The Austrian Insurance Industry: A Structure, Conduct and Performance Analysis

There exist a vast number of studies on the banking industry. However, the insurance industry remains relatively unexplored. Increasingly, Austrian insurance institutions are becoming important as financial intermediaries in the domestic market, and – based on proximity advantage – also in the Central and Eastern European markets. This paper applies the structure, conduct and performance (SCP) approach to a sample of 52 Austrian insurance firms. The main finding is that the standard SCP hypothesis of highly concentrated markets, which create incentives to engage in collusive behaviour and which in turn leads to higher industry profit rates, cannot be supported by the Austrian insurance industry leads to higher industry profit rates, cannot be supported by the Austrian insurance industry.Insurance industry, Market structure, Conduct and performance, Industrial organisation

Nilpotency in automorphic loops of prime power order

A loop is automorphic if its inner mappings are automorphisms. Using so-called associated operations, we show that every commutative automorphic loop of odd prime power order is centrally nilpotent. Starting with anisotropic planes in the vector space of $2\times 2$ matrices over the field of prime order $p$, we construct a family of automorphic loops of order $p^3$ with trivial center.Comment: 13 pages, amsart; v2: minor changes suggested by referee; to appear in J. Algebr

Physical complexity and cognitive evolution

Our intuition tells us that there is a general trend in the evolution of nature, a trend towards greater complexity. However, there are several definitions of complexity and hence it is difficult to argue for or against the validity of this intuition. Christoph Adami has recently introduced a novel measure called physical complexity that assigns low complexity to both ordered and random systems and high complexity to those in between. Physical complexity measures the amount of information that an organism stores in its genome about the environment in which it evolves. The theory of physical complexity predicts that evolution increases the amount of ‘knowledge’ an organism accumulates about its niche. It might be fruitful to generalize Adami’s concept of complexity to the entire evolution (including the evolution of man). Physical complexity fits nicely into the philosophical framework of cognitive biology which considers biological evolution as a progressing process of accumulation of knowledge (as a gradual increase of epistemic complexity). According to this paradigm, evolution is a cognitive ‘ratchet’ that pushes the organisms unidirectionally towards higher complexity. Dynamic environment continually creates problems to be solved. To survive in the environment means to solve the problem, and the solution is an embodied knowledge. Cognitive biology (as well as the theory of physical complexity) uses the concepts of information and entropy and views the evolution from both the information-theoretical and thermodynamical perspective. Concerning humans as conscious beings, it seems necessary to postulate an emergence of a new kind of knowledge - a self-aware and self-referential knowledge. Appearence of selfreflection in evolution indicates that the human brain reached a new qualitative level in the epistemic complexity

Gaming Opportunities, Attractions, and Monorail Ridership in Las Vegas

The history of Las Vegas monorail is presented in three stages: ideas, development and operations. The decline of ridership on the Las Vegas monorail is explained based on this history. The gravitational theory of people movement is used to propose overcoming the inertia to ride among the resorts. The gravitational theory suggests that monorail could contribute to the “Las Vegas Experience” as a force in attracting visitors from around the world. An increase in inter resort visitation rates via the monorail is likely to increase the overall gaming revenues and prevent the end of monorail operations

Metal tube used as solar engine

Ends of metal tube are fastened to axles which are supported on bearings so tube can rotate about its long axis while subjected to invariant bending moment that stresses it along longitudinal axis of rotation. Heat absorbed leads to expansion of metal, which unbalances internal forces and generates rotational moment in tube

Neuroethics, reductionism and dualism

Is neuroscience on the road to showing that character, consciousness and sense of spirituality are in fact no more than ?features of the machine?

Quantum stochasticity and neuronal computations

The nervous system probably cannot display macroscopic quantum (i.e. classically impossible) behaviours such as quantum entanglement, superposition or tunnelling (Koch and Hepp, Nature 440:611, 2006). However, in contrast to this quantum ‘mysticism’ there is an alternative way in which quantum events might influence the brain activity. The nervous system is a nonlinear system with many feedback loops at every level of its structural hierarchy. A conventional wisdom is that in macroscopic objects the quantum fluctuations are self-averaging and thus not important. Nevertheless this intuition might be misleading in the case of nonlinear complex systems. Because of a high sensitivity to initial conditions, in chaotic systems the microscopic fluctuations may be amplified upward and thereby affect the system's output. In this way stochastic quantum dynamics might sometimes alter the outcome of neuronal computations, not by generating classically impossible solutions, but by influencing the selection of many possible solutions (Satinover, Quantum Brain, Wiley & Sons, 2001). I am going to discuss recent theoretical proposals and experimental findings in quantum mechanics, complexity theory and computational neuroscience suggesting that biological evolution is able to take advantage of quantum-computational speed-up. I predict that the future research on quantum complex systems will provide us with novel interesting insights that might be relevant also for neurobiology and neurophilosophy