Regulatory Issues in Electronic Money: A Legal-Economics Analysis.

In this paper we examine regulatory issues relating to electronic money. The discussion proceeds along three main lines. Firstly, the focus of attention on the potential risks to the financial system is typically on the systemic risk arising from the payments system. Since issuers of electronic money automatically become part of the payments system, we consider if the arguments relating to systemic risk originating in the payments system apply in the case of electronic money. Secondly, we examine the sharp divergence in regulatory approaches between the US and the EU, and suggest that a useful way of reconciling this divergence is to note the existence of a tradeoff between the efficiency of the financial system and the amount of risk assumed by the public sector. This means that there is not necessarily a 'correct' answer to the question of the desirability of regulation. Thirdly, technological advances and financial innovations have made it easier for firms to engage in regulatory arbitrage. Competitive pressures may have encouraged financial centres to engage in competitive deregulation, resulting in a less than socially optimal level of regulation overall. It is therefore important that national authorities coordinate and harmonise their regulatory policies.REGULATION ; ELECTRONIC MONEY ; FINANCIAL SYSTEMS

Critical Analysis of Decision Making Experience with a Machine Learning Approach in Playing Ayo Game

The major goal in defining and examining game scenarios is to find good strategies as solutions to the game. A plausible solution is a recommendation to the players on how to play the game, which is represented as strategies guided by the various choices available to the players. These choices invariably compel the players (decision makers) to execute an action following some conscious tactics. In this paper, we proposed a refinement-based heuristic as a machine learning technique for human-like decision making in playing Ayo game. The result showed that our machine learning technique is more adaptable and more responsive in making decision than human intelligence. The technique has the advantage that a search is astutely conducted in a shallow horizon game tree. Our simulation was tested against Awale shareware and an appealing result was obtained

Reaeration Coefficient Modeling: A Case Study of River Atuwara in Nigeria

A study of the self purification capacity of River Atuwara was done with the aim of developing a reaeration coefficient model, k2, for the river. The k2 model was evaluated and validated by comparing its performance with the Streeter-Phelps and Agunwamba models. Atuwara model was developed using non-linear regression while its performance was checked by the use of statistical and graphical parameters. The model gave the best dissolved oxygen predictive capacity in comparison with other models when used with the modified Streeter-Phelps equation in spite of the limitations imposed on it by the sinusoidal shape of the dissolved oxygen recovery curve caused by frequent interruptions in the recovery processes of the river system. It is also of note that due to its importance to human and aquatic life sustenance, the natural recovery processes of River Atuwara from frequent pollution loads could only be enhanced through an effective monitoring and regulation of effluent discharges into it by the Ogun State Environmental Protection Agency

Household Waste Collection and Disposal: Ojo Local Government Case Study, Lagos State, Nigeria

The increasing quantity of solid waste and its disposal is a major problem worldwide.Improper disposal of solid waste could constitute a source of environmental pollution and health hazards. The current work investigated the pattern of household waste collection and disposal in Ojo Local Government Area (OLGA) of Lagos Metropolis. Public opinions on household waste management and disposal system were evaluated using statistically designed household sampling survey. The survey covered 60 households with different socio-economic characteristics with a focus group of 120 respondents. The most significant household characteristic considered include gender, age distribution and educational attainments. The results show that both collection and disposal system of waste from households by the Private Sector Participation (PSP) operators is far from being efficient. It lacks proper coordination with inadequate equipment and tools. The scheme is characterized with irregularity in waste collection and in frequency of collection. Results revealed an absence of waste sorting or separation at household level. There is evidence of willingness from the respondents to pay for waste management services as currently practiced. However, billing should be based on the quantity of waste generated. The sustainability of the current solid waste management scheme will largely depend on improved quality of services of the PSP. As much as participation of the private sector is gaining much recognition among the populace, its environment should be made highly competitive in order to drive for high quality service delivery