The Brokerage of Asymmetric Information

In this paper we oversee the logic of information sets, firstly handling information and markets in perfect environments and, secondly, dealing with information and markets in imperfect environments, in the context of bounded rationality. Further on, asymmetric information is addressed together with the role of opportunistic behaviour through hidden action, hidden information, the free-rider problem and signaling, expanding on financial accounting and asymmetric information. At last, asymmetric markets are expanded on, reviewing the buyers’ and sellers’ markets so as to handle the performance of intermediaries who stand ready to provide with immediacy and liquidity to buyers and sellers of financial assets. There are two contributions that this paper brings forward: firstly, an intuitive treatment of information sets in the context of mathematical Set Theory so as to make tractable some issues still neglected. Secondly, we claim and develop that a careful assessment of information sets makes headway towards an approach that regards market makers and other intermediaries as brokers of asymmetric information.

Reasoning about the Reliability of Diverse Two-Channel Systems in which One Channel is "Possibly Perfect"

This paper considers the problem of reasoning about the reliability of fault-tolerant systems with two "channels" (i.e., components) of which one, A, supports only a claim of reliability, while the other, B, by virtue of extreme simplicity and extensive analysis, supports a plausible claim of "perfection." We begin with the case where either channel can bring the system to a safe state. We show that, conditional upon knowing pA (the probability that A fails on a randomly selected demand) and pB (the probability that channel B is imperfect), a conservative bound on the probability that the system fails on a randomly selected demand is simply pA.pB. That is, there is conditional independence between the events "A fails" and "B is imperfect." The second step of the reasoning involves epistemic uncertainty about (pA, pB) and we show that under quite plausible assumptions, a conservative bound on system pfd can be constructed from point estimates for just three parameters. We discuss the feasibility of establishing credible estimates for these parameters. We extend our analysis from faults of omission to those of commission, and then combine these to yield an analysis for monitored architectures of a kind proposed for aircraft

Structure, conduct and performance of grain trading in Tigray and its impact on demand for commodity exchange: The case Maychew, Mokone, Alemata, Mekelle and Himora

Grain markets of Alemata, Maychew, Mokone, Mekelle and Himora are observed to operate in highly inefficient market structure, with very low level of trust at meso and macro level. As result the marking system is less developed and less efficient in terms of creating space and time utility. In which lack of finance is the most critical problem. Under such reality warehouse receipt system with receipts that can be used as collateral for loan are critical first stage needed to get the market right. If ECX’s exchange service has to be introduced it has to be low cost and low value added service, if not it may not find significant demand among grain traders.commodity exchange; Ethiopian Commodity exchange; social capital; networks; grain trade; warehouse receipt

Critical Review of Reliability Centred Maintenance (RCM) for Asset Management in Electric Power Distribution System

The purpose of maintenance is to extend equipment lifetime or at least the mean time to the next failure. Maintenance too incurs expenditures that result in very costly consequences when not performed or performed too little, and it may not even be economical to perform it too frequently. Therefore the two costs must be balanced. In the past, this balance had been estimated by extrapolating the experience obtained from existing systems and using the rule - of – thumb methods. Nowadays, the tempo of advanced and softiscated research in that direction has rendered such rule – of – thumb methods obsolete. The literature works describing the reliability centred maintenance methods for managing distribution assets have grown until the papers can now be numbered in thousands. This paper presents critical review of the various existing methods that have been developed by different reseachers and proposes a probabilistic model that will provide a quantitative connection between reliability and maintenance, a link missing in all the heuristic approaches

Russian Financial Transition: The Development of Institutions and Markets for Growth

A well-developed financial intermediation industry increases domestic savings, efficiently allocates investment resources to the most productive uses in the economy and increases the rate of economic growth. In the Soviet economy the banking system served as a means of collecting household savings and a means of distributing centrally determined capital grants to enterprises. Banks then audited enterprise financial activities to ensure compliance to the financial plan. After a decade the transition from the Soviet banking system to a market oriented banking system is incomplete and fraught with uncertainty. While the number of financial institutions has increased dramatically, the state sector still dominates financial sector activity, the legal and regulatory framework is incomplete, information necessary for risk management is of poor quality and policy makers and regulators have been slow to act to improve intermediation services. While significant progress has been made, the commonly recognized characteristics of a sound financial system are not yet met.http://deepblue.lib.umich.edu/bitstream/2027.42/39839/3/wp455.pd

THE INTERNATIONAL CAPITAL MOVEMENT AS A FACTOR OF INFLUENCE ON INNOVATIVE DEVELOPMENT TENDENCY OF UKRAINE’S ECONOMY AND ITS INTEGRATION INTO THE WORLD ECONOMY

The article represents the research results concerning Ukraine’s solving strategic tasks to develop the financial mechanism of regulating the international capital movement and strengthening its positive effect on Ukraine’s economy development tendencies and innovative renewal of its domestic enterprises.The research results regarding Ukraine’s solving the strategic task of financial mechanisms of regulating the international capital movement and strengthening its positive effect on Ukraine’s economic development and innovative renewal of its economy are considered

6G White Paper on Machine Learning in Wireless Communication Networks

The focus of this white paper is on machine learning (ML) in wireless communications. 6G wireless communication networks will be the backbone of the digital transformation of societies by providing ubiquitous, reliable, and near-instant wireless connectivity for humans and machines. Recent advances in ML research has led enable a wide range of novel technologies such as self-driving vehicles and voice assistants. Such innovation is possible as a result of the availability of advanced ML models, large datasets, and high computational power. On the other hand, the ever-increasing demand for connectivity will require a lot of innovation in 6G wireless networks, and ML tools will play a major role in solving problems in the wireless domain. In this paper, we provide an overview of the vision of how ML will impact the wireless communication systems. We first give an overview of the ML methods that have the highest potential to be used in wireless networks. Then, we discuss the problems that can be solved by using ML in various layers of the network such as the physical layer, medium access layer, and application layer. Zero-touch optimization of wireless networks using ML is another interesting aspect that is discussed in this paper. Finally, at the end of each section, important research questions that the section aims to answer are presented

Institutional Analysis of Financial Market Fragmentation in Sub-Saharan Africa: A Risk-Cost Configuration Approach

financial markets, institutions, risk-cost analysis, sub-Saharan Africa