A Classification of Decision Automation and Delegation in Digital Investment Management Systems

Digital investment management systems, commonly known as robo-advisors, provide new alternatives to traditional human services, offering competitive investment returns at lower cost and customer effort. However, users must give up control over their investments and rely on automated decision-making. Because humans display aversion to high levels of automation and delegation, it is important to understand the interplay of these two aspects. This study proposes a taxonomy of digital investment management systems based on their levels of decision automation and delegation along the investment management process. We find that the degree of automation depends on the frequency and urgency of decisions as well as the accuracy of algorithms. Notably, most providers only invest in a subset of funds pre-selected by humans, potentially limiting efficiency gains. Based on our taxonomy, we identify archetypical system designs, which facilitate further research on perception and adoption of digital investment management systems

Macroscopic constitutive model for ergodic and non-ergodic lead-free relaxors

A fully electromechanically coupled, three dimensional phenomenological constitutive model for relaxor ferroelectric materials was developed for the use in a finite-element-method (FEM) solution procedure. This macroscopic model was used to simulate the macroscopic electromechanical response of lead-free ergodic 0.94Na1/2Bi1/2TiO3−0.06BaTiO3 and non-ergodic 0.90Na1/2Bi1/2TiO3−0.06BaTiO3−0.04K0.5Na0.5NbO3 relaxor materials. The presented constitutive model is capable of accounting for the observed pinched hysteretic response as well as non-deviatoric polarization induced strain and internal order transitions. Time integration of the history dependent internal variables is done with a predictor-corrector integration scheme. The adaptability of the constitutive model regarding the pinching of the hystereses is shown. Simulations are compared to experimental observations

Long-term follow-up after anterior cruciate ligament reconstruction using a press-fit quadriceps tendon-patellar bone autograft

Background: The use of a quadriceps tendon-patellar bone (QTPB) autograft provides an alternative procedure in primary reconstruction of the anterior cruciate ligament (ACL). Using the press-fit technique for femoral fixation and knotting over a bone bridge as well as additional spongiosa filling for tibial fixation can completely eliminate the need for fixation implants. The objective of this study was to evaluate the long-term clinical, functional and radiological results of this operating method. Methods: Sixty-nine patients (27 female-42 male) were included in this study. Fifty-seven patients (83%) received a comprehensive follow-up review after an average period of 7.5 years (range: 7–8.7). All other patients were surveyed by telephone. Six patients (9%) suffered a re-rupture of the ACL graft caused by a new related trauma and were therefore excluded from the statistical analysis. Results: Of all patients, 98% were satisfied with the operation. Normal or almost normal results were recorded in the subjective IKDC scores form by 88% of the patients. The Lysholm score demonstrated very good and good results in 83% of the patients. Only 1 patient reported minor complaints in the donor area. Seven (12%) patients developed Cyclops syndrome with limited knee extension. This complication was treated arthroscopically within the first year postoperatively. Their results on follow-up were not worse than the results of the patients without Cyclops syndrome. Regarding the 57 patients who received a comprehensive evaluation, the stability test with the KT-1000 Arthrometer yielded a difference of less than 3 mm in the contralateral comparison for 89% of the operated knees. The pivot-shift test was normal in 79% and almost normal in 21%. In the Single-leg Triple Hop Test, patients achieved an average of 98% of the hopping distance attained with the contralateral leg. The radiological examination revealed a slight deterioration in the Kellgren-Lawrence Score in 2 patients. Conclusion: The ACL reconstruction using the QTPB autograft performed with the press-fit technique leads to good results in comparison with published results of established procedures for primary ACL surgery using other autografts. Further investigations should involve comparative studies with the objective of providing evidence-based, individually adapted therapy for ACL rupture

A TNF-Regulated Recombinatorial Macrophage Immune Receptor Implicated in Granuloma Formation in Tuberculosis

Macrophages play a central role in host defense against mycobacterial infection and anti- TNF therapy is associated with granuloma disorganization and reactivation of tuberculosis in humans. Here, we provide evidence for the presence of a T cell receptor (TCR) αβ based recombinatorial immune receptor in subpopulations of human and mouse monocytes and macrophages. In vitro, we find that the macrophage-TCRαβ induces the release of CCL2 and modulates phagocytosis. TNF blockade suppresses macrophage-TCRαβ expression. Infection of macrophages from healthy individuals with mycobacteria triggers formation of clusters that express restricted TCR Vβ repertoires. In vivo, TCRαβ bearing macrophages abundantly accumulate at the inner host-pathogen contact zone of caseous granulomas from patients with lung tuberculosis. In chimeric mouse models, deletion of the variable macrophage-TCRαβ or TNF is associated with structurally compromised granulomas of pulmonary tuberculosis even in the presence of intact T cells. These results uncover a TNF-regulated recombinatorial immune receptor in monocytes/macrophages and demonstrate its implication in granuloma formation in tuberculosis