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Book part
Publication date: 16 September 2022

Luis Uzeda

This chapter investigates the impact of different state correlation assumptions for out-of-sample performance of unobserved components (UC) models with stochastic volatility

Abstract

This chapter investigates the impact of different state correlation assumptions for out-of-sample performance of unobserved components (UC) models with stochastic volatility. Using several measures of US inflation the author finds that allowing for correlation between inflation’s trend and cyclical (or gap) components is a useful feature to predict inflation in the short run. In contrast, orthogonality between such components improves the out-of-sample performance as the forecasting horizon widens. Accordingly, trend inflation from orthogonal trend-gap UC models closely tracks survey-based measures of long-run inflation expectations. Trend dynamics in the correlated-component case behave similarly to survey-based nowcasts. To carry out estimation, an efficient algorithm which builds upon properties of Toeplitz matrices and recent advances in precision-based samplers is provided.

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Essays in Honour of Fabio Canova
Type: Book
ISBN: 978-1-80382-636-3

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Review of Marketing Research
Type: Book
ISBN: 978-0-85724-727-8

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Forming and Centering
Type: Book
ISBN: 978-1-78635-829-5

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Forming and Centering
Type: Book
ISBN: 978-1-78635-829-5

Book part
Publication date: 27 December 2018

Matthew S. Wood and J. Robert Mitchell

Judgments and decision are central to entrepreneurship, but capturing them empirically is challenging. Shepherd and Zacharakis (1997) addressed this challenge by identifying…

Abstract

Judgments and decision are central to entrepreneurship, but capturing them empirically is challenging. Shepherd and Zacharakis (1997) addressed this challenge by identifying metric conjoint analysis as an experimental method capable of capturing the decision policies of actors engaged in entrepreneurial task, creating a “window of opportunity” for entrepreneurship research. On the twentieth anniversary of this chapter, the authors reflect on the impact the ideas had on their own work and careers, while, at the same time, address the possibility that the “typical” conjoint study may have reached the end. From this platform, the authors identify unknown attributes, interactive effects, rich media, mixed methods, and sophisticated data analysis as potential pathways by which conjoint analysis can continue to advance understanding of entrepreneurship. Their conclusion is that when coupled with impactful research questions, innovative uses of conjoint analysis have an important role to play in the future of entrepreneurship research. Hence, the authors believe that Dean A. Shepherd’s and Zach Zacharakis’s bold effort will continue as a quintessential resource for those researchers who wish to tap the mind of entrepreneurs, investors, and other key actors as they traverse the journey of business venturing.

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Reflections and Extensions on Key Papers of the First Twenty-Five Years of Advances
Type: Book
ISBN: 978-1-78756-435-0

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Reflections and Extensions on Key Papers of the First Twenty-Five Years of Advances
Type: Book
ISBN: 978-1-78756-435-0

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Forming and Centering
Type: Book
ISBN: 978-1-78635-829-5

Book part
Publication date: 18 August 2006

Kenneth D. Mackenzie

This chapter provides a new theory for organizational leadership in which an organization's leadership, authority, management, power, and environments (LAMPE) are made coherent…

Abstract

This chapter provides a new theory for organizational leadership in which an organization's leadership, authority, management, power, and environments (LAMPE) are made coherent and integrated. Organizations work best if their LAMPE is coherent, integrated, and operational. The chapter begins by introducing basic concepts, such as structures, processes, process frameworks, task–role matrices, interdependence uncertainty, and virtual-like organizational arrangements. The LAMPE theory is then built upon this base. Leadership is defined as the processes of initiating, enabling, implementing, and sustaining change in an organization. Authority is defined as the legal right to preempt the outcome of a decision or a process. Management is defined in term of its major processes. Power is the control of interdependence uncertainty. When 29 leadership practices are introduced, it is possible to link them to all five of LAMPE's constructs. A number of conclusions are derived, in the form of 36 propositions: 5 dealing with leadership, 5 focusing on leadership requirements matching, 4 relating to leadership effectiveness, 5 dealing with leadership capacity, 4 concerning the benefits of distributed leadership, and 13 linking LAMPE to the theory of the organizational hologram.

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Multi-Level Issues in Social Systems
Type: Book
ISBN: 978-1-84950-432-4

Book part
Publication date: 3 December 2018

David J. Hebert

Traditional public choice analysis implicitly views political outcomes as the intention of a single-minded person. This view is seriously misguided. Rather than viewing politics…

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Traditional public choice analysis implicitly views political outcomes as the intention of a single-minded person. This view is seriously misguided. Rather than viewing politics as being done by one person or a group of persons acting in concert, this chapter presents an Austrian economist’s thoughts on what an Austrian theory of public choice would look like. Particular attention is paid to the emergent, rather than additive, quality that political outcomes exhibit.

Book part
Publication date: 1 December 2006

Alan Kirman

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Cognitive Economics: New Trends
Type: Book
ISBN: 978-1-84950-862-9

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