Informational Size and Efficient Auctions

We develop an auction model for the case of interdependent values and multidimensional signals in which agents’ signals are correlated. We provide conditions under which a modification of the Vickrey auction which includes payments to the bidders will result in an ex post efficient outcome. Furthermore, we provide a definition of informational size such that the necessary payments to bidders will be arbitrarily small if agents are sufficiently informationally small.Auctions, Incentive Compatibility, Mechanism Design, Interdependent Values

Implementation with Interdependent Valuations

It is well-known that the ability of the Vickrey-Clarke-Groves (VCG) mechanism to implement efficient outcomes for private value choice problems does not extend to interdependent value problems. When an agent’s type affects other agents’ utilities, it may not be incentive compatible for him to truthfully reveal his type when faced with CGV payments. We show that when agents are informationally small, there exist small modifications to CGV that restore incentive compatibility. We further show that truthful revelation is an approximate ex post equilibrium. Lastly, we show that in replicated settings aggregate payments sufficient to induce truthful revelation go to zero.Auctions, Incentive Compatibility, Mechanism Design, Interdependent Values, Ex Post Incentive Compatibility

Informational Smallness and Privae Momnitoring in Repeated Games, Second Version

We consider repeated games with private monitoring that are .close. to repeated games with public/perfect monitoring. A private monitoring information structure is close to a public monitoring information structure when private signals can generate approximately the same distribution of the public signal once they are aggregated into a public signal by some public coordination device. A player.s informational size associated with the public coordination device is the key to inducing truth-telling in nearby private monitoring games when communication is possible. A player is informationally small given a public coordination device if she believes that her signal is likely to have a small impact on the public signal generated by the public coordinating device. We show that a uniformly strict equilibrium with public monitoring is robust in a certain sense: it remains an equilibrium in nearby private monitoring repeated games when the associated public coordination device, which makes private monitoring close to public monitoring, keeps every player informationally small at the same time. We also prove a new folk theorem for repeated games with private monitoring and communication by exploiting the connection between public monitoring games and private monitoring games via public coordination devices.Communication, Folk theorem, Informational size, Perfect monitoring, Private monitoring, Public monitoring, Repeated games, Robustness

Aggregation of Expert Opinions

Conflicts of interest arise between a decision maker and agents who have information pertinent to the problem because of differences in their preferences over outcomes. We show how the decision maker can extract the information by distorting the decisions that will be taken, and show that only slight distortions will be necessary when agents are "informationally small." We further show that as the number of informed agents becomes large the necessary distortion goes to zero. We argue that the particular mechanisms analyzed are substantially less demanding informationally than those typically employed in implementation and virtual implementation. In particular, the equilibria we analyze are "conditionally" dominant strategy in a precise sense. Further, the mechanisms are immune to manipulation by small groups of agents.Information Aggregation, Mechanism Design, Incomplete Information

Aggregation of Expert Opinions

Conflicts of interest arise between a decision maker and agents who have information pertinent to the problem because of differences in their preferences over outcomes. We show how the decision maker can extract the information by distorting the decisions that will be taken, and show that only slight distortions will be necessary when agents are informationally small. We further show that as the number of informed agents becomes large the necessary distortion goes to zero. We argue that the particular mechanisms analyzed are substantially less demanding informationally than those typically employed in implementation and virtual implementation. In particular, the equilibria we analyze are conditionally dominant strategy in a precise sense. Further, the mechanisms are immune to manipulation by small groups of agents.Information aggregation, Asymmetric information, Cheap talk, Experts

On Price-Taking Behavior in Asymmetric Information Economies

It is understood that rational expectations equilibria may not be incentive compatible: agents with private information may be able to affect prices through the information conveyed by their market behavior. We present a simple general equilibrium model to illustrate the connection between the notion of informational size presented in McLean and Postlewaite (2002) and the incentive properties of market equilibria. Specifically, we show that fully revealing market equilibria are not incentive compatible for an economy with few privately informed producers because of the producers’ informational size, but that replicating the economy decreases agents’ informational size. For sufficiently large economies, there exists an incentive compatible fully revealing market equilibrium.Rational Expectations Equilibria, Informational Smallness

In vitro Realisation of the Hydroxypropionyl-CoA/Acrylyl-CoA Cycle

The birth of the industrial revolution initiated a significant shift in the global carbon cycle. In the intervening centuries, the production of anthropogenic atmospheric carbon rose dramatically and has resulted in a pronounced climactic shift. The rate of this change is accelerating, largely irreversible in the short-term, and is expected to have a profound negative impact on nearly every aspect of human life from culture and economics to mental and physical health. It is now generally recognised that past practices are unsustainable and that we must take immediate action if we are to ameliorate this problem. Global efforts to reduce carbon emissions have begun, and many novel technologies are currently being developed both to make manufacturing more efficient and to actively remove carbon from the atmosphere. Despite these efforts, average atmospheric CO2 concentrations have continued to rise, and the climate has continued to change. While a multitude of different methods will be required if we are to be successful in reducing global atmospheric carbon, an intriguing approach is generating designer organisms capable of fixing CO2. Natural carbon fixation is the cornerstone of organic life, but there are potential improvements that could be made to generate more efficient carbon-fixing organisms. In addition to removing atmospheric CO2, the carbon can potentially be funnelled into any number of value-added products. In this work, we have pursued the artificial Hydroxypropionyl-CoA/Acrylyl-CoA Cycle in an in vitro system. We aim to demonstrate that the cycle is functional at ambient temperature and in the presence of oxygen making it an appealing candidate for future in vivo engineering efforts. In the first part, we investigate the oxidative portion of the cycle which involves the conversion of (2S)-methylmalonyl-CoA to malonyl-CoA. Originally this involved chemistry analogous to the TCA cycle, however due to difficulties with multiple steps of this pathway, we introduced a novel bypass that directly oxidises succinyl-CoA to the metabolically unusual fumaryl-CoA. This portion of the cycle also includes the first carbon-fixing reaction, the ATP-dependent carboxylation of acetyl-CoA. In the second part, we evaluate the reductive portion of the cycle which involves the conversion of malonyl-CoA back to (2S)-methylmalonyl-CoA. This portion involves three reduction reactions and we explored two potential pathways going through either 3-hydroxypropionyl-CoA or β-alanyl-CoA. While both versions are functional, the lack of β-alanine-specific enzymes, especially a β-alanyl-CoA synthetase made the 3-hydroxypropionyl-CoA pathway more practical. In either case, this portion terminates with the reductive carboxylation of acrylyl-CoA to (2S)-methylmalonyl-CoA. Finally, these pathways were combined to yield a continuous cycle. After flux through the cycle was achieved, we sought to resolve a variety of resultant issues including regeneration of ATP and NADPH, elimination of reactive oxygen species, protection from coenzyme B12 radical inactivation, regeneration of FAD-dependent enzymes, and the repair of chemically modified cofactors. The current HOPAC cycle was found to produce ~500 µM glycolate, or five CO2-equivalents per molecule of acetyl-CoA. Overall, in this work we established the HOPAC cycle, a new-to-nature synthetic CO2-fixation pathway, in vitro and further optimised its functioning. This works provides another proof-of-principle for synthetic CO2-fixation and opens the path for implementation of HOPAC in natural and synthetic cells in the future

A practical continuous improvement implementation framework for UK manufacturing companies

Continuous Improvement initiatives continue to report high failure rates. This research initially aims to explore the reasons for implementation failure and then address the identified themes through the development of a new framework. The research is focussed on a specific sector and region in order to provide findings tailored to that audience. Several stages of research have been completed. Initially, a Systematic Literature Review identified eight main themes that most contribute to the failure of Continuous Improvement initiatives in manufacturing organisations. These eight themes were subsequently validated and ranked by influence towards initiative failure. The next phase centred around the creation of a new implementation framework. This involved firstly the evaluation of current implementation guides through a Critical Literature Review to understand both the strengths and weaknesses of each. This identified that there is not currently an implementation framework or model that fully satisfies the objectives of this research. This is the main research gap. A new conceptual framework for implementing Continuous Improvement in UK manufacturing companies was therefore developed by incorporating the strengths of current offerings as well as the findings of the previous research phases. An important element of this research is the desire to bridge the gap between academic findings and real world application. This translation of theory into practice should be the objective of any operations management research. To achieve this the conceptual framework required extensive evaluation by the intended user groups. This was achieved through a two stage Delphi study. Through this approach consensus was reached on the content and structure of the updated framework. Finally, a focus group was organised to allow a separate group of individuals, not previously involved in the research, to discuss the framework. This served to further validate the framework. Whilst being of practical use, the new framework also contributes to theory; specifically change management, motivation and organisational learning theory. As with any research, limitations exist. These have been identified throughout and where practical have been addressed to ensure robust research methods are employed. The main limitation of the research is the absence of practical application of the final framework. This was due to the absence of opportunity to do so, as well as the extended timeframe associated. A future research direction is to complete this action research or case study research in order to provide a final validation of the framework

Quaker accountability regimes: The case of the Richardson family networks, 1840 - 1914

Purpose – This paper aims to explore the development of the accountability ideals and practices of Quaker industrialists during the period 1840 – 1914. Design/methodology/approach – The research employs a case study approach and draws on the extensive archives of Quaker industrialists in the Richardson family networks, British Parliamentary Papers and the Religious Society of Friends together with relevant contemporary and current literature. Findings – Friends shed their position as Enemies of the State and obtained status and accountabilities undifferentiated from those of non-Quakers. The reciprocal influences of an increasingly complex business environment and radical changes in religious beliefs and practices combined to shift accountabilities from the Quaker Meeting House to newly established legal accountability mechanisms. Static Quaker organization structures and accountability processes were ineffective in a rapidly changing world. Decision-making was susceptible to the domination of the large Richardson family networks in the Newcastle Meeting House. This research found no evidence of Quaker corporate social accountability through action in the Richardson family networks and it questions the validity of this concept. The motivations underlying Quakers’ personal philanthropy and social activism were multiple and complex, extending far beyond accountabilities driven by religious belief. Originality/value –This research has originality and value as a study of continuity and change in Quaker accountability regimes during a period that encompassed fundamental changes in Quakerism and its orthopraxy, and their business, social and political environments