Returns-Based Beliefs and The Prisoner's Dilemma

Economists have highlighted a number of game-theoretic contradictions and paradoxes i

A reason for unreason: returns based beliefs in game theory

Players cooperate in experiments more than game theory would predict. We introduce the ‘returns-based beliefs’ approach: the expected returns of a particular strategy in proportion to total expected returns of all strategies. Using a decision analytic solution concept, Luce’s (1959) probabilistic choice model, and ‘hyperpriors’ for ambiguity in players’ cooperability, our approach explains empirical observations in various classes of games including the Prisoner’s and Traveler’s Dilemmas. Testing the closeness of fit of our model on Selten and Chmura (2008) data for completely mixed 2 × 2 games shows that with loss aversion, returns-based beliefs explain the data better than other equilibrium concepts

Business model innovation and third-party alliance on the survival of new firms

In this study, we address the question of how the degree of business model innovation affects the survival of new firms. We present a newly constructed data set of 129 new firms that launched electronic trading platforms in the US bond market between 1995 and 2004 following the advent of Internet technology. We analyze the founding and survival of these new firms during the period of our study. We find that new firms with a high or low degree of business model innovation are more likely to survive for longer than new firms with a moderate degree of business model innovation. We show that partnering with third-party firms with complementary assets reduces the survival of new firms as the degree of business model innovation increases. We discuss the implications of our findings for managers, policy-makers and researchers.This is the author's accepted manuscript. The final version is available from Elsevier at http://www.sciencedirect.com/science/article/pii/S0166497214001291

Design considerations for trawl winches

For efficient functioning of a trawl winch it is essential that all component parts should be designed carefully taking into consideration all the relevant factors such as quantum and type of load each component is subjected to, amount of maintenance it will receive during actual operation, type of drive for the winch etc. Based on the practices adopted at the Central Institute of Fisheries Technology certain guidelines are proposed in this paper for designing of trawl winches

El doctor Velu

Nota bio-bibliográfica redactada para el ingreso en la Real Academia Frances

A mechanical device for eradication of submerged aquatic weeds

This paper embodies details and method of operation of a mechanical device developed for eradication of submerged aquatic weeds. The economics of operation is also discussed

Evolutionary or revolutionary business model innovation through coopetition? The role of dominance in network markets

This paper examines how the level of dominance in firms affects when they engage in coopetition in order to innovate their business model. We present a longitudinal and in-depth single case study of the business model innovation decisions of investment banks in the US corporate bond trading market. We find that, in network markets, when firms choose to engage in coopetition in light of competitive threat it is done so in order to adopt a defensive or offensive strategy. The study shows that in network markets the less dominant firms tend to engage in coopetition to innovate their business model in an evolutionary manner before the dominant firms, as a defensive strategy to protect their existing business model. In contrast, the dominant firms tend to engage in coopetition to innovate their business model in a revolutionary manner after the less dominant firms, as an offensive strategy to alter radically their existing business model. We draw implications of coopetition in network markets for both theory and practice.This study was supported by funding from the Economic and Social Research Council.This is the author accepted manuscript. The final version is available from Elsevier via http://dx.doi.org/10.1016/j.indmarman.2015.11.00

An Iris Authentication System Based on Artificial Neural Networks

An iris authentication system verifies the authenticity of a person based on their iris features. The iris features are extracted through wavelet transform of the isolated iris from modified iris images. A level 5 wavelet decomposition is performed on the images, and the resulting low-frequency wavelet coefficients represent the inputs to the artificial neural network. The artificial neural network reads these features as inputs, and classifies each set of inputs according to their target identity. This authentication system currently classifies up to 10 people. The irises used for classification represent ideal situations with minimum eyelash and eyelid interference

Potential of tropical filamentous cyanobacteria for low-cost bioremediation and bioproduct synthesis

Chinnathambi Velu investigated the potential of cyanobacteria for the bioremediation of ash-dam wastewater and CO₂ for biofertilizer and bioproduct synthesis. He developed cost-, water- and energy-smart biomass production algal cultivation system for the purpose he investigated. Part of his research is being implemented by farmers at Perenjori, Western Australia