Health expenditure models: A comparison using panel data

In this article, we focus on the estimation of outpatient expenditures with panel data. We model the logarithm of expenditures and consider five different models. The first two are two-part and sample selection cross-section models. Two-part panel data models turn out to be inappropriate for dealing with expenditures. We thus estimate sample selection models with panel data: one without a lagged dependent variable and two with a lagged dependent variable. These two latter models differ in their assumptions on the variance of the residuals. Modelling heteroscedasticity may indeed be important to avoid the bias due to the retransformation problem. We show that lagged dependent variables are important factors for heteroscedasticity. For the models with state dependence, we provide a new solution to the initial conditions problem by controlling for generalised residuals. We establish that panel data models highly improve the correlation explained by the model in the time-series dimension without damaging the fit in the cross-section dimension. For all indicators of fit, the model with state dependence and heteroscedasticity seems to dominate the others.     

Proof of concept processes in UK university technology transfer: an absorptive capacity perspective

Successful research commercialisation within the university domain is predicated upon basic research being developed into technology that will attract funding, ultimately resulting in entities such as University spin-out companies or licensing arrangements. This development process involves considerable risk and uncertainty and may require substantial resources to fund early stage operations while returns are uncertain. Hence there is a need to explore risk-minimisation approaches relating to proving the potential for development while concurrently allocating resources in an incremental manner. This paper focuses on the development of the Northern Ireland Proof of Concept (PoC) process within a University Science Park Incubator (USI) as a particular approach to addressing these challenges inherent in the United Kingdom University technology transfer. Furthermore, Absorptive Capacity has emerged in the literature as an appropriate theoretical framework or lens for exploring the development and application of new technology. Therefore, the aim of this paper is to explore the PoC process within a USI as a means for improving the commercialisation of University technology transfer using an Absorptive Capacity perspective. A multiple case analysis of PoC applications within a UK university is described. From the findings it emerges that Absorptive Capacity influencing factors such as levels of R&D investment, prior knowledge base and integration of stakeholder and technology planning all impact on PoC outcomes. In addition a number of process improvement areas for PoC are identified in relation to the influencing factors within the Absorptive Capacity framework.     

The effect of organisational change on UK public library efficiency

Restructuring of local authority services, beginning in 1995/6, changed the organization of public library services in some areas, but not in others. This event provides an opportunity to assess the effect of organizational change on the technical efficiency of library services. A longitudinal data set is used to estimate efficiency scores using a time varying, multi-output stochastic distance function, which is estimated using maximum likelihood methods. Overall, there is little apparent difference in the efficiency of library systems, whether restructured or not. More detailed analysis shows that initially efficiency was reduced, but the scores change over time and higher relative efficiency is implied in subsequent periods.     

Enhancing digital entertainment through personalization: The evolving role of product placements

This research tests a model of the effects of personalized product placements on consumer preference, both for the embedded brand and the digital entertainment product in which that brand is embedded. The latter has yet to be examined in the traditional product placements literature. The results of two studies conducted in the domain of eBooks are presented. Evidence suggests that when pre-existing rankings of brands were systematically collected and used to design personalized product embeds, participants were willing to pay more for the eBook when it contained a favourably (vs. unfavourably) ranked brand, but only when the brand embed was subtle (as opposed to obvious). Study 2 also finds that personalized product placements enhanced consumers’ recall of, and probability of choosing the embedded brand. Results suggest that both the digital entertainment product and the embedded brand can benefit from the strategic use of personalized product placements.     

The monetary model strikes back: Evidence from the world

We revisit the dramatic failure of monetary models in explaining exchange rate movements. Using the information content from 98 countries, we find strong evidence for cointegration between nominal exchange rates and monetary fundamentals. We also find fundamentals-based models very successful in beating a random walk in out-of-sample prediction.     

The importance of the institutional environment on multifunctional farming systems in the peri-urban area of Brussels

The influence of local and regional policies on the uptake of multifunctional farming systems is analysed. The conceptual framework of how regional and local policies can influence farmers’ behaviour is empirically verified by analysing data on uptake of diversification and environmental management by farmers located in the Brussels’ peri-urban area. In a two-stage model, farmers’ participation and behaviour to influence local policy-makers is also examined. It has been found among other things that, in a municipality that attaches greater importance to environmental issues, the uptake of agri-environmental measures is higher and that promotion of local agriculture will encourage farmers to start processing or selling products on their farms.