A Tale of Two Nortons

This paper considers Norton’s Material Theory of Induction. The material theory aims inter alia to neutralize Hume’s Problem of Induction. The purpose of the paper is to evaluate the material theorys capacity to achieve this end. After pulling apart two versions of the theory, I argue that neither version satisfactorily neutralizes the problem

Conceptual Frameworks and Experimental Design in Simultaneous Equations

Using examples drawn from two important papers in the recent literature on weak instruments, we demonstrate how observed experimental outcomes can be pro- foundly inuenced by the dierent conceptual frameworks underlying two exper- imental designs commonly employed when simulating simultaneous equationsSimultaneous equations; Experimental design; Simulation experiment

Market Arbitrage of Cash Dividends and Franking Credits

Since 1986 dividend imputation has influenced the ex-dividend day behaviour of Australian share prices. Between 1 April 1986 and 30 May 2004 the Government of the day introduced six major legislative amendments intent on improving the efficiency of the dividend imputation system. This paper explores the impact of dividend imputation, in its various forms, on ex-dividend share price adjustments. We find that only the most recent tax change, which provided full income rebates for unused franking credits, appears to have caused the market to put a statistically significant value on franking credits.Dividend imputation, cash dividends, franking credits, drop-off ratio, tax legislation, structural breaks.

Small Concentration Asymptotics and Instrumental Variables Inference

Poskitt and Skeels (2005) provide a new approximation to the sampling distribution of the IV estimator in a simultaneous equations model, the approximation is appropriate when the concentration parameter associated with the reduced form model is small. We present approximations to the sampling distributions of various functions of the IV estimator based upon small-concentration asymptotics, and investigate hypothesis testing procedures and confidence region construction using these approximations. We explore the relationship between our work and the K statistic of Kleibergen (2002) and demonstrate that our results can be used to explain the sampling behaviour of the K statistic in simultaneous equations models where identification is weak.simultaneous equations model, IV estimator, weak identification, weak instruments, small-concentration asymptotics

Assessing Instrumental Variable Relevance:An Alternative Measure and Some Exact Finite Sample Theory

focus on the ability of the instrument set to predict a single endogenous regressor, even if there is more than one endogenous regressor in the equation of interest. We propose new measures of instrument relevance in the presence of multiple endogenous regressors, taking both univariate and multivariate perspectives, and develop the accompanying exact finite sample distribution theory in each case. In passing, the paper also explores relationships that exist between the measures proposed here and other statistics that have been proposed elsewhere in the literature. These explorations highlight the close connection between notions of instrument relevance, identification and specification testing in simultaneous equations models.Instrumental variables, weak instruments, relevance, alienation, Wilks’ Lambda.

Method and Apparatus for Removal of Phosphate from Wastewater Streams

Church and Dwight uses a phosphate-containing soap in their latex condom manufacturing process in Chesterfield County, VA. The wastewater streams from this process contain a concentration of phosphate that is over the county limit, costing $100,000/yr for non-optimized disposal. C&D has a need for an in-house method of phosphate removal which does not interfere with current manufacturing or wastewater treatment processes. The focus of the project was precipitation methodology as it is the most economically feasible option for these high concentrations of phosphate; more advanced technologies were considered for a potential final polishing step to remove any residual phosphate. The chemistry for the proposed process was developed by Design of Experiment, utilizing multiple independent and dependent variables. Once optimized, pilot trials were performed in order to verify the lab-scale chemistry. The proposed method of phosphate treatment requires a pH adjustment of the wastewater via sulfuric acid, followed by chemical precipitation via PC-1101 (proprietary coagulant). This solid precipitate is then to be collected utilizing a filter press. Optimal laboratory trials consistently reduced the phosphate concentration by \u3e95%, from 2000-3000 ppm (as Phosphorus) to a nominal 50 ppm (as P). This method will reduce the cost of phosphate treatment by about 40%, with room to further reduce cost via long-term optimization of the pH and coagulant ratio.https://scholarscompass.vcu.edu/capstone/1158/thumbnail.jp

Approximating the Distribution of the Instrumental Variables Estimator when the Concentration Parameter is Small.

This paper presents a new approximation to the exact sampling distribution of the instrumental variables estimator in simultaneous equations models. It differs from many of the approximations currently available, Edgeworth expansions for example, in that it is specifically designed to work well when the concentration parameter is small. The approximation is remarkable for the simplicity of its final form, for its accuracy and for its ability to capture those stylized facts that characterize lack of identification and weak instrument scenarios. The development leading to the approximation is also novel in that it introduces techniques of some independent interest not seen in this literature hitherto.concentration parameter, IV estimator, simultaneous equations model, t approximation, weak instruments.

Assessing the Magnitude of the Concentration Parameter in a Simultaneous Equations Model

Poskitt and Skeels (2003) provide a new approximation to the sampling distribution of the IV estimator in a simultaneous equations model. This approximation is appropriate when the concentration parameter associated with the reduced form model is small and a basic purpose of this paper is to provide the practitioner with a method of ascertaining when the concentration parameter is small, and hence when the use of the Poskitt and Skeels (2003) approximation is appropriate. Existing procedures tend to focus on the notion of correlation and hypothesis testing. Approaching the problem from a different perspective leads us to advocate a different statistic for use in this problem. We provide exact and approximate distribution theory for the proposed statistic and show that it satisfies various optimality criteria not satisfied by some of its competitors. Rather than adopting a testing approach we suggest the use of p-values as a calibration device.Concentration parameter, simultaneous equations model, alienation coefficient, Wilks-lambda distribution, admissible invariant test.

Book review: Ute Eitzenhöfer Schmuck Jewellery by Cornelie Holzach, Wilhelm Lindemann, Marjan Unger. Arnoldsche. ISBN 978-3-89790-406-4

Book review

Thriving as a business person in the crafts industry by Rebecca Skeels Published: May 2015

Thriving as a business person in the crafts industry By Rebecca Skeels, Subject Leader for Postgraduate School of Craft and Design Growing a business does not always mean making it bigger or becoming famous. It can mean changing to enable your business to continue to do what is wanted or desired. Each person is unique, which makes every business plan and structure unique. Each individual needs to find their own way of working and developing to ensure that their business grows. This is how you make your business thrive. The environment is always changing; customers’ tastes and ideals vary, the economic climate adjusts, the market goes up and down and how we feel about our own work can change. It’s crucial to remember that something that was successful in the past may not be the answer to great success in the future. A business needs to be able to grow throughout with these changes in order to survive. Artists and their businesses need to continue to grow and develop constantly – sometimes in small gradual steps, at other times in bolder, courageous leaps. Here are some thoughts on how you can ensure to thrive as a business person in the crafts industry. Produce a business plan Business plans are important for showing potential stakeholders that you’re serious about your work and you know what your intentions are, whether it’s securing a funding opportunity, opening a bank account or getting new premises. A business plan is also really valuable for you as an artist, as it helps to get everything down on paper to enable an idea to be put into some sort of structure. Do not worry; the plan is not set in stone – it may even need to be flexible for some stakeholders. Flexibility within your business plan also allows for you to make changes and alterations as further you learn and develop as an artist. A business plan can be rewritten if ideals change, and do not be put off creating a plan simply because you know it will change! It is never a waste of time. Consider what you really want to do, what you enjoy and how you can have fun! Create a time plan By planning your time and mapping out key dates throughout the year, you will ensure that you are getting the most out of every opportunity for your business. Construct a timetable for the year to include deadlines – whether it is external deadlines for things like award entries or applying to be part of a competition, or personal deadlines to ensure that you are on track with your own market research, marketing, and design work. Running the business whilst also focusing on these different aspects is hard, so creating and keeping to the plan will help you to stay on target. Remember to line up jobs, commissions and commitments rather than taking them all on at the same time, however enthusiastic you are. Equally, do not just take one at a time - think ahead. Consider your working environment It is essential that your environment helps you develop and work efficiently. Create a workspace that will encourage creativity, help you to avoid distractions and enable you to focus on any projects and commissions that you have. Consider where your workspace is located: is it easy to travel to, can you interact with likeminded people, and are their other opportunities available in the surrounding areas? Do you need to have an environment suitable for customers to visit or for collaboration work to take place? To allow space for development, reflection or repositioning yourself as a practitioner, you may consider artist residency positions. At UCA, we have artists in residence that have the freedom to work on their own projects, whilst they help to provide support for the students. These opportunities give you the chance to explore skills in areas such as teaching, curating, and working with others, whilst developing your own work in workshops with a broad range of facilities and equipment. Expand your knowledge Writing your business plan may highlight key skillsets that you need or would like to develop for your business. Though it is not a decision to take lightly, one of the best ways to do this is to study for a qualification. Pick the course that suits you best – depending on your prior study, a foundation diploma or access course may be most appropriate, or perhaps an undergraduate or postgraduate degree or even PhD research is for you. A specialist creative arts university like UCA gives students the chance to collaborate and learn from others, whatever level they are studying at, and they are immersed in a creative atmosphere. As well as developing your thinking, reflection and making skills, these courses include elements that will help your businesses to become more sustainable and expand your understanding of costing, photography, publicity, promotion and marketing. After you have graduated, keep in touch with universities for short courses and training, work with local galleries that run courses for makers and artists and contact associations and guilds that run training and events in specific skills and processes. Consider subscribing to a selection of magazines, newsletters and groups, as this will allow you to see articles about other practitioners, news within the industry and the opportunities available to you such as training, competitions, commissions, exhibitions and events. Make time for you Ensure time is allocated for you. Make sure breaks are taken, holidays are included and any time for reflecting, development and thinking is accounted for. If a business will only survive when an individual is constantly working all hours, without time to get a good night’s sleep or to develop as an artist, then it is not sustainable and it sounds like it is time to plan and organise. Health and fitness are important too, so that you are ready and well for the next job, and the one after that. Allow time for family and friends; they are your support network, sometimes giving help or assistance and at other times, providing a healthy reality check or a distraction. Good luck with your new ventures and the growing of your businesses. Enable yourselves to survive and enjoy life with a career that you love doing