THE IMPACT OF FEATURE SELECTION: A DATA‐MINING APPLICATION IN DIRECT MARKETING

The capability of identifying customers who are more likely to respond to a product is an important issue in direct marketing. This paper investigates the impact of feature selection on predictive models which predict reordering demand of small and medium‐sized enterprise customers in a large online job‐advertising company. Three well‐known feature subset selection techniques in data mining, namely correlation‐based feature selection (CFS), subset consistency (SC) and symmetrical uncertainty (SU), are applied in this study. The results show that the predictive models using SU outperform those without feature selection and those with the CFS and SC feature subset evaluators. This study has examined and demonstrated the significance of applying the feature‐selection approach to enhance the accuracy of predictive modelling in a direct‐marketing context. Copyright © 2013 John Wiley & Sons, Ltd.     

A Test for Natural Monopoly with Application to Norwegian Electricity Distribution

Review of Industrial Organization - Reorganization of public utilities is on the currentpolitical agenda in many European countries. However,in many cases the most fundamental question in termsof...     

耕地经营规模对农业生产效率及环境压力的影响研究——以黄淮海地区为例

[目的]基于耕地经营规模效应,考察耕地经营规模对农业生产效率及环境压力的影响,为农业现代化与可持续发展政策制定提供科学依据。[方法]文章通过理论推导与实证检验,从时间序列和横截面2个维度对耕地经营规模与农业生产效率、环境压力的关系进行定量分析。[结果]（1）耕地经营规模对农业生产效率和环境的影响存在不确定性,并非所有区域都存在一致的时空效应。（2）耕地经营规模与单位耕地面积农业机械碳排放、单位耕地面积粮食产量存在明显的负相关关系,这些关系与机械使用效率、技术和劳动力要素投入密切相关。（3）耕地经营规模越小,农业机械使用效率越低,单位耕地面积农业机械碳排放越高;而耕地经营规模增加则会降低化肥、劳动力等要素的投入强度导致农业生产粗放化,进而影响单位耕地面积粮食产量。[结论]农业生产过程中需要构建现代农业产业体系、生产体系和经营体系,降低传统生产要素的投入,不断增加新要素和新技术投入,以实现减碳、增产的双重目标。     

PRICING OF HIGH‐DIMENSIONAL AMERICAN OPTIONS BY NEURAL NETWORKS

Pricing of American options in discrete time is considered, where the option is allowed to be based on several underlyings. It is assumed that the price processes of the underlyings are given Markov processes. We use the Monte Carlo approach to generate artificial sample paths of these price processes, and then we use the least squares neural networks regression estimates to estimate from this data the so‐called continuation values, which are defined as mean values of the American options for given values of the underlyings at time t subject to the constraint that the options are not exercised at time t. Results concerning consistency and rate of convergence of the estimates are presented, and the pricing of American options is illustrated by simulated data.     

Constructing useful theory: The case of Six Sigma

Organizational practices related to Six Sigma are believed to have resulted in improved organizational outcomes. The academic community, however, continues to lack understanding of the constructs and causal relationships underlying Six Sigma. Hence, discussion of Six Sigma is buffeted by anecdotal experience reported from practice. We evaluate Six Sigma through the lens of literature on theory development to explain why the Six Sigma constructs, assumptions, and causal relationships are inconsistent with theory development principles. Dr. Anilkumar N. Kharkar has retired from Corning Incorporated.     

The Style Consistency of Hedge Funds

This study examines the style classification and the style consistency of hedge funds using a new proprietary database over the period May 1989 to April 1999. First, a hard clustering procedure is applied to classify hedge funds into homogeneous groups. It is shown that the methodology is robust and can be used to build stable hedge funds indexes. The method performs equally well as the principal component analysis in explaining in‐ and out‐of‐sample cross‐sectional hedge funds' returns. Second, we extend hard to fuzzy cluster memberships, relaxing the full assignment of the funds to individual clusters. We apply the fuzzy clustering methodology to estimate hedge funds' probabilistic exposure to various styles. We introduce three consistency indicators to quantify the hedge fund managers' style opportunism levels. We finally document that there is no evidence that style consistency leads to superior hedge funds' performance.     

HEATH–JARROW–MORTON INTEREST RATE DYNAMICS AND APPROXIMATELY CONSISTENT FORWARD RATE CURVES

We study a finite-dimensional approach to the Heath–Jarrow–Morton model for interest rate and introduce a notion of approximate consistency for a family of functions in a deterministic and stochastic framework. This amounts to asking the decrease of the minimum distance in least squares sense. We start from a general linearly parameterized set of functions and extend the theory to a nonlinear Nelson–Siegel family. Necessary and sufficient condition to have approximately consistency are given as well as a criterion of stability for the approximation.     

Reduced game and converse consistency

The initiating points of the current paper are the axiomatic characterizations, in terms of consistency, of the equal allocation of nonseparable cost value (by Moulin), the Shapley value (by Hart and Mas-Colell), and the prenucleolus (by Orshan). The basic axioms are the same, but three different reduced games can be used to distinguish these three solutions. The main purpose of the paper is to illustrate that besides the definitions of reduced games are different, the axiom converse consistency also plays an important role to distinguish these three solutions.     

Brand expertise and perceived consistency reversals on vertical line extensions: The moderating role of extension direction

Vertical line extensions are a valuable growth strategy for many retail service sectors. Correctly positioning a new vertical line extension in the price/quality spectrum is an important decision that has considerable implications for bottom line profits. This paper examines the moderating role of extension direction on the effect of perceived consistency on vertical extension evaluations. In two studies, we show that a lack of perceived consistency acts as a reminder to consumers that the brand may be stretching beyond its expertise, increasing perceived performance and financial risks for upscale extensions but not for downscale extensions. As a consequence, higher consistency results in higher upscale extension favourability whereas evaluations of downscale extensions are similar regardless of their perceived consistency with the parent brand.     

Commitment and leisure behavior: A theoretical perspective

Abstract

The concept of commitment has been indirectly linked to a variety of topical areas in leisure research. The purpose of this paper is to identify and critique links between commitment and leisure behavior and to identify and discuss the attributes of committed behavior. The contribution of integrating the concept of commitment into research regarding conflict, substitution, recreation specialization, and leisure social worlds is identified and discussed. Tentative propositions linking commitment to leisure behavior are identified. Recommendations are made for the future operationalization of commitment, and its potential contribution to integrating leisure is discussed.