The spatial selection of heterogeneous firms

The aim of this paper is to study the spatial selection of firms once it is recognized that heterogeneous firms typically choose different locations in respond to market integration of regions having different sizes. Specifically, we show that decreasing trade costs leads to the gradual agglomeration of efficient firms in the large region because these firms are able to survive in a more competitive environment. In contrast, high-cost firms seek protection against competition from the efficient firms by establishing themselves in the small region. However, when the spatial separation of markets ceases to be a sufficient protection against competition from the low-cost firms, high-cost firms also choose to set up in the larger market where they have access to a bigger pool of consumers. This leads to the following prediction: the relationship between economic integration and interregional productivity differences first increases and then decreases with market integration.Firm heterogeneity, Spatial selection, Trade liberalization

An uncued brain-computer interface using reservoir computing

Brain-Computer Interfaces are an important and promising avenue for possible next-generation assistive devices. In this article, we show how Reservoir Comput- ing – a computationally efficient way of training recurrent neural networks – com- bined with a novel feature selection algorithm based on Common Spatial Patterns can be used to drastically improve performance in an uncued motor imagery based Brain-Computer Interface (BCI). The objective of this BCI is to label each sample of EEG data as either motor imagery class 1 (e.g. left hand), motor imagery class 2 (e.g. right hand) or a rest state (i.e., no motor imagery). When comparing the re- sults of the proposed method with the results from the BCI Competition IV (where this dataset was introduced), it turns out that the proposed method outperforms the winner of the competition

Urban Public Facility Location, Multipurpose Trips and Spatial Competition: equilibrium and welfare analysis

We study the impact of the urban location of one single public facility on spatial competition ` la Hotelling. If transportation costs are very low compared to the value of the public service then both firms tacitly choose the facility location without moderation of price competition, in contrast to mainstream results in the literature. In this event, minimum differentiation is efficient. For intermediate values of the relative transportation rate, inefficient partially-dispersed equilibria emerge with one firm at the facility site while its competitor locates at one end of the linear city. We also analyze the welfare impacts of changes, successively, in the facility location and the transportation rate, taking into account firms relocations.public facility, multipurpose trip, full agglomeration, partial dispersion, optimal location

The Relationship between Audit Quality and Competition at the Intersection of the Large and Small Audit Firm Markets

This paper examines the relationship between audit quality and several measures of spatial competition. Spatial competition is measured as the smallest absolute difference in audit fee market shares from an audit firm and its closest competitor. In this paper, spatial competition measures are referred to as competitive distances, and they are calculated within the large audit market (Big 4 only), within the small audit market (non-Big 4 only), and between the large and small audit markets. Audit market competition and its effect on audit quality has been an ongoing debate. On one side of the argument, competition may negatively impact audit quality. Increased competition leads to higher likelihood of auditor switching, so auditors compete for client retention by showing more leniency in their audits and by decreasing audit fees. On the other hand, more competition leads to audit innovations, more efficient and effective audits, and higher audit quality. Lastly, competition may not influence audit quality due to the sufficient nature of market-based institutional incentives such as litigation risk, reputation loss, and regulatory compliance. Thus, it is unclear the effect that audit market competition has on audit quality. This study finds that local-industry competition for both large and small audit firm markets does not influence audit quality in the majority of the test settings. This study may be of interest to companies choosing an auditor and to regulators, who have expressed concerns over competition and concentration levels within the audit markets

Energy-efficient through-life smart design, manufacturing and operation of ships in an industry 4.0 environment

Energy efficiency is an important factor in the marine industry to help reduce manufacturing and operational costs as well as the impact on the environment. In the face of global competition and cost-effectiveness, ship builders and operators today require a major overhaul in the entire ship design, manufacturing and operation process to achieve these goals. This paper highlights smart design, manufacturing and operation as the way forward in an industry 4.0 (i4) era from designing for better energy efficiency to more intelligent ships and smart operation through-life. The paper (i) draws parallels between ship design, manufacturing and operation processes, (ii) identifies key challenges facing such a temporal (lifecycle) as opposed to spatial (mass) products, (iii) proposes a closed-loop ship lifecycle framework and (iv) outlines potential future directions in smart design, manufacturing and operation of ships in an industry 4.0 value chain so as to achieve more energy-efficient vessels. Through computational intelligence and cyber-physical integration, we envision that industry 4.0 can revolutionise ship design, manufacturing and operations in a smart product through-life process in the near future

Policy measures targeting a more integrated gas market: Impact of a merger of two trading zones on prices and arbitrage activity in France

Under way to a European integrated energy market, policymakers need to find efficient measures aimed at increasing liquidity in local natural gas markets. The paper answers the question whether a merger of gas trading zones contributes to the development of liquid trading activities through a more efficient allocation and pricing of natural gas and an increased competition between market players. We analyse the effects of a policy decision to merge two gas trading zones in France on the observed degree of spatial market integration and the efficiency of the spatial arbitrage activity between the northern and southern French gas markets. An extended parity bounds model confirms a positive impact of the zone merger on the market's spatial equilibrium and indicates the causes of remaining market inefficiencies. The model offers a tool for the assessment of the efficiency of policy decisions in the context of policy initiatives to create an integrated and liquid natural gas market in Europe

A Fast BCS/FCS Algorithm for Image Segmentation

A fast and efficient segmentation algorithm based on the Boundary Contour System/Feature Contour System (BCS/FCS) of Grossberg and Mingolla [3] is presented. This implementation is based on the FFT algorithm and the parallelism of the system.Consejo Nacional de Ciencia y Tecnología (63l462); Defense Advanced Research Projects Agency (AFOSR 90-0083); Office of Naval Research (N00014-92-J-l309