Testing population variance in case of one sample and the difference of variances in case of two samples: Example of wage and pension data sets in Serbia

Testing one population variance and the difference in variances of two populations based on the ordinary t-statistics combined with the bootstrap method are suggested in this article. Suggested techniques are combined with Hall's transformation approach. Application of presented methods in domain of real economic data set is described and analyzed. We compare the outputs of suggested methods and traditional methods for considered data set. The results show that these introduced methods have small advantages in comparisons with traditional methods especially for small samples.     

‘If I was King of India I would Get All the Horns Out of Cars’: A Qualitative Study of Sound in Delhi

In this article we present an experimental sonic space—the mobile noise abatement pod (mNAP)—constructed and used over a two‐week period in Delhi, India, during December 2014. The interdisciplinary project, involving a composer, designer, carpenter, development scholar, filmmaker, graphic designer and sociologist, sought to investigate how noise, including honking (one of the most prevalent sounds in Indian cities), is perceived. The fieldwork reveals noise to be a complex contextual, spatial and personal experience that is as much about habit as it is about identity and class, intimately related to economic inequality and inherently connected to social justice. The article suggests that attempts to reduce levels of noise need to take into account its meaning and position—by whom and how narratives of noise reduction are constructed and reproduced.     

Optimal social security claiming behavior under lump sum incentives: Theory and evidence

Many Americans claim Social Security benefits early, though this leaves them with lower monthly payments throughout retirement. We build a lifecycle model that closely tracks claiming patterns under current rules, and we use it to predict claiming delays if, by delaying benefits, people were to receive a lump sum instead of an annuity. We predict that current early claimers would defer claiming by a year given actuarially fair lump sums, and the predictions conform with respondents' answers to a strategic survey about the lump sum. In other words, such a reform could provide an avenue for encouraging delayed retirement without benefit cuts or tax increases. Moreover, many people would still defer claiming even for smaller lump sums.     

The best choice problem under ambiguity

We model and solve best choice problems in the multiple prior framework: An ambiguity averse decision maker aims to choose the best among a fixed number of applicants that appear sequentially in a random order. The agent faces ambiguity about the probability that a candidate—a relatively top applicant—is actually best among all applicants. We show that our model covers the classical secretary problem, but also other interesting classes of problems. We provide a closed form solution of the problem for time-consistent priors using backward induction. As in the classical case, the derived stopping strategy is simple. Ambiguity can lead to substantial differences to the classical threshold rule.     

The Flamenco Factor in Destination Marketing: Interdependencies of Creative Industries and Tourism —the Case of Seville

This study builds on the concepts developed by Florida in his work “The Rise of the Creative Class”. In doing so it seeks evidence for the claims made that the creative arts address deficiencies identified in the terminology of ‘cultural tourism’. The case relates to flamenco performances in Seville. The art complex of flamenco survived on the one hand as a symbol of Andalusian culture on the other hand it depends strongly on the international tourism market. Additionally flamenco is used in destination marketing to differentiate Seville from other Spanish cities.     

Economic impact of switching from metoprolol to nebivolol for hypertension treatment: a retrospective database analysis

Objective:

To estimate the real-world economic impact of switching hypertensive patients from metoprolol, a commonly prescribed, generic, non-vasodilatory β₁-blocker, to nebivolol, a branded-protected vasodilatory β₁-blocker.

Methods:

Retrospective analysis with a pre–post study design was conducted using the MarketScan database (2007–2011). Hypertensive patients continuously treated with metoprolol for ≥6 months (pre-period) and then switched to nebivolol for ≥6 months (post-period) were identified. The index date for switching was defined as the first nebivolol dispensing date. Data were collected for the two 6-month periods pre- and post-switching. Monthly healthcare resource utilization and healthcare costs pre- and post-switching were calculated and compared using Wilcoxon test and paired t-test. Medical costs at different years were inflated to the 2011 dollar.

Results:

In total, 2259 patients (mean age: 60 years; male: 52%; cardiovascular [CV] disease: 37%) met the selection criteria. Switching to nebivolol was associated with statistically significant reductions in the number of all-cause hospitalization (?33%; p?p?p?p?p?Conclusions:

This real-world study suggests that switching from metoprolol to nebivolol is associated with an increase in medication costs and significant reductions in hospitalizations and outpatient visits upon switching, resulting in an overall neutral effect on healthcare costs. These results may be interpreted with caution due to lack of a comparator group and confounding control caused by design and limitations inherent in insurance claims data.     

Conventional Monetary Policy Transmission During Financial Crises: An Empirical Analysis

This paper studies the effects of a conventional monetary policy shock in the USA during times of high financial stress. The analysis is carried out by introducing a smooth transition factor model where the transition between states (‘normal’ and high financial stress) depends on a financial conditions index. Employing a quarterly dataset over the period 1970:Q1 to 2008:Q4 containing 108 US macroeconomic and financial time series, I find that a monetary policy shock during periods of high financial stress has stronger and more persistent effects on macroeconomic variables such as output, consumption and investment than it has during ‘normal’ times. Differences in effects among the regimes seem to originate from nonlinearities in both components of the credit channel, i.e. the balance sheet channel and the bank‐lending channel. Copyright © 2016 John Wiley & Sons, Ltd.     

Enforcement Activity in Consumer Protection Regulation in Croatia

The law regulating consumer protection in the Republic of Croatia began its intensive development through the process of harmonization of Croatian legislation with EU law. Apart from the approximation of Croatian legislation with the acquis, in the pre-accession process, Croatia also undertook obligations to introduce and develop corresponding mechanisms for the efficient enforcement of consumer protection in practice. The development of consumer protection policy was recognized as a priority area in Croatia, and even before full membership, the process of implementing new directives in the area of consumer protection ran almost in parallel to and at the same pace as that of the Member States. Alongside the harmonization of its legislation with the EU consumer acquis, Croatia started developing a regulatory enforcement structure, including a whole series of mechanisms to achieve individual and collective protection of consumer rights. Among other things, the satisfactory development of regulatory enforcement activities in consumer protection was one of the preconditions for the successful completion of the accession negotiations and for signing the accession treaty. At the same time, the article suggests that in the area of both the individual and collective realization of consumer protection, there is a need for further progress through, on the one hand, developing administrative capacities and enhancing access to justice, as well as developing a system of out-of-court settlement of consumer disputes on the other.     

A rank order and efficiency evaluation of the EU regions in a social framework

In this paper, methods of multi-criteria efficiency evaluation are implemented for ranking the socio-economic systems of the EU regions. The socio-economic rank order problem is a multi-criteria non-convex optimization problem that was solved by the implementation of a new efficiency evaluation, AOWI (Absolute Optimal Weights Index). The rank order of the 268 NUTS-2 regions from the 27 European Union countries in the social framework obtained on the basis of 16 socio-economical indicators illustrates social divergence within the European Union and in the new European Union regions.