The opportunity cost and endowment effects of resources and capabilities on stages of entrepreneurship

In this paper, the start-up process is split conceptually into four entrepreneurial stages considering entrepreneurship, intending to start a new business in the next three years, nascent entrepreneurship and newly established business. We investigate the determinants of the start-up process using a multinomial logit model which allows the effects of resources and capabilities to vary across the different entrepreneurial stages. We employ a pooled Global Entrepreneurship Monitor database for the years 2006 to 2009, containing 8,269 usable observations of the East Midlands region in the United Kingdom, controlling for the local environmental effects. Our results show that the combinative role of human capital, experience and local context varies along the different stages of the entrepreneurial process. In the early stages the (negative) opportunity cost effect of resources dominates tends to reverse in advanced stages, where the (positive) endowment effect becomes stronger

Detailed two-dimensional modelling of a complex bridge arrangement – McKinlay River No. 2 Bridge, Alice Springs to Darwin railway

The Alice Springs – Darwin Railway Project involved the construction of 1420 km of new standard gauge track between Alice Springs and Darwin, including the McKinlay River No. 2 Bridge. During the 2006, 2007 and 2008 flood seasons, significant scour occurred around the McKinlay River No. 2 Bridge piers, raising concerns regarding the continuing stability of the structure. The site has complex geometry, with the river approaching the crossing at a significant angle and the remains of the original railway bridge just upstream of the new structure. Owing to the complex arrangement, a detailed 2-D hydrodynamic SOBEK model of the bridge crossing was developed to inform the design of scour protection works at the site. The model was used to analyse a number of options to reduce the potential for scour, and allowed for the scour protection works to be optimised for conditions at the site. The designed protection works were constructed in 2011, and have performed well in several subsequent flow events

Resource endowment and opportunity cost effects along the stages of entrepreneurship

In this paper, the start-up process is split conceptually into four stages: considering entrepreneurship, intending to start a new business in the next three years, nascent entrepreneurship, and owning-managing a newly established business. We investigate the determinants of all of these jointly, using a multinomial logit model; it allows for the effects of resources and capabilities to vary across these stages. We employ the Global Entrepreneurship Monitor database for the years 2006 to 2009, containing 8,269 usable observations from respondents drawn from the Lower Layer Super Output Areas in the East Midlands (UK) so that individual observations are linked to space. Our results show that the role of education, experience, and availability of 'entrepreneurial capital' in the local neighbourhood varies along the different stages of the entrepreneurial process. In the early stages the negative (opportunity cost) effect of resources endowment dominates, yet it tends to reverse in the advanced stages, where the positive effect of resources becomes stronger

Ground-layer wavefront reconstruction from multiple natural guide stars

Observational tests of ground layer wavefront recovery have been made in open loop using a constellation of four natural guide stars at the 1.55 m Kuiper telescope in Arizona. Such tests explore the effectiveness of wide-field seeing improvement by correction of low-lying atmospheric turbulence with ground-layer adaptive optics (GLAO). The wavefronts from the four stars were measured simultaneously on a Shack-Hartmann wavefront sensor (WFS). The WFS placed a 5 x 5 array of square subapertures across the pupil of the telescope, allowing for wavefront reconstruction up to the fifth radial Zernike order. We find that the wavefront aberration in each star can be roughly halved by subtracting the average of the wavefronts from the other three stars. Wavefront correction on this basis leads to a reduction in width of the seeing-limited stellar image by up to a factor of 3, with image sharpening effective from the visible to near infrared wavelengths over a field of at least 2 arc minutes. We conclude that GLAO correction will be a valuable tool that can increase resolution and spectrographic throughput across a broad range of seeing-limited observations.Comment: 25 pages, 8 figures, to be published in Astrophys.

A Novel Hybrid CNN-AIS Visual Pattern Recognition Engine

Machine learning methods are used today for most recognition problems. Convolutional Neural Networks (CNN) have time and again proved successful for many image processing tasks primarily for their architecture. In this paper we propose to apply CNN to small data sets like for example, personal albums or other similar environs where the size of training dataset is a limitation, within the framework of a proposed hybrid CNN-AIS model. We use Artificial Immune System Principles to enhance small size of training data set. A layer of Clonal Selection is added to the local filtering and max pooling of CNN Architecture. The proposed Architecture is evaluated using the standard MNIST dataset by limiting the data size and also with a small personal data sample belonging to two different classes. Experimental results show that the proposed hybrid CNN-AIS based recognition engine works well when the size of training data is limited in siz