On the Evolution of Market Institutions: The Platform Design Paradox

We study competition among market designers who create new trading platforms, when boundedly rational traders learn to select among them. We ask whether efficient platforms, leading to market - clearing trading outcomes, will dominate the market in the long run. If several market designers are competing, we find that traders learn to select non-market clearing platforms with prices systematically above the market-clearing level, provided at least one such platform is introduced by a market designer. This in turn leads market designers to introduce non-market clearing platforms. Hence platform competition induces non-competitive market outcomes.market institutions, evolution of trading platforms, learning, asymmetric rationality

On the Evolution of Trading Institutions: The Platform Design Paradox

This paper analyzes a learning model where sophisticated market designers create new trading platforms and boundedly rational traders select among them. We ask wether "Walrasian'''' platforms, leading to efficient (market - clearing) trading outcomes, will dominate the market in the long run. If several market designers are competing, we find that traders will learn to select non-market clearing platforms with prices systematically above the market-clearing level, provided at least one such platform is introduced by a market designer. This in turn leads all market designers to introduce such inefficient (non-market clearing) platforms. Hence platform competition induces non-competitive market outcomes.economic systems ;

Orbital Angular Momentum-based Space Division Multiplexing for High-capacity Underwater Optical Communications

To increase system capacity of underwater optical communications, we employ the spatial domain to simultaneously transmit multiple orthogonal spatial beams, each carrying an independent data channel. In this paper, we multiplex and transmit four green orbital angular momentum (OAM) beams through a single aperture. Moreover, we investigate the degrading effects of scattering/turbidity, water current, and thermal gradient-induced turbulence, and we find that thermal gradients cause the most distortions and turbidity causes the most loss. We show systems results using two different data generation techniques, one at 1064 nm for 10-Gbit/s/beam and one at 520 nm for 1-Gbit/s/beam, we use both techniques since present data-modulation technologies are faster for infrared (IR) than for green. For the higher-rate link, data is modulated in the IR, and OAM imprinting is performed in the green using a specially-designed metasurface phase mask. For the lower rates, a green laser diode is directly modulated. Finally, we show that inter-channel crosstalk induced by thermal gradients can be mitigated using multi-channel equalisation processing.Comment: 26 pages, 5 figure

Business models for the Web: an analysis of top successful web sites

To investigate successful web business models, an original multidimensional framework is defined and applied to a large number of web sites. The framework‚ named BM*Web‚ combines issues already present in existing schema describing business models, with innovative aspects that have not previously been taken into account in those combinations or which are now viewed in a new light. Results of the application of BM*Web to the 500 top list of Alexa (at a speficic time) highlight an articulated picture where more than one success profile exists and not all of them include a web community, although a strong relationship exists between community and success under some conditions. The identification of features that characterize the most successful business models for the Web could be used to define guidelines for company management, once the appropriate profile for a company has been recognised.

Final Calibration of the Berkeley Extreme and Far-Ultraviolet Spectrometer on the ORFEUS-SPAS I and II Missions

The Berkeley Extreme and Far-Ultraviolet Spectrometer (BEFS) flew as part of the ORFEUS telescope on the ORFEUS-SPAS I and II space-shuttle missions in 1993 and 1996, respectively. The data obtained by this instrument have now entered the public domain. To facilitate their use by the astronomical community, we have re-extracted and re-calibrated both data sets, converted them into a standard (FITS) format, and placed them in the Multimission Archive at Space Telescope (MAST). Our final calibration yields improved wavelength scales and effective-area curves for both data sets.Comment: To appear in the January 2002 issue of the PASP. 17 pages with 9 embedded postscript figures; uses emulateapj5.st

System engineering approach applied to Galileo system

Developing a localization system, with more precise performances than GPS that guarantees Europe autonomy is a complex challenge that ESA and a large number of European economical actors of space industry were decided to meet. To design and manage such a huge system would have been impossible without applying System Engineering best practices, thanks to fundamental activities, multidisciplinary teams and dedicated tools. This paper gives an overview of the System Engineering approach applied to design and develop Galileo, the European Satellite Radio-Navigation System. Galileo system scope is so wide that we have decided to focus on some particular steps of the System Engineering processes that are: Requirements Engineering and Architec-ture. All along this paper, examples are given to illustrate the additional difficulties that have made Systems Engineering more and more complex

Value creation through API ecosystem : Case KONE

ABSTRACT: Digitalization and technological disruption have become prominent drivers of change in multiple industries around the world. New business models enable companies both to benefit from the possibilities enabled by digitalization and technological disruption, and to defend their existing core business against market disruptions. In a fast-paced digital world, it is exceedingly important to innovate faster. These developments have led to new business principles where value is created in networks between multiple companies rather than alone by a single actor. This thesis asks how such value creation happens specifically in the scope of a traditional industry going through change enabled by digitalization. The research focuses on ecosystems enabled by application programming interfaces (APIs) acting as boundary resources between different companies. It explores how value is created in such an ecosystem and how that value can be monetized to generate new revenue streams for the companies in question. This research is a qualitative study and was done by conducting semi-structured interviews to explore the views towards the case study company’s API ecosystem both from the perspective of the company’s own employees and company external representatives from the ecosystem. The interviews were analysed with qualitative content analysis to identify thematic categories emerging from the similarities and differences in perspectives raised by the interviewees. This thesis finds that value creation is a very multifaceted topic. Value creation through API ecosystem is a trade-off encompassing multiple elements where openness and flexibility are key in enabling modular services that can serve different types of customer segments with an offering fitting for their unique needs. Furthermore, five different models of monetization were identified, however, it is recommended that there is no single correct model, but rather the monetization model depends on the maturity of the company itself and the market where it operates. Based on the study, it becomes clear that companies need to learn and adapt when they approach new business models. The importance of APIs and ecosystems require companies to think beyond their own value creation process and consider a thematic, stepwise approach towards new markets and business opportunities.TIIVISTELMÄ: Digitalisaatiosta ja teknologisesta murroksesta on tullut vahvoja muutoksen ajureita useilla toimialoilla ympäri maailmaa. Uudet liiketoimintamallit mahdollistavat sen, että yritykset voivat hyötyä digitalisaation ja teknologisen murroksen tuomista uusista mahdollisuuksista, sekä myös puolustaa olemassa olevaa ydinliiketoimintaansa. Nopealiikkeisessä digitalisoituvassa maailmassa on erityisen tärkeää pystyä innovoimaan nopeasti. Nämä kehitykset ovat johtaneet uusiin liiketoimintaperiaatteisiin, joissa arvonluonti ei enää tapahdu yhden yrityksen toimesta, vaan arvo luodaan verkostoissa. Tämä opinnäytetyö kysyy, miten edellä kuvattu arvonluonti tapahtuu erityisesti digitaalisen muutoksen läpikäyvän perinteisen yrityksen näkökulmasta. Tutkimus keskittyy digitaalisiin ekosysteemeihin, joissa resursseja jaetaan ohjelmointirajapintojen (application programming interface, API) kautta eri ekosysteemitoimijoiden välillä. Se tutkii, miten arvonluonti tapahtuu tällaisissa ekosysteemeissä ja miten arvo voidaan muuntaa rahaksi, luoden uusia liikevaihtovirtoja kyseisille yrityksille. Tutkimus on luonteeltaan laadullinen haastattelututkimus. Se toteutettiin hyödyntäen semi-strukturoituja haastatteluja tutustuen näkemyksiin tapausyrityksen API ekosysteemistä niin yrityksen omien työntekijöiden kuin myös ekosysteemin muiden toimijoiden edustamien henkilöiden näkökulmista. Haastattelut analysoitiin perustuen laadulliseen sisällönanalyysiin ja sen pohjalta löytyneisiin temaattisiin kategorioihin pohjautuen haastateltavien perspektiivien samankaltaisuuksiin ja erilaisuuksiin. Tämä opinnäytetyö osoittaa, että arvonluonti on hyvin monisäikeinen aihealue. Arvonluonti API ekosysteemin kautta on valinta sisältäen monia elementtejä, joista avoimuus ja joustavuus ovat avainasemassa mahdollistaen modulaariset palvelut, jotka voivat palvella erilaisia asiakassegmenttejä ja heidän ainutlaatuisia tarpeitaan. Lisäksi tunnistetaan viisi eri arvoon pohjautuvaa hinnoittelun mallia. Suositus kuitenkin on, että ei ole olemassa yhtä oikeaa mallia, vaan sopiva malli perustuu kyseessä olevan yrityksen sekä sen kohdemarkkinan digitaaliseen kypsyyteen. Perustuen tutkimukseen, johtopäätös on, että yritysten täytyy oppia ja mukautua lähestyessään uusia liiketoimintamalleja. APIen sekä ekosysteemien tärkeys vaatii yrityksiä miettimään arvonluontiaan yrityksen omien prosessien ulkopuolelta ja harkitsemaan temaattista, askelittaista lähestymistapaa uusia markkinoita ja liiketoimintamahdollisuuksia kohti