A moment-based test for extreme-value dependence

This paper proposes a new rank-based test of extreme-value dependence. The procedure is based on the first three moments of the bivariate probability integral transform of the underlying copula. It is seen that the test statistic is asymptotically normal and its finite- and large-sample variance are calculated explicitly. Consistent plug-in estimators for the variance are proposed, and a fast algorithm for their computation is given. Although it is shown via counterexamples that no test based on the probability integral transform can be consistent, the proposed procedure achieves good power against common alternatives, both in finite samples and asymptotically.     

Partnership Between Local Government and the Local Community In The Area of Social Policy

The article describes the background and history of one project aimed at developing a strategic social plan in the city of Eger. This initiative was based upon partnership between the municipal government, the local community and civil organizations in Eger. It offers an important perspective upon the potential, in the transitional nations of eastern and central Europe, for public-private partnership as an effective mechanism both to map social needs and to develop policies to address these needs. It also offers one particular approach to the development of such partnerships - the decision conferencing model. Such an approach takes public-private partnerships into an arena beyond that of policy implementation alone.     

Income Heterogeneity in the Voluntary Provision of Dynamic Public Goods

This paper explores the effect of income inequality on the voluntary contributions to a dynamic public good. We find that income heterogeneity has a significant impact both on contributions and welfare. The results show that the often observed decay of cooperation does not carry over to the asymmetric environment considered in this study. Our results also suggest that subjects in each income class make different contribution amounts in an absolute sense and give the same percentage of their income. Moreover, we find that contributions of individuals with the same endowment are sensitive to how heterogeneous the environment is.     

Securities market theory: Possession,repo and rehypothecation

By introducing repo markets we understand how agents need to borrow issued securities before shorting them: (re)-hypothecation is at the heart of shorting. Non-negative amounts of securities in the box of an agent (amounts borrowed or owned but not lent on) can be sold, and recursive use of securities as collateral allows agents to leverage their positions. A binding box constraint induces a liquidity premium: the repo rate becomes special and the security price higher than expected discounted cash-flows. Existence of equilibrium is guaranteed under limited re-hypothecation, a situation secured by (current or proposed) institutional arrangements.     

Strategyproof multiple assignment using quotas

The allocation of heterogeneous and indivisible objects is considered where there is no medium of exchange. We characterize the set of strategyproof, nonbossy, Pareto-optimal, and neutral social choice functions when preferences are monotonic and quantity-monotonic. The characterized sets of social choice functions are sequential; agents are assigned their favorite objects among the objects not given to others before them, subject to a quota. Received: 5 January 1999 / Accepted: 14 June 1999     

When Satisfied Consumers Do Not Return: Variety Seeking's Effect on Short‐ and Long‐Term Intentions

Even satisfied consumers frequently do not come back, which challenges loyalty theory and marketing practice. It is reasoned that variety‐seeking tendencies will significantly affect short‐term revisit intentions, whereas satisfaction and regret will mostly determine long‐term revisit intentions. Thus, the influence of satisfaction on loyalty is hypothesized to be critically dependent on the time perspective of the intentions, now or later, and variety seeking. A representative survey (N = 400) in eight Spanish cities supported these predictions. Multivariate moderated‐mediation analyses revealed that indeed the influence of satisfaction, regret, and variety seeking critically depends on the time perspective of the behavioral intentions.     

Consumers’ response to the EU Quality policy allowing for heterogeneous preferences

Using dry-cured ham as an anchor product, consumers’ preferences for EU Quality Certification schemes, region of origin and price have been investigated with conjoint analysis. In order to achieve this aim, a mixed rank-ordered logit which allows for the investigation of heterogeneous preferences and their sources has been estimated. In particular, we have analysed to what extent consumers’ socio-demographic traits affect their price-sensitiveness and whether consumers’ sensory (hedonic) valuations and attitudes towards ham with a Protected Designation of Origin (PDO) affect the preferences for specific attributes. Results show that consumers with a low-medium age and income are more price sensitive. Consumers more inclined sensorially towards the regional specialty (with or without PDO) are more likely to purchase this product, and consumers with a more favourable attitude towards PDO ham are also more prone to purchase cured ham with quality certification. Findings also suggest that although the PDO scheme attracts a segment of consumers, the origin by itself is still a more powerful signal of quality, and more specifically the region of origin.     

Export Performance of Brazilian States to Mercosul and Non-Mercosul Partners

ABSTRACT

We investigate the role of the trade-weighted real exchange rate and foreign income on the export performance of Brazilian states, differentiating between Mercosur and non-Mercosur partners. The results indicate that state exports are price and income inelastic. There are differences in the influence of the different trade factors between the two groups of partners. One crucial difference is the relevance of the real exchange rate effect for non-Mercosur partners. This might be associated with the existence of specific rules for Mercosur that can overcome the usual effect of relative competitiveness associated with movements in the real exchange rate.