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Book part
Publication date: 15 January 2010

Michiel C.J. Bliemer and John M. Rose

Stated choice experiments can be used to estimate the parameters in discrete choice models by showing hypothetical choice situations to respondents. These attribute levels in each…

Abstract

Stated choice experiments can be used to estimate the parameters in discrete choice models by showing hypothetical choice situations to respondents. These attribute levels in each choice situation are determined by an underlying experimental design. Often, an orthogonal design is used, although recent studies have shown that better experimental designs exist, such as efficient designs. These designs provide more reliable parameter estimates. However, they require prior information about the parameter values, which is often not readily available. Serial efficient designs are proposed in this paper in which the design is updated during the survey. In contrast to adaptive conjoint, serial conjoint only changes the design across respondents, not within-respondent thereby avoiding endogeneity bias as much as possible. After each respondent, new parameters are estimated and used as priors for generating a new efficient design. Results using the multinomial logit model show that using such a serial design, using zero initial prior values, provides the same reliability of the parameter estimates as the best efficient design (based on the true parameters). Any possible bias can be avoided by using an orthogonal design for the first few respondents. Serial designs do not suffer from misspecification of the priors as they are continuously updated. The disadvantage is the extra implementation cost of an automated parameter estimation and design generation procedure in the survey. Also, the respondents have to be surveyed in mostly serial fashion instead of all parallel.

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Choice Modelling: The State-of-the-art and the State-of-practice
Type: Book
ISBN: 978-1-84950-773-8

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Book part
Publication date: 14 September 2007

John M. Rose and Michiel C.J. Bliemer

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Handbook of Transport Modelling
Type: Book
ISBN: 978-0-08-045376-7

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Article
Publication date: 1 April 2003

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some…

101306

Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

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Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

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Book part
Publication date: 15 January 2010

David A. Hensher

It has long been recognised that humans draw from a large pool of processing aids to help manage the everyday challenges of life. It is not uncommon to observe individuals…

Abstract

It has long been recognised that humans draw from a large pool of processing aids to help manage the everyday challenges of life. It is not uncommon to observe individuals adopting simplifying strategies when faced with ever increasing amounts of information to process, and especially for decisions where the chosen outcome will have a very marginal impact on their well-being. The transactions costs associated with processing all new information often exceed the benefits from such a comprehensive review. The accumulating life experiences of individuals are also often brought to bear as reference points to assist in selectively evaluating information placed in front of them. These features of human processing and cognition are not new to the broad literature on judgment and decision-making, where heuristics are offered up as deliberative analytic procedures intentionally designed to simplify choice. What is surprising is the limited recognition of heuristics that individuals use to process the attributes in stated choice experiments. In this paper we present a case for a utility-based framework within which some appealing processing strategies are embedded (without the aid of supplementary self-stated intentions), as well as models conditioned on self-stated intentions represented as single items of process advice, and illustrate the implications on willingness to pay for travel time savings of embedding each heuristic in the choice process. Given the controversy surrounding the reliability of self-stated intentions, we introduce a framework in which mixtures of process advice embedded within a belief function might be used in future empirical studies to condition choice, as a way of increasingly judging the strength of the evidence.

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Choice Modelling: The State-of-the-art and The State-of-practice
Type: Book
ISBN: 978-1-84950-773-8

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Article
Publication date: 1 January 1997

John Rose

Evidence is mounting to suggest that stress not only influences an individual's well‐being, but can also have an impact on the quality of work they perform. This paper starts with…

255

Abstract

Evidence is mounting to suggest that stress not only influences an individual's well‐being, but can also have an impact on the quality of work they perform. This paper starts with a consideration of some important issues relating to stress in staff who work with people who have learning disabilities, particularly those who work in community group homes. Current research indicates a number of common themes. A model is presented that attempts to summarise some of these. However, it is also clear that there is considerable variability between organisations. This variability must be assessed when considering the needs of individuals and groups of staff. Some groups of staff seem to Report higher levels of stress and can benefit from stress management interventions. For stress management to be effective, assessments that take into account individual and organisational issues are necessary. An example of a successful intervention package is provided. This is based on the assessment of staff teams and implemented within a problem‐solving framework.

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Tizard Learning Disability Review, vol. 2 no. 1
Type: Research Article
ISSN: 1359-5474

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Book part
Publication date: 15 January 2010

Sean M. Puckett and John M. Rose

Currently, the state of practice in experimental design centres on orthogonal designs (Alpizar et al., 2003), which are suitable when applied to surveys with a large sample size…

Abstract

Currently, the state of practice in experimental design centres on orthogonal designs (Alpizar et al., 2003), which are suitable when applied to surveys with a large sample size. In a stated choice experiment involving interdependent freight stakeholders in Sydney (see Hensher & Puckett, 2007; Puckett et al., 2007; Puckett & Hensher, 2008), one significant empirical constraint was difficult in recruiting unique decision-making groups to participate. The expected relatively small sample size led us to seek an alternative experimental design. That is, we decided to construct an optimal design that utilised extant information regarding the preferences and experiences of respondents, to achieve statistically significant parameter estimates under a relatively low sample size (see Bliemer & Rose, 2006).

The D-efficient experimental design developed for the study is unique, in that it centred on the choices of interdependent respondents. Hence, the generation of the design had to account for the preferences of two distinct classes of decision makers: buyers and sellers of road freight transport. This paper discusses the process by which these (non-coincident) preferences were used to seed the generation of the experimental design, and then examines the relative power of the design through an extensive bootstrap analysis of increasingly restricted sample sizes for both decision-making classes in the sample. We demonstrate the strong potential for efficient designs to achieve empirical goals under sampling constraints, whilst identifying limitations to their power as sample size decreases.

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Choice Modelling: The State-of-the-art and The State-of-practice
Type: Book
ISBN: 978-1-84950-773-8

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Book part
Publication date: 30 May 2018

Arne Risa Hole

Patients and health professionals often make decisions which involve a choice between discrete alternatives. This chapter reviews the econometric methods which have been developed…

Abstract

Patients and health professionals often make decisions which involve a choice between discrete alternatives. This chapter reviews the econometric methods which have been developed for modelling discrete choices and their application in the health economics literature. We start by reviewing the multinomial and mixed logit models and then consider issues such as scale heterogeneity, estimation in willingness to pay space and attribute non-attendance.

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Health Econometrics
Type: Book
ISBN: 978-1-78714-541-2

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Book part
Publication date: 31 January 2015

Andrew T. Collins and David A. Hensher

There is extensive evidence that decision-makers, faced with increasing information load, may simplify their choice by reducing the amount of information to process. One…

Abstract

Purpose

There is extensive evidence that decision-makers, faced with increasing information load, may simplify their choice by reducing the amount of information to process. One simplification, commonly referred to as attribute non-attendance (ANA), is a reduction of the number of attributes of the choice alternatives. Several previous studies have identified relationships between varying information load and ANA using self-reported measures of ANA. This chapter revisits this link, motivated by recognition in the literature that such self-reported measures are vulnerable to reporting error.

Methodology

This chapter employs a recently developed modelling approach that has been shown to effectively infer ANA, the random parameters attribute non-attendance (RPANA) model. The empirical setting systematically varies the information load across respondents, on a number of dimensions.

Findings

Confirming earlier findings, ANA is accentuated by an increase in the number of attribute levels, and a decrease in the number of alternatives. Additionally, specific attributes are more likely to not be attended to as the total number of attributes increases. Willingness to pay (WTP) under inferred ANA differs notably from when ANA is self-reported. Additionally accounting for varying information load, when inferring ANA, has little impact on the WTP distribution of those that do attend. However, due to varying rates of non-attendance, the overall WTP distribution varies to a large extent.

Originality and value

This is the first examination of the impact of varying information load on inferred ANA that is identified with the RPANA model. The value lies in the confirmation of earlier findings despite the evolution of methodologies in the interim.

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Bounded Rational Choice Behaviour: Applications in Transport
Type: Book
ISBN: 978-1-78441-071-1

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Book part
Publication date: 21 August 2024

Jonathan Glazzard and Anthea Rose

The detrimental effects of increased workloads and high-stakes accountability that impact on teachers’ job satisfaction and wellbeing have been well documented in the…

Abstract

The detrimental effects of increased workloads and high-stakes accountability that impact on teachers’ job satisfaction and wellbeing have been well documented in the international literature (Holloway et al., 2017; Perryman et al., 2011). This chapter will explore the factors which influence staff mental health and wellbeing in schools. The authors unpack issues of burnout, job satisfaction and teacher attrition. The authors consider the concept of teacher resilience by situating resilience within a socio-ecological framework. Specifically, the authors draw on Greenfield’s (2015) model of teacher resilience. The authors draw on our own research to explore the relationship between staff wellbeing and student wellbeing (Glazzard & Rose, 2020). In addition, the authors consider the specific issues related to the wellbeing of school leaders.

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The BERA Guide to Mental Health and Wellbeing in Schools: Exploring Frontline Support in Educational Research and Practice
Type: Book
ISBN: 978-1-83797-245-6

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Book part
Publication date: 26 April 2014

Panayiotis F. Diamandis, Anastassios A. Drakos and Georgios P. Kouretas

The purpose of this paper is to provide an extensive review of the monetary model of exchange rate determination which is the main theoretical framework on analyzing exchange rate…

Abstract

Purpose

The purpose of this paper is to provide an extensive review of the monetary model of exchange rate determination which is the main theoretical framework on analyzing exchange rate behavior over the last 40 years. Furthermore, we test the flexible price monetarist variant and the sticky price Keynesian variant of the monetary model. We conduct our analysis employing a sample of 14 advanced economies using annual data spanning the period 1880–2012.

Design/methodology/approach

The theoretical background of the paper relies on the monetary model to the exchange rate determination. We provide a thorough econometric analysis using a battery of unit root and cointegration testing techniques. We test the price-flexible monetarist version and the sticky-price version of the model using annual data from 1880 to 2012 for a group of industrialized countries.

Findings

We provide strong evidence of the existence of a nonlinear relationship between exchange rates and fundamentals. Therefore, we model the time-varying nature of this relationship by allowing for Markov regime switches for the exchange rate regimes. Modeling exchange rates within this context can be motivated by the fact that the change in regime should be considered as a random event and not predictable. These results show that linearity is rejected in favor of an MS-VECM specification which forms statistically an adequate representation of the data. Two regimes are implied by the model; the one of the estimated regimes describes the monetary model whereas the other matches in most cases the constant coefficient model with wrong signs. Furthermore it is shown that depending on the nominal exchange rate regime in operation, the adjustment to the long run implied by the monetary model of the exchange rate determination came either from the exchange rate or from the monetary fundamentals. Moreover, based on a Regime Classification Measure, we showed that our chosen Markov-switching specification performed well in distinguishing between the two regimes for all cases. Finally, it is shown that fundamentals are not only significant within each regime but are also significant for the switches between the two regimes.

Practical implications

The results are of interest to practitioners and policy makers since understanding the evolution and determination of exchange rates is of crucial importance. Furthermore, our results are linked to forecasting performance of exchange rate models.

Originality/value

The present analysis extends previous analyses on exchange rate determination and it provides further support in favor of the monetary model as a long-run framework to understand the evolution of exchange rates.

Details

Macroeconomic Analysis and International Finance
Type: Book
ISBN: 978-1-78350-756-6

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