9,778 research outputs found
Incentive Systems in Multi-Level Markets for Virtual Goods
As an alternative to rigid DRM measures, ways of marketing virtual goods
through multi-level or networked marketing have raised some interest. This
report is a first approach to multi-level markets for virtual goods from the
viewpoint of theoretical economy. A generic, kinematic model for the monetary
flow in multi-level markets, which quantitatively describes the incentives that
buyers receive through resales revenues, is devised. Building on it, the
competition of goods is examined in a dynamical, utility-theoretic model
enabling, in particular, a treatment of the free-rider problem. The most
important implications for the design of multi-level market mechanisms for
virtual goods, or multi-level incentive management systems, are outlined.Comment: 18 pages, 5 figures; graphics with reduced resolution. Full
resolution available on author's homepage. Accepted contribution to the
Workshop 'Virtual Goods' at the Conference AXMEDIS 2005, 30. November - 2.
December, Florence, Ital
Asymptotic Hyperfunctions, Tempered Hyperfunctions, and Asymptotic Expansions
We introduce new subclasses of Fourier hyperfunctions of mixed type,
satisfying polynomial growth conditions at infinity, and develop their sheaf
and duality theory. We use Fourier transformation and duality to examine
relations of these 'asymptotic' and 'tempered' hyperfunctions to known classes
of test functions and distributions, especially the Gelfand-Shilov-Spaces.
Further it is shown that the asymptotic hyperfunctions, which decay faster than
any negative power, are precisely the class that allow asymptotic expansions at
infinity. These asymptotic expansions are carried over to the
higher-dimensional case by applying the Radon transformation for
hyperfunctions.Comment: 31 pages, 1 figure, typos corrected, references adde
Authorised Translations of Electronic Documents
A concept is proposed to extend authorised translations of documents to
electronically signed, digital documents. Central element of the solution is an
electronic seal, embodied as an XML data structure, which attests to the
correctness of the translation and the authorisation of the translator. The
seal contains a digital signature binding together original and translated
document, thus enabling forensic inspection and therefore legal security in the
appropriation of the translation. Organisational aspects of possible
implementation variants of electronic authorised translations are discussed and
a realisation as a stand-alone web-service is presented.Comment: In: Peer-reviewed Proceedings of the Information Security South
Africa (ISSA) 2006 From Insight to Foresight Conference, 5 to 7 July 2006,
Sandton, South Afric
Financing patterns : measurement concepts and empirical results
A widely recognized paper by Colin Mayer (1988) has led to a profound revision of academic thinking about financing patterns of corporations in different countries. Using flow-of-funds data instead of balance sheet data, Mayer and others who followed his lead found that internal financing is the dominant mode of financing in all countries, that financing patterns do not differ very much between countries and that those differences which still seem to exist are not at all consistent with the common conviction that financial systems can be classified as being either bank-based or capital market-based. This leads to a puzzle insofar as it calls into question the empirical foundation of the widely held belief that there is a correspondence between the financing patterns of corporations on the one side, and the structure of the financial sector and the prevailing corporate governance system in a given country on the other side. The present paper addresses this puzzle on a methodological and an empirical basis. It starts by comparing and analyzing various ways of measuring financial structure and financing patterns and by demonstrating that the surprising empirical results found by studies that relied on net flows are due to a hidden assumption. It then derives an alternative method of measuring financing patterns, which also uses flow-of-funds data, but avoids the questionable assumption. This measurement concept is then applied to patterns of corporate financing in Germany, Japan and the United States. The empirical results, which use an estimation technique for determining gross flows of funds in those cases in which empirical data are not available, are very much in line with the commonly held belief prior to Mayer’s influential contribution and indicate that the financial systems of the three countries do indeed differ from one another in a substantial way, and moreover in a way which is largely in line with the general view of the differences between the financial systems of the countries covered in the present paper
Structural change in the German banking system?
This paper starts out by pointing out the challenges and weaknesses which the German banking systems faces according to the prevailing views among national and international observers. These challenges include a generalproblem of profitability and, possibly as its main reason, the strong role of public banks. These concerns raise the questions whether the facts support this assessment of a general profitability problem and whether there are reasons to expect a fundamental or structural transformation of the German banking system. The paper contains four sections. The first one presents the evidence concerning the profitability problem in a comparative, international perspective. The second section presents information about the so-called three-pillar system of German banking. What might be surprising in this context is that the group of pub lic banks is not only the largest segment of the German banking system, but that the primary savings banks also are its financially most successful part. The German banking system is highly fragmented. This fact suggests to discuss past, present and possible future consolidations in the banking system in the third section. The authors provide evidence to the effect that within- group consolidation has been going on at a rapid pace in the public and the cooperative banking groups in recent years and that this development has not yet come to an end, while within-group consolidation among the large private banks, consolidation across group boundaries at a national level and cross-border or international consolidation has so far only happened at a limited scale, and do not appear to gain momentum in the near future. In the last section, the authors develop their explanation for the fact that large-scale and cross border consolidation has so far not materialized to any great extent. Drawing on the concept of complementarity, they argue that it would be difficult to expect these kinds of mergers and acquisitions happening within a financial system which is itself surprisingly stable, or, as one cal also call it, resistant to change
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