Cash and the Counter: Capabilities and Preferences in the Demand for Banking Technologies

The main argument of this paper is that consumption and demand, like production, are discovery processes guided by trial-and-error and learning by consuming. The key question that is addressed is: how do consumers deal with innovation? By bringing together a number of threads within the innovation literature my claim is that consumers, akin to firms, follow routines that shape their consumption bundle, conceived here as an ensemble of activities rather than a bunch of goods. The analysis developed in the paper takes a very specific angle by elaborating on empirical evidence on the patterns of use of retail payment services in the United Kingdom to appreciate how consumption and demand can be shaped by the intertwined evolution of capabilities and preferences.Retail Banking; Innovation; Demand; Consumer Capabilities

Before and Beyond the Bachelor Machine

This paper will examine the importance of Marcel Duchamp’s La Machine Célibataire (The Bachelor) on Art and Technology in the 20th and 21st centurie

The Invisible Power of MacHines Revisiting the Proposed Flash Order Ban in the Wake of the Flash Crash

Technological innovation continues to make trading and markets more efficient, generally benefitting market participants and the investing public. But flash trading, a practice that evolved from high-frequency trading, benefits only a select few sophisticated traders and institutions with the resources necessary to view and respond to flashed orders. This practice undermines the basic principles of fairness and transparency in securities regulation, exacerbates information asymmetries and harms investor confidence. This iBrief revisits the Securities and Exchange Commission\u27s proposed ban on the controversial practice of flash trading and urges the Securities and Exchange Commission and the Commodity Futures Trading Commission to implement the ban across the securities and futures markets. Banning flash trading will not impact high-frequency trading or other advantageous innovative trading practices, and will benefit all market participants by making prices and liquidity more transparent. In the wake of the May 6, 2010 flash crash and the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, now is an opportune time for the Securities and Exchange Commission and Commodity Futures Trading Commission to implement the ban

Digital myths

Much of the early work on information theory was directed towards the study of the transmission of telegraph signals. These theoretical treatments lend themselves to descriptions of signals as digital phenomena they are much less convenient for dealing with descriptions of signals as analogue phenomena. Although attempts were made to accommodate analogue and digital signals in the same theory the results were elaborate, hard to follow and difficult to apply. Thus there remain incompatibilities between the common theoretical treatments of analogue and digital signals and hence difficulties in framing criteria for the comparison of analogue and digital techniques. In spite of the difficulty of any formalised comparison it is frequently presumed that digital systems offer greater capacity, better quality, better accuracy, versatility, freedom from error and greater realism in the effects they produce. Digital systems have also been strongly supported as candidates for human biological mechanisms and thus by implication are, seen by some, to be natural. These myths about digital systems have breached the engineers's linguistic closures and have become commonplace. With their promise of perfection, digital systems have become symbols of the modern, the progressive and the revolutionary. Engineers caught up in this tide have come to extoll uncritically particular claimed virtues of going digital so that other options are treated as obsolescent . But through its common usage the word digital is losing its discriminating power and trapped in an image of a controllable world it is becoming a metaphor for modernist aesthetic

Methodological Flaws in Cognitive Animat Research

In the field of convergence between research in autonomous machine construction and biological systems understanding it is usually argued that building robots for research on auton- omy by replicating extant animals is a valuable strategy for engineering autonomous intelligent systems. In this paper we will address the very issue of animat construction, the ratio- nale behind this, their current implementations and the value they are producing. It will be shown that current activity, as it is done today, is deeply flawed and useless as research in the science and engineering of autonomy