Search

OECD Programme for International Student Assessment (PISA) scaling methodologies are reviewed from the mathematical perspective. In particular, the paper aims to elucidate the model structures and the model assumptions of item response theory used in the item scaling phase, the latent regression model employed in the student prior estimation phase, and the population modelling and Laplace approximation performed in the multiple imputations phase. It provides insights for maximising the impact of the innovations implemented in PISA while minimising the risk of impairing the reliability and the validity of the assessments, which is essential for maintaining technically sound international assessments. Based on the theoretical considerations, the scale robustness of PISA is confirmed against the growing number of countries/economies; nevertheless, the importance of assessing the model-data fit and investigating residual structures by sub-populations are indicated in this study. Furthermore, analysis procedures for nuisance factors such as testlet effect and locally dependent items are introduced in this paper. In summary, this study provides the theoretical considerations underpinning the stability and extensibility of the PISA scale. [ABSTRACT FROM AUTHOR]

We consider risk-neutral valuation of a contingent claim under bilateral counterparty risk in a reduced-form setting similar to that of Duffie and Huang [1996] and Duffie and Singleton [1999]. The probabilistic valuation formulas derived under this framework cannot be usually used for practical pricing due to their recursive path-dependencies. Instead, finite-difference methods are used to solve the quasi-linear partial differential equations that equivalently represent the claim value function. By imposing restrictions on the dynamics of the risk-free rate and the stochastic intensities of the counterparties' default times, we develop path-independent probabilistic valuation formulas that have closed-form solution or can lead to computationally efficient pricing schemes. Our framework incorporates the so-called wrong way risk (WWR) as the two counterparty default intensities can depend on the derivatives values. Inspired by the work of Ghamami and Goldberg [2014] on the impact of WWR on credit value adjustment (CVA), we derive calibration-implied formulas that enable us to mathematically compare the derivatives values in the presence and absence of WWR. We illustrate that derivatives values under unilateral WWR need not be less than the derivatives values in the absence of WWR. A sufficient condition under which this inequality holds is that the price process follows a semimartingale with independent increments. [ABSTRACT FROM AUTHOR]

A list of published studies by students of the U.S. Air Force Institute of Technology's (AFIT) Department of Mathematics and Statistics is presented, which includes "Analysis of Transient Electromagnetic Scattering From an Overfilled Cavity Embedded in an Impedance Ground Plane," "Modeling of Bacillus Spores: Inactivation and Outgrowth" and "Comparison of Development Test and Evaluation and Overall Program Estimate at Completion."

The article highlights events related to children's services in Great Britain as of March 2009. A report from the Office for Standards in Education, Children's Services and Skills (Ofsted) reveals improvement in the achievement in information and communication technology (ICT) both in primary and secondary schools despite a decline in popularity. The National Union of Teachers has rejected support from Ofsted in the form of math booklets. A high technology computer system was launched by the Scottish Executive.

From battlefields and factory floors to hospital operating rooms and retail call centers, artificial intelligence is rapidly changing how the world thinks and works. IBM's powerful new computer, Watson, recently beat two "Jeopardy!" game-show champions. Drone aircraft are deployed on dangerous reconnaissance and assault missions, reducing soldiers' exposure to harm. Computers diagnose disease, and robotic devices perform delicate surgical procedures. And "smart" machines are bringing new efficiencies to a variety of professions and industries, such as law offices, banks and manufacturing plants. But analysts warn that artificial intelligence may have devastating downsides. Some argue that if battles are fought with machines instead of humans, wars might be easier to start. And economists worry that as robots and other forms of artificial intelligence replace more and more workers, catastrophic levels of unemployment will be the result. [ABSTRACT FROM AUTHOR]

The article provides information on the findings based on the three research questions of the study. It includes the question, what are the key requirements of No Child Left Behind (NCLB) of U.S. for a state standards and assessment system. It suggests that states must develop challenging academic content standards in mathematics, reading, and language arts.

The article presents the educational research "Assessing the Likelihood That Virginia Schools Will Meet the Proficiency Goals of the No Child Left Behind Act," by Louis Jacobson. It forecasts the reading and math proficiency in Virginia schools based on the observations from proficiency changes between 2002 and 2005.

The article presents an overview of the Committee Business Debate on Education and Economy in Northern Ireland. Topics of the debate include the effectiveness of education system to produce qualified engineers and technicians, average wage in Northern Ireland, and the prioritisation of science, technology, engineering and math (STEM). Minister of Education Caitriona Ruane said the standards of literacy and numeracy should also be raised to achieve the economic needs while vocational courses should be recognised as an important professional opportunity.