Search results
1 – 10 of 570The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and…
Abstract
The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.
Details
Keywords
Joyce S. Osland, Orly Levy, Maury Peiperl, Tina Huesing, James D. Ludema, Janet Ann Nelson, Nana Yaa Gyamfi, Yih-teen Lee, Nancy J. Adler, Richard D. Bolden, Danielle Bjerre Lyndgaard, Rikke Kristine Nielsen, Lisa Ruiz, Milda Žilinskaitė and Christof Miska
Md. Nazmul Ahsan and Jean-Marie Dufour
Statistical inference (estimation and testing) for the stochastic volatility (SV) model Taylor (1982, 1986) is challenging, especially likelihood-based methods which are difficult…
Abstract
Statistical inference (estimation and testing) for the stochastic volatility (SV) model Taylor (1982, 1986) is challenging, especially likelihood-based methods which are difficult to apply due to the presence of latent variables. The existing methods are either computationally costly and/or inefficient. In this paper, we propose computationally simple estimators for the SV model, which are at the same time highly efficient. The proposed class of estimators uses a small number of moment equations derived from an ARMA representation associated with the SV model, along with the possibility of using “winsorization” to improve stability and efficiency. We call these ARMA-SV estimators. Closed-form expressions for ARMA-SV estimators are obtained, and no numerical optimization procedure or choice of initial parameter values is required. The asymptotic distributional theory of the proposed estimators is studied. Due to their computational simplicity, the ARMA-SV estimators allow one to make reliable – even exact – simulation-based inference, through the application of Monte Carlo (MC) test or bootstrap methods. We compare them in a simulation experiment with a wide array of alternative estimation methods, in terms of bias, root mean square error and computation time. In addition to confirming the enormous computational advantage of the proposed estimators, the results show that ARMA-SV estimators match (or exceed) alternative estimators in terms of precision, including the widely used Bayesian estimator. The proposed methods are applied to daily observations on the returns for three major stock prices (Coca-Cola, Walmart, Ford) and the S&P Composite Price Index (2000–2017). The results confirm the presence of stochastic volatility with strong persistence.
Details
Keywords
María Sicilia, Mariola Palazón and Manuela López
Brand pages are a very popular tool for companies to communicate with consumers in SNSs. Although brand pages could be considered virtual brand communities, they differ in several…
Abstract
Purpose
Brand pages are a very popular tool for companies to communicate with consumers in SNSs. Although brand pages could be considered virtual brand communities, they differ in several aspects. Thus, this chapter reviews the literature on brand pages attending to the main differences with other virtual communities, the motivations to join brand pages and its consequences for consumers and brands.
Methodology/approach
The studies reviewed have allowed us to identify the main characteristics of brand pages as a communication tool, as well as the definition of an important research agenda for this topic.
Findings
We have identified the main unique aspects that characterize brand pages as a virtual brand community. The motivations to become members of brand pages are analyzed as well as the positive consequences of these pages on the marketing variables. We also identified the research needs on brand pages.
Social implications
This chapter can be useful to both, marketers, by showing them how brand pages work and what motivate consumers to join it; and researchers, by showing them the main gaps on brand pages that should be addressed in future studies.
Originality/value
This chapter highlights the role of brand pages as a communication tool. It constitutes an attempt to review the literature and organize knowledge on brand pages. The characteristics of brand pages and virtual brand communities, the motivations to participate, the consequences for the brand and an important research agenda are developed.
Details
Keywords
The author presents a comparative study of the three evolutionary economic schools, namely the Austrians, neo-Schumpeterians, and institutionalists. The comparison is based on an…
Abstract
The author presents a comparative study of the three evolutionary economic schools, namely the Austrians, neo-Schumpeterians, and institutionalists. The comparison is based on an analysis of nine basic features of the evolutionary process and evolutionary approach, including a dynamical view of economic phenomena (seen from a historical perspective), a focus on far-from-equilibrium analysis, a proper and realistic perception of time, and a population perspective (to what extent emergent properties are results of interaction among economic agents). The relevant features of the evolutionary process are the heterogeneity and behavior of economic agents, the search for novelty based on a concept of economic agents’ hereditary information, a selection process (based on the concept of rivalry), spontaneity of development, and the presence of decision-making procedures (how economic agents make decisions, and to what extent their subjective values play a role). The goal of the comparative analysis is to estimate the level of “evolutionary content” of the three schools. My subjective evaluation suggests that only the Austrian school can be called entirely evolutionary. Slightly less evolutionary are the neo-Schumpeterians, and the least evolutionary are the institutionalists.
Details