Showing papers on "Proxy (statistics) published in 1991"
19 Sep 1991
TL;DR: American medicine is awash in forms: insurance forms, disability forms, informed-consent forms, and forms for various examinations, to name just a few.
99 citations
TL;DR: This paper showed that timely composites of analysts' forecasts are superior to the mean forecast in terms of predictive ability on the market association dimension, where the forecast whose error is most highly correlated with abnormal returns is the proxy of choice.
Abstract: Previous research (e.g., O'Brien [1988], Stickel [1990], and Brown [1991]) has documented that timely composites of analysts' forecasts are superior to the mean forecast in terms of predictive ability. An alternative criterion in choosing an earnings expectation proxy is market association, whereby the forecast whose error is most highly correlated with abnormal returns is the proxy of choice (Foster [1977]). This paper shows that timely composites are superior to the mean on the market association dimension. The results are robust to the three timely composites considered by Brown [1991] and pertain to each of five years and two deflators.
66 citations
TL;DR: In this paper, the authors test the hypothesis that removing the reelection constraint on congres-sional representatives will alter their voting behavior by implementing timing variables to indicate when the decision to retire occurs.
Abstract: This article tests the hypothesis that removing the reelection constraint on congres-sional representatives will alter their voting behavior. This article uses 1977 and 1978 congressional voting records to determine residuals that are taken as a proxy for shirking. The contribution of this article is to test the hypothesis by implementing timing variables to indicate when the decision to retire occurs. Despite many different tests of the hypothesis, there is no evidence that removing the reelection constraint actually causes a change in representatives' voting behavior when they do vote.
55 citations
TL;DR: This article used data from the State of Michigan and canonical regression analysis to investigate the effects of socioeconomic characteristics (SEC) of communities in the production of high school education and found that these independent effects are very hard to ascertain because of the high degree of correlation between SEC and school resources.
55 citations
39 citations
TL;DR: In this article, a discussion of models involving each of these representations, and highlights certain interesting implications that have been ‘insufficiently emphasized or completely unrecognized in the literature.
Abstract: Unobservable variables in econometrics are represented in one of three ways: by variables contaminated by measurement errors, by proxy variables, or by various manifest indicators and/or causes. This paper contains a discussion of models involving each of these representations, and highlights certain interesting implications that have been ‘insufficiently emphasized or completely unrecognized in the literature.
18 citations
TL;DR: In this article, the authors look at the choice of capacity rather than choice of output and show that when output is explained by total man-hours and a capacity utilization proxy, the coefficient of the first variable is the elasticity of capacity with respect to fixed labor.
Abstract: Our test of price-taking behavior looks at the choice of capacity rather than the choice of output. It is motivated by a complete spot markets model in which goods are distinguished by the selling probabilities in addition to other characteristics. When output is explained by total man-hours and a capacity utilization proxy, the coefficient of the first variable is the elasticity of capacity with respect to fixed labor. Under competition and risk neutrality this coefficient is equal to an average labor share. We use this observation to interpret Abbot-Griliches-Hausman's regressions and to argue that once the capacity utilization proxy is included in the regression, Hall's data at the manufacturing level fail to reject the joint hypothesis of competition and risk neutrality. It is also argued that the coefficient of total man-hours does not tell us anything about monopoly power once the capacity utilization proxy is omitted from the regression.
12 citations
10 citations
TL;DR: In this paper, the Permanent Income Hypothesis when alternative proxies for consumption are utilized is compared with the original one. But the results appear to be sensitive to the proxy of consumption, and J -tests show no significant difference between the alternative models.
10 citations
7 citations
Journal Article•
Journal Article•
TL;DR: The case of a patient whose access to life-sustaining treatment was nearly blocked, motivated in part by financial benefit, by his girlfriend-legal proxy is reported.
Abstract: To the Editors: We report the case of a patient whose access to life-sustaining treatment was nearly blocked, motivated in part by financial benefit, by his girlfriend-legal proxy. An 81-year-old w...
Posted Content•
TL;DR: In this article, the authors take the approach of defining standard of living narrowly, but then using a relatively elaborate index, full income, which supplements equivalent income (the measure normally used in poverty studies) with the value of assets, of time, and of receipts in kind.
Abstract: Measures of standard of living and of poverty are plagued by the obvious gap between the relative simplicity of the indices and the infinite complexity of what they are trying to capture. Some trade-off between the simplicity desirable in an index, and real-life complexity is inevitable. The paper takes the approach of defining standard of living narrowly, but then using a relatively elaborate index, full income. Full income supplements equivalent income (the measure normally used in poverty studies) with the value of assets, of time, and of receipts in kind. Using this measure, and drawing on data from the Australian Standard of Living Study, the paper asks what story it tells of inequality in ownership of possessions, ranging from those most commonly held, to the goods of affluence. It then asks how useful it is as a proxy measure for people's level of participation in society. The paper concludes with a cautionary note about the limitations of even a rich index such as full income.
Posted Content•
TL;DR: In this paper, the authors identify the underlying determinants of the major movements in real six-month Treasury bill rates in the early 1980s, and propose a new monetary policy proxy that explains much of the real rate movement in the 1980s.
Abstract: As is widely recognized, real interest rates in the early 1980s were at peaks not witnessed since the late 1920s. Less well perceived is the sharp decline in real interest rates in the middle 1980s to their average levels of the previous quarter century. This paper seeks to identify the underlying determinants of the major movements in real six-month Treasury bill rates. The primary innovation is the development of a new monetary policy proxy that explains much of the real rate movement in the 1980s.
TL;DR: In this article, the authors take the approach of defining standard of living narrowly, but then using a relatively elaborate index, full income, which supplements equivalent income (the measure normally used in poverty studies) with the value of assets, of time, and of receipts in kind.
Abstract: Measures of standard of living and of poverty are plagued by the obvious gap between the relative simplicity of the indices and the infinite complexity of what they are trying to capture. Some trade-off between the simplicity desirable in an index, and real-life complexity is inevitable. The paper takes the approach of defining standard of living narrowly, but then using a relatively elaborate index, full income. Full income supplements equivalent income (the measure normally used in poverty studies) with the value of assets, of time, and of receipts in kind. Using this measure, and drawing on data from the Australian Standard of Living Study, the paper asks what story it tells of inequality in ownership of possessions, ranging from those most commonly held, to the goods of affluence. It then asks how useful it is as a proxy measure for people's level of participation in society. The paper concludes with a cautionary note about the limitations of even a rich index such as full income.
Posted Content•
TL;DR: In this article, the authors look at the choice of capacity rather than choice of output and show that when output is explained by total man-hours and a capacity utilization proxy, the coefficient of the first variable is the elasticity of capacity with respect to fixed labor.
Abstract: Our test of price-taking behavior looks at the choice of capacity rather than the choice of output. It is motivated by a complete spot markets model in which goods are distinguished by the selling probabilities in addition to other characteristics. When output is explained by total man-hours and a capacity utilization proxy, the coefficient of the first variable is the elasticity of capacity with respect to fixed labor. Under competition and risk neutrality this coefficient is equal to an average labor share. We use this observation to interpret Abbot-Griliches-Hausman's regressions and to argue that once the capacity utilization proxy is included in the regression, Hall's data at the manufacturing level fail to reject the joint hypothesis of competition and risk neutrality. It is also argued that the coefficient of total man-hours does not tell us anything about monopoly power once the capacity utilization proxy is omitted from the regression.
TL;DR: In this paper, the authors suggest an alternative proxy, modeled subjective estimates, which combine the stability and reliability of a model, and being close to the psychological process of decision making.