 2010) applied Intervention Mapping in an intervention to promote the dissemination of clinical trial results among USA physician practices; the JNC7 guidelines. The goal was to promote the compliance to these guidelines, i.e. the performance objectives, beyond the standard publica- tions and presentations of trial results. The target population consisted of health care providers who man- age hypertension. Determinants, benefits and barriers that were identified included awareness, outcome expec- tations, skills and self-efficacy, perceived norms and standards of care, as well as pharmaceutical marketing influence. The main strategy in the intervention was the ‘investigator educator’ approach: physicians that educate other physicians, as role models, through small group presentations. The proposed settings were medical practice staff meetings, hospital staff meetings, residency programs, local medical societies and other venues as identified by the educator or project manager. The educator also left cues to action such as newsletters with role model stories, pocket cards with guidelines and tips, and posters to encourage patients to talk with their doctors. A second strategy for reaching health care providers was through their professional associations.
Show more

13 Read more

Discretionary Behavior and Racial Bias in Issuing Traffic Tickets: Theory and Evidence

Discretionary Behavior and Racial Bias in Issuing Traffic Tickets: Theory and Evidence

Table 11 presents the results from Tobit models where the dependent variable is the fine gap. In Column (2) we exclude those tickets whose fine gap is exactly $25 because of the above mentioned concern. There are some significant estimates. First, the higher the speed limit is, the larger the fine gap is. The size of the effect is, however, small. A 10 m.p.h. increase in the speed limit on average increases the gap by 50 to 80 cents. Second, the gap is larger for younger drivers. Again the effect is not substantial. The negative effect of driver age seems to reflect the notion that officers are less lenient to prime-age adults with higher earning potential. It might indicate that officers’ penalty policy is overall progressive or simply that officers have certain age preferences. Third, we find a similar negative (and small) effect for commercial drivers. This too may be due to the fact that officers may tend give a break to less experienced drivers such as non-commercial drivers. Fourth, officers’ experience increases the fine gap. This is opposite to our previous finding that inexperienced officers are more lenient. A plausible explanation is that these younger and newer officers are more concerned about inconsistency between the fine and reported speed. We also find significant effects of time of the day, but the estimates between Columns (1) and (2) are too different to interpret appropriately.
Show more

39 Read more

The Cyclical Behavior of Equilibrium Unemployment and Vacancies: Evidence and Theory

The Cyclical Behavior of Equilibrium Unemployment and Vacancies: Evidence and Theory

Papers by Abraham and Katz (1986), Blanchard and Diamond (1989), and Cole and Rogerson (1999) fit into the first category, matching the behavior of labor market stocks and flows by sidestepping the magnitude of impulses. For example, Abraham and Katz (1986) argue that the downward sloping Beveridge curve is inconsistent with models in which unemployment is driven by fluctuations in the job destruction rate, no- tably Lilien’s (1982) sectoral shifts model. That leads them to advocate an alternative in which unemployment fluctuations are driven by aggregate disturbances, e.g. produc- tivity shocks. Unfortunately, they fail to examine the magnitude of shocks needed to deliver the observed shifts along the Beveridge curve. Blanchard and Diamond (1989) also focus on the negative correlation between unemployment and vacancies, but they do not model the supply of jobs and hence do not explain why there are so few vacancies during recessions. Instead, they assume the total stock of jobs follows an exogenous stochastic process. This paper pushes the cyclicality of the vacancy-unemployment ratio to the front of the picture. Likewise, Cole and Rogerson (1999) argue that the Mortensen and Pissarides (1994) model can match a variety of business cycle facts, but they do so in a reduced form model that treats fluctuations in the job finding rate, and hence implicitly in the vacancy-unemployment ratio, as exogenous.
Show more

46 Read more

Empirical Models of Arbitrator Behavior Under Conventional Arbitration

Empirical Models of Arbitrator Behavior Under Conventional Arbitration

However, since there is a substantial amount of unexplained variance in the arbitration decisions, this evidence of mechanical compromise behavior should be viewed as characterizing the [r]

22 Read more

A theory of reference-dependent behavior

A theory of reference-dependent behavior

JEL classification numbers: A12, B41, D11. 1. Introduction Extensive evidence has accumulated over the last few decades to suggest that be- havior in a variety of settings is in part determined by a reference point. The ref- erence point may be interpreted as the default choice, as in the status quo bias or endowment effect literature; the aspiration level, as in aspiration adaptation mod- els; the convention, norm, or belief about what one should choose, as, for example, in cognitive dissonance studies; past consumption, as in addiction, habit formation, status-seeking, or brand loyalty models; and others.
Show more

30 Read more

Theory, evidence and Intervention Mapping to improve behavior nutrition and physical activity interventions

Theory, evidence and Intervention Mapping to improve behavior nutrition and physical activity interventions

Another possible approach to contribute to bridging the intention – behavior gap is to try to accomplish environ- mental changes; to increase the actual opportunities for healthy nutrition and PA behaviors and/or to reduce the opportunities for unhealthy behaviors. It has, for exam- ple, repeatedly been argued that an environment that offers and encourages plenty of opportunities to eat palat- able energy-dense foods and to avoid physical activity may make it extremely difficult for people to act on their positive intentions to prevent weight gain [32-35]. These interventions have mostly tried to apply individual behav- ioral theories to increase people's awareness, motivation, abilities and confidence to face such an environment. More recently, however, so-called social-ecological theory that highlight the importance of environmental influ- ences, has gained more attention [11]. Once again, this theory mainly identifies what needs to be changed in the environment, rather than how this change can be induced. We still lack systematic evidence and careful rea- soning (i.e. theory) driven interventions that can change the environment to offer better opportunities for healthy eating and PA. IM might again offer some direction here [10]. In line with ecological models of health behavior, IM distinguishes between individual and environmental determinants of health behavior and argues that interven- tions may directly or indirectly address the at-risk individ- uals. In accomplishing environmental change, the indirect pathway should be used: IM has adopted the approach of Simons-Morton and colleagues [36] and sug- gests that environmental change is most often eventually the result of changes in behavior of ' decision makers' or 'role actors' at the different levels of the environment:
Show more

7 Read more

Theory Versus Evidence

Theory Versus Evidence

These three cables use the same remarkably effective Double Quad-Helix design. Eight conductors in the same four sizes as in Slate (16,18,19,21) optimize the potential of SST (Spread Spectrum Technol- ogy) to minimize audible character flaws. In the explanation of Type 4 above, it is explained why none of the conductors in Type 4 (or CV-4 or KE-4) can be any larger or smaller without sacrificing quality. However, with eight conductors in two four-conductor helixes, the game changes. In the “bass half” of the Flat Rocks, all four conductors are one size larger. The cable has better authority, and the loss of high frequency detail does not matter. In the “treble half” of the Flat Rocks, the four conductors are all one size smaller, allowing an even more open and detailed top end. If used full range this would com- promise bass weight and cause a light sound (compare Type 2 to Type 4). However, when all eight con- ductors are combined, the SST Double Quad-Helix design allows unprecedented clarity and dynamics. A wonderful byproduct of the superbly effective full range design of the Flat Rocks, is that these models are also ideal for use as single-biwire cables. The “bass half” and “treble half” have already been opti- mized for their particular priorities, and they have a degree of magnetic isolation not found in any other single-biwire cable.
Show more

27 Read more

Familial Relationship of Migrants and Remittances Behavior: Theory and Evidence from Ecuador

Familial Relationship of Migrants and Remittances Behavior: Theory and Evidence from Ecuador

Future research related to remittances might be fo- cused on the consequences of remittances for developing countries. Remittances may prove poverty-alleviating and reduce inequality, either directly through flows to the poor, if not the poorest, or indirectly through a stimulant effect on the local economy. Moreover, remittances may have long-term effects by overcoming liquidity con- straints and allowing investment in the education and health care of receiving families. Similarly, remittances create a stable source of income which has a positive effect on exchange reserves and the balance of payments and might enhance financial development in small cities or towns of the source country. As foreign exchange inflow, remittances enter the economy in a different way than private capital inflows, foreign investment or financial aid, and, until now, there is no systematic study for a better understanding of those differences. In fact, macroeconomic effects remain poorly modeled and poorly understood. What particularly lacking are models that may facilitate the evaluation of both migration and remittance effects. However, many nations, like Ecuador, presume major benefits from remittance inflow and some actively promote additional flow, both through efforts to lower transfer fees and through offers of alternatives for investment with government and inter- national agency support.
Show more

16 Read more

Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and Evidence

Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and Evidence

We have developed a lifecycle model in which individuals optimally select their consumption, saving, work effort, and Social Security benefit claiming ages. Next we calibrated it to generate expected retirement benefit claiming behaviors under current Social Security rules that match claiming patterns found in a nationally representative survey fielded through RAND’s American Life Panel. We then used this model to simulate how people might change their claiming behavior if part of their Social Security benefits – the portion currently paid as an additional lifelong annuity– were to be exchanged for an actuarially fair lump sum. Unlike studies that calibrate models to empirical data and subsequently conduct simulation analyses for policy purposes, we can compare the “out of sample” model predictions to what people say they would actually do, since our survey also elicited new claiming ages given such a reform.
Show more

34 Read more

Inventory Behavior and Financial Constraints: Theory and Evidence

Inventory Behavior and Financial Constraints: Theory and Evidence

Our model builds on the notion that capital investment is not only associated with higher adjustment costs relative to inventory, but for financially constrained firms, capital is also difficult to rebuild. The main building blocks of our inventory model are traditional. We use a variant of the standard “linear-quadratic” model 3 , and allow a role for both cost and demand shocks, although the former play a more important role in our calibrated model. This latter feature is consistent with the widely documented fact that inventory movements are procyclical. In these linear- quadratic models, persistent shocks to both cost and demand are the main drivers of inventory behavior. However, in reality, investment in capital and capacity constraints are also likely to play an important role, especially for financially constrained firms. When shocks to marginal cost of production are present, given negatively sloped demand and marginal revenue, firms have an incentive to produce more than the quantity that equates marginal revenue and marginal
Show more

50 Read more

Transfers and Labor Market Behavior of the Elderly in Developing Countries: Theory and Evidence from Vietnam

Transfers and Labor Market Behavior of the Elderly in Developing Countries: Theory and Evidence from Vietnam

The vector of the elderly’s characteristics (X p ) includes variables reflecting the main char- acteristics of the elderly such as the household position, sex, age, marital status, educational achievement, health status and financial responsibility. The vector of main characteristics of co- residing members  X dc  consists of household size, average age, average education achievement, number of household members older than 80 years old, number of household members younger than 10 years old. The vector of main characteristics of household  X h  contains variables of durable goods, housing condition and place of residence. The vector of main characteristics of non-coresiding members  X ic  includes number of non-coresiding members, average age, aver- age educational achievement, numbers of non-coresiding members living aboard and numbers of non-coresiding members living in big cities. A full list and definition of variables used for my econometric models are presented in table 3. Summary statistics of these variables are reported in table 4.
Show more

23 Read more

Contolling and Informational Planned Behavior: Self-Determination Theory and the Theory of Planned Behavior

Contolling and Informational Planned Behavior: Self-Determination Theory and the Theory of Planned Behavior

Perceived control, on the other hand, seems pre-disposed to controlling events. For, TPB presumes an individual will perform an intended behavior unless there is a controlling event preventing the fulfillment of that intention. The example of the paraplegic runner above is an example of this. If an individual does not even develop an intention to perform some action based on a perception of lack of access to the behavior, that person is developing that intention in the context of a controlling event. Where SDT offers value in possibly improving TPB’s explanatory power relates to the event valence of perceived control. An individual may make significant strides to overcome a lack of access for informational events, but may readily identify barriers to access for controlling events. Such valences should be tested within the TPB framework.
Show more

12 Read more

WILLIAM L. NEVILLE. Arbitrator & Mediator

WILLIAM L. NEVILLE. Arbitrator & Mediator

• an approved Independent Third Party Reviewer for Canada Revenue Agency and for Canadian Food Inspection Agency for workplace disputes. PROFESSIONAL DESIGNATIONS[r]

5 Read more

Competitive Behavior in Market Games: Evidence and Theory

Competitive Behavior in Market Games: Evidence and Theory

as evidenced by the 0 in the second element of their bid pairs (and not the opposite type of trades). Such bidding behavior was not imposed on subjects but rather follows from the objective of maximizing one’s type-specific payoff function. That is, subjects nearly always offered to bid for the good with the higher marginal payoff for their type, even though they were free to bid for either type of good, or not to bid at all. More importantly, subjects in these treatments bid so as to achieve final allocations that are very close to the full Nash equilibrium (Full NE) by the final rounds of all sessions. Both the average amounts bid and the final end-of-round allocations are very close to these full NE predictions in both the n = 2 and n = 10 treatments. Indeed, we also see that subject are achieving approximately 100% of the payoffs they could have earned had all played according to the full Nash equilibrium; in some instances certain player types are doing slightly better, due to less than complete coordination on the NE and the inefficiency of that equilibrium relative to the Walrasian equilibrium. Notice further that, consistent with theoretical predictions, most of these averages lie below the Walrasian equilibrium allocation (WE) predictions. Perhaps most importantly, there is strong evidence for the comparative static prediction of greater trade volume (bid amounts) as the size of each type increases from 2 to 10. Using the three session—level averages for the bids (of good y for good x) for type I players or the bids (of good x for good y) for type II players, a non-parametric, Mann-Whitney test confirms that we can reject the null hypothesis of no difference in bid amounts between the n = 2 and n = 10 treatments in favor of the alternative hypothesis that bids by both player types are greater when n = 10 than when n = 2 (p = 0.05 for both tests).
Show more

54 Read more

GREGORY L. BERTRAM MEDIATOR - ARBITRATOR

GREGORY L. BERTRAM MEDIATOR - ARBITRATOR

• ERISA: Numerous claims regarding coverage and failure to pay. • Indemnity & Contribution: Mediator and arbitrator of many claims involving multiple insurers in construction, professional negligence and commercial property damage; primary and excess carriers.

11 Read more

Show all 10000 documents...