A panel data approach to economic forecasting: the bias-corrected average forecast

In this paper, we propose a novel approach to econometric forecasting of stationary and ergodic time series within a panel-data framework. Our key element is to employ the (feasible) bias-corrected average forecast. Using panel-data sequential asymptotics we show that it is potentially superior to other techniques in several contexts. In particular, it is asymptotically equivalent to the conditional expectation, i.e., has an optimal limiting mean-squared error. We also develop a zeromean test for the average bias and discuss the forecast-combination puzzle in small and large samples. Monte-Carlo simulations are conducted to evaluate the performance of the feasible bias-corrected average forecast in finite samples. An empirical exercise, based upon data from a well known survey is also presented. Overall, these results show promise for the feasible bias-corrected average forecast.

Welfare costs of inflation when interest-bearing deposits are disregarded: a calculation of the bias

Most estimates of the welfare costs of in ation are devised considering only noninterest- bearing assets, ignoring that since the 80s technological innovations and new regulations have increased the liquidity of interest-bearing deposits. We investigate the resulting bias. Suscient and necessary conditions on its sign are presented, along with closed-form expressions for its magnitude. Two examples dealing with bidimensional bilogarithmic money demands show that disregarding interest-bearing monies may lead to a non-negligible overestimation of the welfare costs of in ation. An intuitive explanation is that such assets may partially make up for the decreased demand of noninterest-bearing assets due to higher in ation.

Comportamento de ajuda entre os "bóias-frias": um estudo exploratório

Esta pesquisa visou levantar as manifestações do comportamento de ajuda entre "bóias-frias" através de seu próprio reato, com o objetivo de analisar as implicações deste comportamento para sua organização social enquanto um grupo específico. Foram entrevistados 47 sujeitos, de ambos os sexos, no seu local de trabalho . O instrumento utilizado foi uma entrevista estruturada construída pela autora desta pesquisa , composta de 26 questões. Estas questões buscaram levantar frequência, razões e situações de ajudai solicitada ou espontânea, do entrevistado em relação aos colegas e de seus colegas em relação a ele mesmo, no trabalho e fora dele . Observou-se que quando perguntados se prestam e recebem ajuda, houve um grande índice de respostas afirmativas e quando solicitados a relatar as situações ocorridas, o índice de respostas diminuiu consideravelmente . Foram discutidas as possíveis razões para a ocorrência de tal fato. A análise das situações de ajuda narradas serviu para a compreensão de como a estrutura do trabalho volante determina as formas que assumem as relações de ajuda entre os "bóias-frias" e o quanto estas relações I por sua vez, influenciam a estruturação das relações sociais destes trabalhadores.

Is there a price puzzle in Brazil? an application of bias- corrected bootstrap

Using data from the United States, Japan, Germany , United Kingdom and France, Sims (1992) found that positive innovations to shortterm interest rates led to sharp, persistent increases in the price leveI. The result was confirmed by other authors and, as a consequence of its non-expectable nature, was given the name "price puzzle" by Eichenbaum (1992). In this paper I investigate the existence of a price puzzle in Brazil using the same type of estimation and benchmark identification scheme employed by Christiano et aI. (2000). In a methodological improvement over these studies, I qualify the results with the construction of bias-corrected bootstrap confidence intervals. Even though the data does show the existence of a statistically significant price puzzle in Brazil, it lasts for .only one quarter and is quantitatively immaterial.

Bias and size effects of price-comparison search engines : theory and experimental evidence

We analyze the impact on consumer prices of the size and bias of price comparison search engines. In the context of a model related to Burdett and Judd (1983) and Varian (1980), we develop and test experimentally several theoretical predictions. The experimental results confirm the model’s predictions regarding the impact of the number of firms, and the type of bias of the search engine, but reject the model’s predictions regarding changes in the size of the index. The explanatory power of an econometric model for the price distributions is significantly improved when variables accounting for risk attitudes are introduced.

Overconfidence and confirmation bias: are future managers vulnerable?

Decision makers often use ‘rules of thumb’, or heuristics, to help them handling decision situations (Kahneman and Tversky, 1979b). Those cognitive shortcuts are taken by the brain to cope with complexity and time limitation of decisions, by reducing the burden of information processing (Hodgkinson et al, 1999; Newell and Simon, 1972). Although crucial for decision-making, heuristics come at the cost of occasionally sending us off course, that is, make us fall into judgment traps (Tversky and Kahneman, 1974). Over fifty years of psychological research has shown that heuristics can lead to systematic errors, or biases, in decision-making. This study focuses on two particularly impactful biases to decision-making – the overconfidence and confirmation biases. A specific group – top management school students and recent graduates - were subject to classic experiments to measure their level of susceptibility to those biases. This population is bound to take decision positions at companies, and eventually make decisions that will impact not only their companies but society at large. The results show that this population is strongly biased by overconfidence, but less so to the confirmation bias. No significant relationship between the level of susceptibility to the overconfidence and to the confirmation bias was found.

Bias from ignoring price dispersion in demand estimation

Consumers often pay different prices for the same product bought in the same store at the same time. However, the demand estimation literature has ignored that fact using, instead, aggregate measures such as the “list” or average price. In this paper we show that this will lead to biased price coefficients. Furthermore, we perform simple comparative statics simulation exercises for the logit and random coefficient models. In the “list” price case we find that the bias is larger when discounts are higher, proportion of consumers facing discount prices is higher and when consumers are more unwilling to buy the product so that they almost only do it when facing discount. In the average price case we find that the bias is larger when discounts are higher, proportion of consumers that have access to discount are similar to the ones that do not have access and when consumers willingness to buy is very dependent on idiosyncratic shocks. Also bias is less problematic in the average price case in markets with a lot of bargain deals, so that prices are as good as individual. We conclude by proposing ways that the econometrician can reduce this bias using different information that he may have available.

Home bias no mercado de capitais brasileiro : um estudo sobre a custódia de investidores em ações

A presente dissertação apresenta uma análise da concentração do portfólio de a-ções de investidores brasileiros nas próprias empresas onde trabalham com o intuito de observar se o Home Bias se aplica à amostra analisada. Nosso estudo foi reali-zado com uma amostra extraída da custódia de 86 clientes de uma corretora de va-lores mobiliários, sendo estes dados reais de mercado. Restringimos a seleção da amostra de forma que metade fosse de clientes que trabalham em empresas de ca-pital aberto e a outra metade não. Foi feita análise cross section de quanto os inves-tidores alocam em ações das empresas para a qual trabalham e verificou-se qual o percentual desta participação em seus portfólios, em comparação a uma amostra de controle de investidores que não trabalham nesta mesma empresa. Além destas a-nálises, separamos a amostra pelo valor total do portfólio e realizamos os mesmos estudos com estes dois grupos diferentes da amostra. Como uma análise de robus-tez, identificamos empresas listadas que não adotam a remuneração com ações como uma sub-amostra do estudo. Como resultado, encontramos evidências de que os funcionários investem significativamente mais (seja em proporção do portfólio ou em valores) em ações das empresas onde trabalham em relação aos demais inves-tidores, evidenciando um viés de familiaridade na tomada de decisão de investimen-tos.

Selectivity of the herbicide flazasulfuron applied after postemergence in sugarcane (Saccharum spp. L.) crop

The selectivity of the herbicide flazasulfaron was evaluated when applied at two rates (50 and 100 g/ha) with and without surfactants (Aterbane or Agral at 0.2% v/v). The treatment was applied at early (three leaves) and late (five to six leaves) stages of the postemergence of sugarcane plants (var. RB845257) grown in two soils (sandy and clay) with good moisture status before and after application. Despite the toxicity symptoms, especially at the late stage with the higher rate of application in the sandy soil, the herbicide did not affect the growth nor the stalk yield. The presence of the surfactants had no effect on the toxicity symptoms.

Selectivity of the plant growth regulators trinexapac-ethyl and sulfometuron-methyl to cultivated species

The aerial spraying of plant ripeners on sugar cane (Saccharum officinarum L.) crops causes often the contamination of neighboring areas, which subsidizes formal complaints from the neighbors. These contaminations are due to spraying taking place during inadequate environmental conditions or from technical mistakes during the application. One of the most important causes of this contamination is the susceptibility of the species being cultivated surrounding sugar cane. In order to evaluate the effects of sugar cane plant ripeners trinexapac-ethyl and sulfometuron-methyl on peanuts, cotton, potato, coffee, citrus, beans, sunflower, cassava, rubber, soybean, and grapes, eleven experiments - one for each species - were carried out from May 2009 to Jan. 2010. The field experiment was set according to a completely random design with five treatments and four replications. Just before or during flowering, a single treatment of trinexapac-ethyl at 100 or 200 g ha-1 and sulfometuron-methyl at 7.5 or 15 g ha-1 was applied to plants. A control treatment (plants not treated) for each species was part of each experiment. Trinexapac, at the doses of 100 and 200 g ha-1, showed selectivity to peanuts, cotton, potato, coffee, citrus, sunflower, cassava, rubber, soybean, and grape. At the lowest dose (100 g ha-1), it was selective for bean. Sulfometuron, at the dose of 7.5 g ha-1, was selective for peanuts and, at the two studied doses (7.5 and 15 g ha-1), it was selective for coffee, citrus, cassava, and rubber.

Selectivity of Workers of the Grass-Cutting Ants Atta bisphaerica and Atta capiguara (Hymenoptera: Formicidae) to Vegetable Oils

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Selectivity of the cyclic carbonate formation by fixation of carbon dioxide into epoxides catalyzed by Lewis bases

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Information Visualization to Enhance Sensitivity and Selectivity in Biosensing

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Effect of target bias on magnetic field enhanced plasma immersion ion implantation

Recent studies have demonstrated that sheath dynamics in plasma immersion ion implantation (PIII) is significantly affected by an external magnetic field, especially in the case when the magnetic field is parallel to the workpiece surface or intersects it at small angles. In this work we report the results from two-dimensional, particle-in-cell (PIC) computer simulations of magnetic field enhanced plasma immersion implantation system at different bias voltages. The simulations begin with initial low-density nitrogen plasma, which extends with uniform density through a grounded cylindrical chamber. Negative bias voltage is applied to a cylindrical target located on the axis of the vacuum chamber. An axial magnetic field is created by a solenoid installed inside the target holder. A set of simulations at a fixed magnetic field of 0.0025 T at the target surface is performed. Secondary electron emission from the target subjected to ion bombardment is also included. It is found that the plasma density around the cylindrical target increases because of intense background gas ionization by the electrons drifting in the crossed E x B fields. Suppression of the sheath expansion and increase of the implantation current density in front of the high-density plasma region are observed. The effect of target bias on the sheath dynamics and implantation current of the magnetic field enhanced PIII is discussed. (C) 2007 Elsevier B.V. All rights reserved.

Publication Bias in Five Dental Implant Journals: An Observation from 2005 to 2009

Purpose: This study evaluated possible publication bias and its related factors in implant-related research over time. Materials and Methods: Articles published in Clinical Implant Dentistry and Related Research, Clinical Oral Implants Research, Implant Dentistry, Journal of Oral Implantology, and The International Journal of Oral & Maxillofacial Implants between 2005 and 2009 were reviewed. Nonoriginal articles were excluded. For each article included, study outcome, extramural funding source, type of study, and geographic origin were recorded. Descriptive and analytic statistics (alpha = .05), including the chi-square test and logistic regression analysis, were performed where appropriate. Results: From a total of 2,085 articles, 1,503 met the inclusion criteria. of the articles analyzed, 1,226 (81.6%), 160 (10.6%), and 117 (7.8%) articles reported positive, negative, and neutral outcomes, respectively. In vitro studies, studies from Asia, and funded animal studies were more likely to report positive outcomes compared to others (P = .02, P < .0001, and P = .009, respectively). Industry-funded studies represented the lowest frequency of positive outcomes versus studies funded by other sources. Conclusions: There were a high number of implant-related studies reporting positive outcomes in the five selected journals. Some selected factors were associated with positive outcome bias. In general, funding was not associated with a positive outcome, except for animal studies. Industry-supported research did not show any association with the publication of positive outcomes. INT J ORAL MAXILLOFAC IMPLANTS 2011;26:1024-1032