Trade credit contracts

The authors employ a novel dataset on almost 30,000 trade credit contracts to describe the broad characteristics of the parties that contract together; the key contractual terms, such as the discount for early payment; and the days by when payment is due. Whereas prior work has typically used information on only one side of the buyer-seller transaction, this paper utilizes information on both. The authors find that the largest and most creditworthy buyers receive contracts with the longest maturities from smaller suppliers, with the latter extending credit to the former perhaps as a way of certifying product quality. Discounts for early payment seem to be offered to riskier buyers to limit the potential nonpayment risk when credit is extended for non-financial reasons.Debt Markets,Access to Finance,Investment and Investment Climate,Bankruptcy and Resolution of Financial Distress,Economic Theory&Research

Take another little piece of my heart: a note on bridging cognition and emotions

Science urges philosophy to be more empirical and philosophy urges science to be more reflective. This markedly occurred along the “discovery of the artificial” (CORDESCHI 2002): in the early days of Cybernetics and Artificial Intelligence (AI) researchers aimed at making machines more cognizant while setting up a framework to better understand human intelligence. By and large, those genuine goals still hold today, whereas AI has become more concerned with specific aspects of intelligence, such as (machine) learning, reasoning, vision, and action. As a matter of fact, the field suffers from a chasm between two formerly integrated aspects. One is the engineering endeavour involving the development of tools, e.g., autonomous systems for driving cars as well as software for semantic information retrieval. The other is the philosophical debate that tries to answer questions concerning the nature of intelligence. Bridging these two levels can indeed be crucial in developing a deeper understanding of minds. An opportunity might be offered by the cogent theme of emotions. Traditionally, computer science, psychological and philosophical research have been compelled to investigate mental processes that do not involve mood, emotions and feelings, in spite of Simon’s early caveat (SIMON 1967) that a general theory of cognition must incorporate the influences of emotion. Given recent neurobiological findings and technological advances, the time is ripe to seriously weigh this promising, albeit controversial, opportunity

A New Era for the Music Industry: How New Technologies and the Internet Affect the Way Music is Valued and have an Impact on Output Quality

Since its early days, the Internet has been used by the music industry as a powerful marketing tool to promote artists and their products. Nevertheless, technology developments of the past ten years, and especially the ever-growing phenomenon of file sharing, have created the general impression that the Internet is responsible for a crisis within the industry, on the grounds that music piracy has become more serious than it has ever been. The purpose of this paper is to present the impact of new technologies and the Internet on the three main actors of the music industry: consumers, artists and record companies. It is claimed that the Internet has changed the way music is valued, and also, that it may have a direct effect on the quality of the music produced, as perceived by both artists and consumers alike.Digital economy, Internet, copyright, Game theory, Imperfect information

Why we need to quantise everything, including gravity

There is a long-standing debate about whether gravity should be quantised. A powerful line of argument in favour of quantum gravity considers models of hybrid systems consisting of coupled quantum-classical sectors. The conclusion is that such models are inconsistent: either the quantum sector's defining properties necessarily spread to the classical sector, or they are violated. These arguments have a long history, starting with the debates about the quantum nature of the electromagnetic fields in the early days of quantum theory. Yet, they have limited scope because they rely on particular dynamical models obeying restrictive conditions, such as unitarity. In this paper we propose a radically new, more general argument, relying on less restrictive assumptions. The key feature is an information-theoretic characterisation of both sectors, including their interaction, via constraints on copying operations. These operations are necessary for the existence of observables in any physical theory, because they constitute the most general representation of measurement interactions. Remarkably, our argument is formulated without resorting to particular dynamical models, thus being applicable to any hybrid system, even those ruled by "post-quantum" theories. Its conclusion is also compatible with partially quantum systems, such as those that exhibit features like complementarity, but may lack others, such as entanglement. As an example, we consider a hybrid system of qubits and rebits. Surprisingly, despite the rebit's lack of complex amplitudes, the signature quantum protocols such as teleportation are still possible

The Hanabi Challenge: A New Frontier for AI Research

From the early days of computing, games have been important testbeds for studying how well machines can do sophisticated decision making. In recent years, machine learning has made dramatic advances with artificial agents reaching superhuman performance in challenge domains like Go, Atari, and some variants of poker. As with their predecessors of chess, checkers, and backgammon, these game domains have driven research by providing sophisticated yet well-defined challenges for artificial intelligence practitioners. We continue this tradition by proposing the game of Hanabi as a new challenge domain with novel problems that arise from its combination of purely cooperative gameplay with two to five players and imperfect information. In particular, we argue that Hanabi elevates reasoning about the beliefs and intentions of other agents to the foreground. We believe developing novel techniques for such theory of mind reasoning will not only be crucial for success in Hanabi, but also in broader collaborative efforts, especially those with human partners. To facilitate future research, we introduce the open-source Hanabi Learning Environment, propose an experimental framework for the research community to evaluate algorithmic advances, and assess the performance of current state-of-the-art techniques.Comment: 32 pages, 5 figures, In Press (Artificial Intelligence

New developments in rain–wind-induced vibrations of cables

On wet and windy days, the inclined cables of cable stayed bridges can experience large amplitude, potentially damaging oscillations known as rain-wind-induced vibration (RWIV). RWIV is believed to be the result of a complicated non-linear interaction between rivulets of rain water that run down the cables and the wind loading on the cables from the unsteady aerodynamics; however, despite a considerable international research effort, the underlying physical mechanism that governs this oscillation is still not satisfactorily understood. An international workshop on RWIV was held in April 2008, hosted at the University of Strathclyde. The main outcomes of this workshop are summarised in the paper. A numerical method to investigate aspects of the RWIV phenomenon has recently been developed by the authors, which couples an unsteady aerodynamic solver to a thin-film model based on lubrication theory for the flow of the rain water to ascertain the motion of the rivulets owing to the unsteady aerodynamic field. This novel numerical technique, which is still in the relatively early stages of development, has already provided useful information on the coupling between the external aerodynamic flow and the rivulet, and a summary of some of the key results to date is presented