The Existence and Persistence of Household Financial Hardship: A Bayesian Multivariate Dynamic Logit Framework
We investigate the existence and persistence of financial hardship at the household level using data from the British Household Panel Survey. Our modelling strategy makes three important contributions to the existing literature on household finances. Firstly, we model nine different types of household financial problems within a joint framework, allowing for correlation in the random effects across the nine equations. Secondly, we develop a dynamic framework in order to model the persistence of financial problems over time by extending our multi-equation framework to allow the presence or otherwise of different types of financial problems in the previous time period to influence the probability that the household currently experiences such problems. Our third contribution relates to the possibility that experiencing financial problems may be correlated with sample attrition. We model missing observations in the panel in order to allow for such attrition. Our findings reveal interesting variations in the determinants of experiencing different types of financial problems including demographic and regional differences. Our findings also highlight persistence in experiencing financial problems over time as well as the role that saving on a regular basis in previous time periods can play in mitigating current financial problems.
AWARDS AND HONORS
Professor Pulak Ghosh receives the ‘National Award for Outstanding and Meritorious Research Work in Statistics’
Professor Pulak Ghosh, from the Quantitative Methods & Information Systems (QMIS) Area at the Indian Institute of Management Bangalore (IIMB), has been honored with the National Biennial Award 2015 for outstanding contributions to the field of Statistics.
Accorded by the Ministry of Statistics and Programme Implementation, Government of India, the 'Award for Outstanding and Meritorious Research work in Statistics', given to eminent Indians below 45 years for outstanding contributions made towards the development of official and applied statistics, is in honour of Professor C.R. Rao.
Professor Pulak Ghosh will receive the prestigious award at a special function organized at Vigyan Bhavan, New Delhi, on 29th June, where he will deliver a keynote address to the present dignitaries, subject-matter experts and eminent personalities.
Professor Pulak Ghosh is the only Indian academician to have been featured in Analytics India Magazine's Top 10 Most Influential Analytics Leaders 2015. He also serves in the Big Data advisory group of the United Nations. He is academic fellow of CFRAL-RBI and advisor to the knowledge commission of UNESCO-MGEIP. He has published over 50 articles in journals of International repute and has been on the editorial board of Journal of the Royal Statistical Society: Series A and Journal of the American Statistical Association.
Besides being an accomplished researcher of international repute, Professor Pulak Ghosh's forte is Quantitative Marketing, Big Data, Analytics, Bayesian Nonparametric, Health Analytics and Econometrics.
Hewlett-Packard (HP) has been a 75-year-old technology leader with operations across 170 countries and an employee strength of over 3,20,000 employees. In 2013, HP launched Actionable Analytics Services (HAVEn) a Big Data analytics platform, leveraging the capabilities of Hadoop, Autonomy, Vertica, Enterprise Security, and n applications. HP enterprise wanted to mobilize the prospective and existing customer base to embrace the HAVEn offering. Historically, large organizations had a fair coverage and influence on the entire sales cycle with them driving need identification all the way through to influencing the purchase decision and purchase. However, recent studies started showing that this was changing, and nearly 70% of the purchase decision was made before engaging a sales representative independent of the offering. The HAVEn team was aware of this shift in trend, and for an enterprise class product, with high initial investment needs and relatively new outlook to how businesses could extract value; the need to influence sales cycle right from stage-one to drive adoption was an important task. Pramod Singh, Director of HP digital analytics and Ayush Jain, manager of HP social media analytics were approached by the HAVEn team to help them identify the most relevant influencers in the Big Data space and help device a strategy of engagement with the same. Topic relevant influencer identification was tough considering the volume, velocity, and complexity of social media content. Quantifying the influence of the brands, thereby enabling comparison and competitive benchmarking was even more difficult. The problem of firstly defining influence, and then identifying influencers relevant to a topic of interest, in real time, using a data source that was high volume, high velocity with little or no structure, was a challenge that enticed Pramod and Ayush to group their best talent pool together.
INITIATIVES AND PROJECTS
Identification of direct and economy-wide impact of ICT on small holder agriculture. What impact does new information and market creation have on social network? Can households adequately plan for consumption? Do well-informed households make better economic decisions than less informed ones? What impact does access to information have on household consumption smoothing strategies? To what extent is caste, a barrier to information access?
Organisational Behaviour, 2e (Kalliath et al. 2014) continues to combine the strength of organisational behaviour's practical application approach with organisational psychology's basis in research scholarship. This text is written by a truly authentic global and regional author team, and reflects on their varied cultural and theoretical backgrounds and extensive teaching and research experience across Australia, New Zealand, Hong Kong and India. Organisational Behaviour, 2e has a number of pedagogical enhancements that help students to conceptualise practical applications through real-world examples, features and hypothetical case studies. The enhancements include Streamlined Learning Objectives, New Feature boxes titled 'Reflective Practitioner' in each chapter and Focus Questions with model answers in the Instructor's Manual. This new edition also features a new chapter focusing on research methods in organisational behaviour and half chapter inclusions for Job Design and Occupational Health.
Punishing an “unfair” leader: People as pragmatic politicians with in-group but fair-but-biased prosecutors with out-group
Contrary to fairness expected in modern world, people seem to treat in-group members (us) better than out-group members (them). Do people then defend the in-group members as politicians but prosecute the out-group members in a fair-but-biased manner? Given information about injustices by a male or female manager, participants made outrage, attribution, attitude, and punishment responses to the manager. In-group defence held in the first three responses but fairness in punishment. However, the seeming fairness in punishment arose from bias suppression by outrage and mediation by attitude, and the order of mediation was from outrage to attitude and not vice versa.