An experimental analysis of bounded rationality: Applying insights from behavioral economics to information systems

The paradigm of bounded rationality considers the limited ability of individuals to make consistent and rational choices. Due to the scarcity of research on this phenomenon in information systems, we conducted an experimental study investigating decision-making regarding risk preferences and social preferences. Moreover, we explored the stability of these preferences under different conditions and uncovered the role of information retrieval in individual decision-making. We find that although individuals are generally risk-averse and egoistic, none of these preferences is stable under the conditions tested which provides indices of boundedly rational decision-making. Although the information retrieved by participants generally allows to infer their preferences, the increasing amount and complexity of this information again often results in boundedly rational behavior.bounded rationality, experimental design, information retrieval, stability of attitudes and behavior, cognitive tracing, behavioral economics, behavioral information systems

Erklärungsfaktoren für den Einsatz von Währungsderivaten bei deutschen Unternehmen : eine empirische Logit-Analyse

Untersuchungsgegenstand ist der empirische Gehalt der ökonomischen Theorie eines Hedgings auf Unternehmensebene. In den USA wurde die Hedging-Theorie in einer Reihe von empirischen Studien aufgegriffen. Die Befunde sind zumeist konsistent mit dem Erklärungsansatz von Froot/Scharfstein/Stein (1993), wonach eine Verringerung der Cashflow-Volatilität – unter der Annahme steigender Außenfinanzierungskosten – zu einer Reduzierung von Unterinvestitionskosten führt. Bei deutschen Unternehmen besitzt dieser Ansatz bemerkenswerterweise jedoch nur einen geringen Erklärungsgehalt. Die Ergebnisunterschiede können auf unterschiedliche Kapitalmarktverhältnisse zurückgeführt werden: Die unterstellten steigenden Kosten der Außenfinanzierung besitzen für deutsche Unternehmen aufgrund der Dominanz des Bezugsrechtsverfahrens sowie der Rolle der Hausbank als Mechanismus zur Überwindung von Informationsproblemen eine vergleichsweise geringere Bedeutung. Die Managerinteressen erweisen sich bei deutschen Unternehmen als eine wesentliche Hedging-Determinante. Zwischen der Höhe des gebundenen Managervermögens und der Hedging-Wahrscheinlichkeit besteht entsprechend der Hedging-Theorie ein signifikanter positiver Zusammenhang. Entgegen den amerikanischen Befunden kann jedoch eine disziplinierende Wirkung von Großaktionären auf die Hedging-Entscheidung nicht beobachtet werden. Zur Berücksichtigung der spezifischen deutschen Kapitalmarktverhältnisse wird der Einfluss von Bankenbeteiligungen und Familienunternehmen auf die Hedging-Entscheidung untersucht. Ein Bankeneinfluss auf die Derivateeinsatz-Entscheidung kann jedoch nicht festgestellt werden. Entgegen Diversifikations- und Kapitalmarktüberlegungen besteht bei Familienunternehmen interessanterweise eine signifikant geringere Hedging-Wahrscheinlichkeit

THE VALUE OF VISIBILITY AND RFID IN TRANSSHIPMENT OPERATIONS – A SIMULATION STUDY

Shrinkage can lead to inventory record inaccuracy which in turn may negatively affect the performance of supply chain control policies. In this paper the impact of shrinkage on the efficiency of transshipment operations is demonstrated using stochastic simulation. In particular, the value of full inventory visibility which could be achieved using RFID is approximated. This value is shown to be relatively low given the assumed properties of the transshipment policy. Our preliminary results suggest waiting for further tangible benefits of RFID before building its business case in transshipment environments

Charting a new course on North Korea's nuclear programme? The options and the Non-Proliferation Treaty

"Should North Korea be recognised as a de facto nuclear power? Even after three nuclear tests the international discussion continues to tiptoe around this crucial question for the nuclear non-proliferation regime. The aftermath of the spring 2013 escalation only makes the problem more urgent. North Korea uses its nuclear weapons as a threat in diplomatic and security talks, has declared itself a nuclear-weapon state by constitutional amendment, and most recently openly threatened a nuclear strike against the United States and South Korea. Nonetheless, the international community adheres doggedly to the legal stance that North Korea is a non-nuclear-weapon state under the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) and must renounce nuclear arms. Given Pyongyang’s repeated violations of the treaty this position is well founded. But in view of the power of the factual, it is legitimate to ask how long this position can and should be upheld. Why should the international community not treat North Korea like other nuclear powers outside the NPT?" (author's abstract

Vođenje hodajućeg robota u strukturiranom prostoru zasnovano na računalnome vidu

Locomotion of a biped robot in a scenario with obstacles requires a high degree of coordination between perception and walking. This article presents key ideas of a vision-based strategy for guidance of walking robots in structured scenarios. Computer vision techniques are employed for reactive adaptation of step sequences allowing a robot to step over or upon or walk around obstacles. Highly accurate feedback information is achieved by a combination of line-based scene analysis and real-time feature tracking. The proposed vision-based approach was evaluated by experiments with a real humanoid robot.Lokomocija dvonožnog robota u prostoru s preprekama zahtijeva visoki stupanj koordinacije između percepcije i hodanja. U članku se opisuju ključne postavke strategije vođenja hodajućih robota zasnovane na računalnome vidu. Tehnike računalnoga vida primijenjene za reaktivnu adaptaciju slijeda koraka omogućuju robotu zaobilaženje prepreka, ali i njihovo prekoračivanje te penjanje na njih. Visoka točnost povratne informacije postignuta je kombinacijom analize linijskih segmenata u sceni i praćenjem značajki scene u stvarnome vremenu. Predloženi je sustav vođenja hodajućih robota eksperimentalno provjeren na stvarnome čovjekolikome robotu

Pricing Web Services

This paper focuses on the challenges associated with composing and pricing web services. We present the results of an online experiment, where subjects were confronted with a variety of choices and decisions relating to web service markets and service composition. Our analysis shows that people expect the price of a composite web service to be lower than the sum of the prices of the elementary services, that is, users are not willing to pay for aggregation by a third party. To obtain a viable business model for composite web services, non-standard pricing mechanisms, such as auctions and negotiations, possibly supported by electronic agents, have to be taken into consideration. Usage-based pricing schemes, combined with an option to switch to a flat subscription, seem most appropriate to penetrate the developing market for web services.Peer Reviewe

Alpha tensor and dynamo excitation in turbulent fluids with anisotropic conductivity fluctuations

A mean-field theory of the electrodynamics of a turbulent fluid is formulated under the assumption that the molecular electric conductivity is correlated with the turbulent velocity fluctuation in the (radial) direction, (Formula presented.). It is shown that for such homogeneous fluids a strong turbulence-induced field advection anti-parallel to (Formula presented.) arises almost independently of rotation. For rotating fluids, an extra (Formula presented.) effect appears with the known symmetries and with the expected maximum at the poles. Fast rotation, however, with Coriolis number exceeding unity suppresses this term. Numerical simulations of forced turbulence using the nirvana code demonstrate that the radial advection velocity, (Formula presented.), always dominates the (Formula presented.) term. We show finally with simplified models that (Formula presented.) dynamos are strongly influenced by the radial pumping: for (Formula presented.) the solutions become oscillatory, while for (Formula presented.) they become highly exotic if they exist at all. In conclusion, dynamo models for slow and fast solid-body rotation on the basis of finite conductivity–velocity correlations are unlikely to work, at least for (Formula presented.) dynamos without strong shear

Climate change impact on thunderstorms: Using high-resolution COSMO-CLM simulations to determine changes in thunderstorm occurrences

KlimawandelIt is generally assumed that temperature increase associated with global climate change will lead to increased thunderstorm intensity and associated heavy precipitation events. In the present study it is investigated whether the frequency of thunderstorm occurrences will in- or decrease and how the spatial distribution will change for the A1B scenario for mid-Europe. Hourly model data of the COSMO-CLM is used with a horizontal resolution of 0.04°(~4.5km) for mid-Europe. The simulations were carried out for two different periods: 1971-2000 (C20) and 2071-2100 (A1B). The two-step nesting chain starts with a CCLM run with 18km resolution covering whole Europe nested in ECHAM5 runs, then a run with a resolution of 4.4km has been performed for mid-Europe. Thunderstorm indices are applied to detect potential thunderstorms and differences in their frequency of occurrence in this periods. The indices used are CAPE (Convective Available Potential Energy), SLI (Surface Lifted Index), and TSP (Thunderstorm Severity Potential), which combines deep-layer-shear and the maximum vertical velocity. The significance of a potential climate signal was tested with a t-test and a power analysis was performed to quantify the uncertainty of the signal. The focus of this study is the Saar-Lor-Lux region (Saarland, Lorraine, Luxembourg). The investigation of the present and future thunderstorms shows that the regional averaged frequencies will decrease in general, but several regions like the Saarland and especially elevated areas will have a potential increase in thunderstorm occurrences and intensity. Statistically, regions of the Alps, the Netherlands and Belgium show significant climate signals. The power analysis yields low power to detect changes of severe thunderstorms but high power for classes with no to light thunderstorms. In conclusion, our study shows that the frequency of severe thunderstorm is not likely to increase during the next century

RFID Context Data Management: The Missing Link to EPCIS-Based Supply Chain Monitoring

The potential of Radio Frequency Identification (RFID) for increasing supply chain efficiency has been stressed by practitioners and researchers alike. For the cross-company exchange of RFID-related data, the industry consortium EPCglobal has specified the EPC Information Services (EPCIS). According to EPCglobal, all RFID-related data recorded by an organization should be stored as EPCIS events in a dedicated database. The information that can be inferred from the EPCIS events stored in the EPCIS repositories will be sufficient to monitor the flow of goods. However, generating an EPCIS event does not only require the data that is provided by the RFID readers but also the corresponding context data (e.g. physical locations, related business process steps and related transactions). For this missing link, i.e. the association of read events and context data, we propose an architectural component called Event Capturing Application (ECA). In this paper we propose a data model for storing and exchanging EPCIS context data in an efficient and standardizable way. We also present an algorithm that can be used to assemble EPCIS events from read events and context data. The functionality of our prototypical ECA was evaluated using noFilis’ RFID middleware CrossTalk and the Fosstrack EPCIS implementation

Improvement of Groin Pain in a Football Player with Femoroacetabular Impingement via a Correction of the Pelvic Position—A Case Report

Background: Femoroacetabular impingement is one possible cause for groin pain and can lead to long periods of absence for football players. In cam impingement, the end-grade position of the leg at kicking makes the hip particularly prone to faulty contact between the acetabulum and the femoral head. Studies suggest that the resting position of the pelvis in the sagittal plane may have an important role in the biomechanics of movement in the presence of cam impingement. Methods: A 19-year-old male competitive footballer complained of sudden groin pain during a period of low athletic load. Biomechanical tests (3D posture and isometric strength analyses) showed that unbalanced individual strength training had resulted in an increased forward tilt of the pelvis. At the same time, cam impingement was confirmed radiologically, which obviously contributed to the sudden onset of the symptoms. The kicking technique of the athlete showed increased hip and trunk flexion, which also indicated a muscular imbalance. Targeted strength and stretching exercises three times a week improved the pelvic position in terms of reduced anteversion. At the same time, the patient performed strength exercises to improve his kicking technique. Results: After 8 weeks, improvements in his pelvic position and global posture and increased muscle strength could be verified. At the same time, the athlete was free of complaints again. Conclusions: When groin pain occurs in football players with cam impingement, special attention should be paid to the resting position of the pelvis in the sagittal plane. Correcting increased pelvic anteversion can prevent unfavourable end-grade collisions of the acetabulum and femoral head during kicking with strong hip flexion and adduction. Possible changes in the pelvic position due to adverse individual strength training performed by young athletes should always be kept in mind