The Old-Boy Network and the Quality of Entrepreneurs

We study a model of network formation and start-up financing with endogenous entrepreneurial type distribution. A hub firm admits members to its network based on signals about entrepreneurs’ types. Network membership is observable, which allows lenders to offer different interest rates to network and stand-alone entrepreneurs. We show that a network outcome can display a smaller number of high-type entrepreneurs even though the network is neither nepotistic nor informationally disadvantaged. While a welfare-improving network can emerge as a technically stable or unstable equilibrium, one that decreases welfare is always formed by a technically unstable equilibrium. However, the adverse welfare effects of a network and its corresponding type configuration may persist because ex-post high type entrepreneurs prefer to stay high type whereas those who wish to become high-type may need some time to react.entrepreneur, network, start-up financing

Development of a tabletop guidance system for educational robots

The guidance of a vehicle in an outdoor setting is typically implemented using a Real Time Kinematic Global Positioning System (RTK-GPS) potentially enhanced by auxiliary sensors such as electronic compasses, rotation encoders, gyroscopes, and vision systems. Since GPS does not function in an indoor setting where educational competitions are often held, an alternative guidance system was developed. This article describes a guidance method that contains a laser-based localization system, which uses a robot-borne single laser transmitter spinning in a horizontal plane at an angular velocity up to 81 radians per second. Sensor arrays positioned in the corners of a flat rectangular table with dimensions of 1.22 m × 1.83 m detected the laser beam passages. The relative time differences among the detections of the laser passages gave an indication of the angles of the sensors with respect to the laser beam transmitter on the robot. These angles were translated into Cartesian coordinates. The guidance of the robot was implemented using a uni-directional wireless serial connection and position feedback from the localization system. Three experiments were conducted to test the system: 1) the accuracy of the static localization system was determined while the robot stood still. In this test the average error among valid measurements was smaller than 0.3 %. However, a maximum of 3.7 % of the measurements were invalid due to several causes. 2) The accuracy of the guidance system was assessed while the robot followed a straight line. The average deviation from this straight line was 3.6 mm while the robot followed a path with a length of approximately 0.9 m. 3) The overall performance of the guidance system was studied while the robot followed a complex path consisting of 33 sub-paths. The conclusion was that the system worked reasonably accurate, unless the robot came in close proximity

EXOGENOUS CHALLENGES FOR THE TOURISM INDUSTRY IN THE BEGINNING OF THE TWENTY FIRST CENTURY

Tourism is one of the fastest growing industries in the world. Besides its sustained growth the tourism industry has shown in the first years of the twenty first century that it can deal with political, military and natural disasters. The present paper accrisis, international tourism, travel

The Development of a Liver Abscess after Screening Colonoscopy: A Calculated Risk?

We present the case of a patient who developed a liver abscess following screening colonoscopy. A colorectal screening program was introduced in the Netherlands in 2014 in order to reduce mortality from colorectal cancer. The patient in this report, a 63-year-old man with no significant medical history, underwent polypectomy of two polyps. Four days afterwards he presented to our emergency department with fever, nausea and vomiting. He was diagnosed with a Klebsiella pneumoniae liver abscess and was successfully treated with antibiotics for 6 weeks. This case highlights one of the risks of screening colonoscopy. Given the high number of colonoscopies due to the colorectal screening programs, we should be aware of complications in this mostly asymptomatic group of patients