Explaining investor preference for cash dividends.

The well-known tendency of investors to favor cash dividends emerges quite naturally in two new theories of choice behavior [the theory of self-control due t

Effect of the Output of the System in Signal Detection

We analyze the consequences that the choice of the output of the system has in the efficiency of signal detection. It is shown that the signal and the signal-to-noise ratio (SNR), used to characterize the phenomenon of stochastic resonance, strongly depend on the form of the output. In particular, the SNR may be enhanced for an adequate output.Comment: 4 pages, RevTex, 6 PostScript figure

Decoder synchronization for deep space missions

The Consultative Committee for Space Data Standards (CCSDS) recommends that space communication links employ a concatenated, error-correcting, channel-coding system in which the inner code is a convolutional (7,1/2) code and the outer code is a (255,223) Reed-Solomon code. The traditional implementation is to perform the node synchronization for the Viterbi decoder and the frame synchronization for the Reed-Solomon decoder as separate, sequential operations. This article discusses a unified synchronization technique that is required for deep space missions that have data rates and signal-to-noise ratios (SNR's) that are extremely low. This technique combines frame synchronization in the bit and symbol domains and traditional accumulated-metric growth techniques to establish a joint frame and node synchronization. A variation on this technique is used for the Galileo spacecraft on its Jupiter-bound mission

Large constraint length high speed viterbi decoder based on a modular hierarchial decomposition of the deBruijn graph

A method of formulating and packaging decision-making elements into a long constraint length Viterbi decoder which involves formulating the decision-making processors as individual Viterbi butterfly processors that are interconnected in a deBruijn graph configuration. A fully distributed architecture, which achieves high decoding speeds, is made feasible by novel wiring and partitioning of the state diagram. This partitioning defines universal modules, which can be used to build any size decoder, such that a large number of wires is contained inside each module, and a small number of wires is needed to connect modules. The total system is modular and hierarchical, and it implements a large proportion of the required wiring internally within modules and may include some external wiring to fully complete the deBruijn graph. pg,14

How Should We Foster the Professional Integrity of Engineers in Japan? A Pride-Based Approach

I discuss the predicament that engineering-ethics education in Japan now faces and propose a solution to this. The predicament is professional motivation, i.e., the problem of how to motivate engineering students to maintain their professional integrity. The special professional responsibilities of engineers are often explained either as an implicit social contract between the profession and society (the “social-contract” view), or as requirements for membership in the profession (the “membership-requirement” view). However, there are empirical data that suggest that such views will not do in Japan, and this is the predicament that confronts us. In this country, the profession of engineering did not exist 10 years ago and is still quite underdeveloped. Engineers in this country do not have privileges, high income, or high social status. Under such conditions, neither the social-contract view nor the membership-requirement view is convincing. As an alternative approach that might work in Japan, I propose a pride-based view. The notion of pride has been analyzed in the virtue-ethics literature, but the full potential of this notion has not been explored. Unlike other kinds of pride, professional pride can directly benefit the general public by motivating engineers to do excellent work even without social rewards, since being proud of themselves is already a reward. My proposal is to foster a particular kind of professional pride associated with the importance of professional services in society, as the motivational basis for professional integrity. There is evidence to suggest that this model works

The ethical challenge of Touraine's 'living together'

In Can We Live Together? Alain Touraine combines a consummate analysis of crucial social tensions in contemporary societies with a strong normative appeal for a new emancipatory 'Subject' capable of overcoming the twin threats of atomisation or authoritarianism. He calls for a move from 'politics to ethics' and then from ethics back to politics to enable the new Subject to make a reality out of the goals of democracy and solidarity. However, he has little to say about the nature of such an ethics. This article argues that this lacuna could usefully be filled by adopting a form of radical humanism found in the work of Erich Fromm. It defies convention in the social sciences by operating from an explicit view of the 'is' and the 'ought' of common human nature, specifying reason, love and productive work as the qualities to be realised if we are to move closer to human solidarity. Although there remain significant philosophical and political differences between the two positions, particularly on the role to be played by 'the nation', their juxtaposition opens new lines of inquiry in the field of cosmopolitan ethics

Strategies used as spectroscopy of financial markets reveal new stylized facts

We propose a new set of stylized facts quantifying the structure of financial markets. The key idea is to study the combined structure of both investment strategies and prices in order to open a qualitatively new level of understanding of financial and economic markets. We study the detailed order flow on the Shenzhen Stock Exchange of China for the whole year of 2003. This enormous dataset allows us to compare (i) a closed national market (A-shares) with an international market (B-shares), (ii) individuals and institutions and (iii) real investors to random strategies with respect to timing that share otherwise all other characteristics. We find that more trading results in smaller net return due to trading frictions. We unveiled quantitative power laws with non-trivial exponents, that quantify the deterioration of performance with frequency and with holding period of the strategies used by investors. Random strategies are found to perform much better than real ones, both for winners and losers. Surprising large arbitrage opportunities exist, especially when using zero-intelligence strategies. This is a diagnostic of possible inefficiencies of these financial markets.Comment: 13 pages including 5 figures and 1 tabl

Intuitionistic implication makes model checking hard

We investigate the complexity of the model checking problem for intuitionistic and modal propositional logics over transitive Kripke models. More specific, we consider intuitionistic logic IPC, basic propositional logic BPL, formal propositional logic FPL, and Jankov's logic KC. We show that the model checking problem is P-complete for the implicational fragments of all these intuitionistic logics. For BPL and FPL we reach P-hardness even on the implicational fragment with only one variable. The same hardness results are obtained for the strictly implicational fragments of their modal companions. Moreover, we investigate whether formulas with less variables and additional connectives make model checking easier. Whereas for variable free formulas outside of the implicational fragment, FPL model checking is shown to be in LOGCFL, the problem remains P-complete for BPL.Comment: 29 pages, 10 figure