Bayesian Estimation of Mixed Multinomial Logit Models: Advances and Simulation-Based Evaluations

Variational Bayes (VB) methods have emerged as a fast and computationally-efficient alternative to Markov chain Monte Carlo (MCMC) methods for scalable Bayesian estimation of mixed multinomial logit (MMNL) models. It has been established that VB is substantially faster than MCMC at practically no compromises in predictive accuracy. In this paper, we address two critical gaps concerning the usage and understanding of VB for MMNL. First, extant VB methods are limited to utility specifications involving only individual-specific taste parameters. Second, the finite-sample properties of VB estimators and the relative performance of VB, MCMC and maximum simulated likelihood estimation (MSLE) are not known. To address the former, this study extends several VB methods for MMNL to admit utility specifications including both fixed and random utility parameters. To address the latter, we conduct an extensive simulation-based evaluation to benchmark the extended VB methods against MCMC and MSLE in terms of estimation times, parameter recovery and predictive accuracy. The results suggest that all VB variants with the exception of the ones relying on an alternative variational lower bound constructed with the help of the modified Jensen's inequality perform as well as MCMC and MSLE at prediction and parameter recovery. In particular, VB with nonconjugate variational message passing and the delta-method (VB-NCVMP-Delta) is up to 16 times faster than MCMC and MSLE. Thus, VB-NCVMP-Delta can be an attractive alternative to MCMC and MSLE for fast, scalable and accurate estimation of MMNL models

Effect of rotational shepherding on demographic and genetic connectivity of calcareous grassland plants

Response to habitat fragmentation may not be generalized among species, in particular for plant communities with a variety of dispersal traits. Calcareous grasslands are one of the most species-rich habitats in Central Europe, but abandonment of traditional management has caused a dramatic decline of calcareous grassland species. In the Southern Franconian Alb in Germany, reintroduction of rotational shepherding in previously abandoned grasslands has restored species diversity, and it has been suggested that sheep support seed dispersal among grasslands. We tested the effect of rotational shepherding on demographic and genetic connectivity of calcareous grassland specialist plants and whether the response of plant populations to shepherding was limited to species dispersed by animals (zoochory). Specifically, we tested competing dispersal models and source and focal patch properties to explain landscape connectivity with patch-occupancy data of 31 species. We fitted the same connectivity models to patch occupancy and nuclear microsatellite data for the herb Dianthus carthusianorum (Carthusian pink). For 27 species, patch connectivity was explained by dispersal by rotational shepherding regardless of adaptations to zoochory, whereas population size (16% species) and patch area (0% species) of source patches were not important predictors of patch occupancy in most species. [Correction made after online publication, February 25, 2014: Population size and patch area percentages were mistakenly inverted, and have now been fixed.] Microsite diversity of focal patches significantly increased the model variance explained by patch occupancy in 90% of the species. For D. carthusianorum, patch connectivity through rotational shepherding explained both patch occupancy and population genetic diversity. Our results suggest shepherding provides dispersal for multiple plant species regardless of their dispersal adaptations and thus offers a useful approach to restore plant diversity in fragmented calcareous grasslands

Analisis Hubungan Pengungkapan Tanggungjawab Sosial Perusahaan dan Kepemilikan Institusional

This study aims to examine the relationship between the disclosure of corporate social responsibility (CSRD) and institutional ownership. This study used secondary data. The population in this study consisted of all manufacturing companies listed in Indonesia Stock Exchange in 2012 - 2015. The sampling method in this research is purposive sampling, and the number of samples in this study were 61 companies. This study used the technique of multiple linear regression analysis. The empirical results of this study show that CSRD, dimensions employee relations and dimension product has a positive and significant relationship with institutional ownership. While dimension of community and institutional ownership has not had a significant relationship, and the environmental dimension has a negative and significant relationship with institutional ownership