Exact FGLS Asymptotics for MA Errors

We show under very parsimonious assumptions that FGLS and GLS are asymptotically equivalent when errors follow an invertible MA(1) process. Although the linear regression model with MA errors has been studied for many years, asymptotic equivalence of FGLS and GLS has never been established for this model. We do not require anything beyond a finite second moment of the conditional white noise, uniformly bounded fourth moments and independence of the regressor vectors, consistency of the estimator for the MA parameter, and a finite nonsingular probability limit for the (transformed) averages of the regressors. These assumptions are analogous to assumptions typically used to prove asymptotic equivalence of FGLS and GLS in SUR models, models with AR(p) errors, and models of parametric heteroscedasticity.Moving Average, Generalized Least Squares, Asymptotic Distribution

Incentives for Sabotage in Vertically Related Industries

We show that the incentives a vertically integrated supplier may have to disadvantage or "sabotage" the activities of downstream rivals vary with both the type of sabotage and the nature of downstream competition. Cost-increasing sabotage is typically profitable under both Cournot and Bertrand competition. In contrast, demand-reducing sabotage is often profitable under Cournot competition, but unprofitable under Bertrand competition. Incentives for sabotage can vary non-monotonically with the degree of product differentiation.Regulation, Vertical Integration, Access Pricing, Sabotage

When Do Input Prices Matter For Make-Or-Buy Decisions?

We investigate input pricing regimes that induce efficient make-or-buy decisions by entrants when there is constant returns in the production of the input(s) and simultaneous noncooperative price competition in downstream retail markets. A necessary and sufficient condition for efficient make-or-buy decisions is derived. This condition shows that input prices are relevant for make-or-buy decisions except under restrictive and often unverifiable assumptions on the demand structure, and that the least informationally-demanding way to ensure efficient make-or-buy decisions is to price inputs at marginal cost. The extent to which input prices can depart from marginal cost while still inducing efficient make-or-buy decisions depends on the relative efficiency of the incumbent and the demand displacement ratio, with significant departures possible even for modest efficiency differences when products are nearly homogeneous.Input Pricing Policy, Productive Efficiency.

When Do Input Prices Matter For Make-Or-Buy Decisions?

We investigate input pricing regimes that induce efficient make-or-buy decisions by entrants when there is constant returns in the production of the input(s) and simultaneous noncooperative price competition in downstream retail markets. A necessary and sufficient condition for efficient make-or-buy decisions is derived. This condition shows that input prices are relevant for make-or-buy decisions except under restrictive and often unverifiable assumptions on the demand structure, and that the least informationally-demanding way to ensure efficient make-or-buy decisions is to price inputs at marginal cost. The extent to which input prices can depart from marginal cost while still inducing efficient make-or-buy decisions depends on the relative efficiency of the incumbent and the demand displacement ratio, with significant departures possible even for modest efficiency differences when products are nearly homogeneous

Three religious orientations and five personality factors : an exploratory study among adults in England

In order to explore the power of the five factor model of personality to explain individual differences recorded on measures of the three religious orientations, a sample of 198 adults in England completed established measures of the three religious orientations (intrinsic, extrinsic, and quest) and the big five personality factors (neuroticism, extraversion, openness, agreeableness, and conscientiousness). The data demonstrated that individual differences in the three religious orientations were largely independent of the five personality factors, apart from a significant positive correlation between intrinsic religiosity and agreeableness. These findings support Piedmont’s contention that religiosity is largely independent of personality when personality is operationalised in terms of the big five factors

Psychological types of female primary school teachers in Anglican state-maintained schools in England and Wales : implications for continuing professional development

A sample of 221 female primary school teachers in Anglican state-maintained schools in England and Wales completed the Francis Psychological Type Scales (FPTS). The data demonstrated clear preferences for Extraversion (E) over Introversion (I), for Sensing (S) over Intuition (N), for Feeling (F) over Thinking (T) and for Judging (J) over Perceiving (P). The two predominant types among female primary school teachers were ESFJ (27.6%) and ISFJ (18.6%). These findings confirm earlier research among trainee female primary school teachers and help to clarify the main strengths and potential challenges facing primary schools in light of knowledge about the key psychological preferences of those who shape the classroom environment. These findings also generate new insights into teacher retention and career paths in primary schools

Incentives for Sabotage in Vertically Related Industries

We show that the incentives a vertically integrated supplier may have to disadvantage or "sabotage" the activities of downstream rivals vary with both the type of sabotage and the nature of downstream competition. Cost-increasing sabotage is typically profitable under both Cournot and Bertrand competition. In contrast, demand-reducing sabotage is often profitable under Cournot competition, but unprofitable under Bertrand competition. Incentives for sabotage can vary non-monotonically with the degree of product differentiation

Exact FGLS Asymptotics for MA Errors

We show under very parsimonious assumptions that FGLS and GLS are asymptotically equivalent when errors follow an invertible MA(1) process. Although the linear regression model with MA errors has been studied for many years, asymptotic equivalence of FGLS and GLS has never been established for this model. We do not require anything beyond a finite second moment of the conditional white noise, uniformly bounded fourth moments and independence of the regressor vectors, consistency of the estimator for the MA parameter, and a finite nonsingular probability limit for the (transformed) averages of the regressors. These assumptions are analogous to assumptions typically used to prove asymptotic equivalence of FGLS and GLS in SUR models, models with AR(p) errors, and models of parametric heteroscedasticity