34,930 research outputs found
Local and Global Trust Based on the Concept of Promises
We use the notion of a promise to define local trust between agents
possessing autonomous decision-making. An agent is trustworthy if it is
expected that it will keep a promise. This definition satisfies most
commonplace meanings of trust. Reputation is then an estimation of this
expectation value that is passed on from agent to agent.
Our definition distinguishes types of trust, for different behaviours, and
decouples the concept of agent reliability from the behaviour on which the
judgement is based. We show, however, that trust is fundamentally heuristic, as
it provides insufficient information for agents to make a rational judgement. A
global trustworthiness, or community trust can be defined by a proportional,
self-consistent voting process, as a weighted eigenvector-centrality function
of the promise theoretical graph
PS-TRUST: Provably Secure Solution for Truthful Double Spectrum Auctions
Truthful spectrum auctions have been extensively studied in recent years.
Truthfulness makes bidders bid their true valuations, simplifying greatly the
analysis of auctions. However, revealing one's true valuation causes severe
privacy disclosure to the auctioneer and other bidders. To make things worse,
previous work on secure spectrum auctions does not provide adequate security.
In this paper, based on TRUST, we propose PS-TRUST, a provably secure solution
for truthful double spectrum auctions. Besides maintaining the properties of
truthfulness and special spectrum reuse of TRUST, PS-TRUST achieves provable
security against semi-honest adversaries in the sense of cryptography.
Specifically, PS-TRUST reveals nothing about the bids to anyone in the auction,
except the auction result. To the best of our knowledge, PS-TRUST is the first
provably secure solution for spectrum auctions. Furthermore, experimental
results show that the computation and communication overhead of PS-TRUST is
modest, and its practical applications are feasible.Comment: 9 pages, 4 figures, submitted to Infocom 201
Backing the horse or the jockey? Due diligence, agency costs, information and the evaluation of risk by business angel investors
This paper explores the argument that business angel investors are more concerned with managing and minimising agency risk than market risk. Based on data on the due diligence process from a survey of business angels in the UK, the paper concludes that business angels do view entrepreneur characteristics and experience as having the greatest impact on the perceived riskiness of an investment opportunity. Further, they emphasise personal and informal over formal sources of information in the due diligence process, and seek information on both the entrepreneur and the venture in determining valuation. Indeed, the reliance of business angels on short-term and subjective information to value investment opportunities leads to the conclusion that their approach to valuation is not a function of the conventional protocols of financial analysis, but of personal relations and assessment
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