Approximate solutions to stochastic dynamic programs

This paper examines the properties of various approximation methods for solving stochastic dynamic programs in structural estimation problems. The problem addressed is evaluating the expected value of the maximum of available choices. The paper shows that approximating this by the maximum of expected values frequently has poor properties. It also shows that choosing a convenient distributional assumptions for the errors and then solving exactly conditional on the distributional assumption leads to small approximation errors even if the distribution is misspecified. © 1997 Cambridge University Press.

Some solutions for a compressible isotropic elastic material

In this article we obtain closed-form solutions for the combined inflation and axial shear of an elastic tube in respect of the compressible Isotropic elastic material introduced by Levinson and Burgess. Several other boundary-value problems are also examined, including the bending of a rectangular block and straightening of a cylindrical sector, both coupled with stretching and shearing, and an axially varying twist deformation. Some of the solutions appear in closed form, others are expressible in terms of elliptic functions.

Dynamic self-organization phenomena in complex ionized gas systems : new paradigms and technological aspects

An overview of dynamic self-organization phenomena in complex ionized gas systems, associated physical phenomena, and industrial applications is presented. The most recent experimental, theoretical, and modeling efforts to understand the growth mechanisms and dynamics of nano- and micron-sized particles, as well as the unique properties of the plasma-particle systems (colloidal, or complex plasmas) and the associated physical phenomena are reviewed and the major technological applications of micro- and nanoparticles are discussed. Until recently, such particles were considered mostly as a potential hazard for the microelectronic manufacturing and significant efforts were applied to remove them from the processing volume or suppress the gas-phase coagulation. Nowadays, fine clusters and particulates find numerous challenging applications in fundamental science as well as in nanotechnology and other leading high-tech industries.

Antecedent factors of knowledge sharing in research supervision

Today’s economy is a knowledge-based economy in which knowledge is a crucial facilitator to individuals, as well as being an instigator of success. Due to the impact of globalisation, universities face new challenges and opportunities. Accordingly, they ought to be more innovative and have their own competitive advantages. One of the most important goals of universities is the promotion of students as professional knowledge workers. Therefore, knowledge sharing and transfer at the tertiary level between students and supervisors is vital in universities, as it decreases the budget and provides an affordable way to do research. Knowledge-sharing impact factors can be categorised in three groups, namely: organisational, individual, and technical factors. Individual barriers to knowledge sharing include: the lack of time and trust and the lack of communication skills and social networks. IT systems such as elearning, blogs and portals can increase the knowledge-sharing capability. However, it must be stated that IT systems are only tools and not solutions. Individuals are still responsible for sharing information and knowledge. This paper proposes a new research model to examine the effect of individual factors, organisational factors (learning strategy, trust culture, supervisory support) and technological factors on knowledge sharing in the research supervision process.

A typology of technological enablers of website service failure prevention

An increasing range of services are now offered via online applications and e-commerce websites. However, problems with online services still occur at times, even for the best service providers due to the technical failures, informational failures, or lack of required website functionalities. Also, the widespread and increasing implementation of web services means that service failures are both more likely to occur, and more likely to have serious consequences. In this paper we first develop a digital service value chain framework based on existing service delivery models adapted for digital services. We then review current literature on service failure prevention, and provide a typology of technolo- gies and approaches that can be used to prevent failures of different types (functional, informational, system), that can occur at different stages in the web service delivery. This makes a contribution to theory by relating specific technologies and technological approaches to the point in the value chain framework where they will have the maximum impact. Our typology can also be used to guide the planning, justification and design of robust, reliable web services.

Productivity growth and biased technological change in Japanese airports

In this paper, the productivities of Japanese airports over the period of 1987-2005 are analyzed using the Malmquist index, and technological bias is investigated. During this period, airports on average became less efficient and experienced technological regress. Our results indicate that the traditional growth accounting method, which assumes Hicks neutral technological change, is not appropriate for analyzing changes in productivity for Japanese airports.

Changes in environmentally sensitive productivity and technological modernization in China's iron and steel industry in the 1990s

Technological modernization is widely believed to contribute positively both to economic development and to environmental and resource conservation, through improvements in productivity and strengthening of business competitiveness. However, this may not always be true, particularly in the short term, as it requires substantial investments and may impose financial burdens on firms undertaking such investments. This study empirically examines the effects of technological modernization in China's iron and steel industry in the 1990s on conventional economic productivity (CEP) and environmentally sensitive productivities (ESPs). We employ a directional distance function that can handle multiple inputs and outputs to compute relative production efficiencies. We apply these models to the data covering 27 iron and steel firms in China between 1990 and 1999-a period when the Chinese iron and steel industry modernized rapidly. We find that ESPs have continuously improved, even in the period when the CEP declined.

Sulfur dioxide allowances : trading and technological progress

The US Clean Air Act Amendments introduce an emissions trading system to regulate SO2 emissions. This study finds that changes in SO2 emissions prices are related to innovations induced by these amendments. We find that electricity-generating plants are able to increase electricity output and reduce emissions of SO2 and NOx from 1995 to 2007 due to the introduction of the allowance trading system. However, compared to the approximate 8% per year of exogenous technological progress, the induced effect is relatively small, and the contribution of the induced effect to overall technological progress is about 1-2%.

Productivity growth and biased technological change : Credit banks in Japan

This paper investigates the productivity change of Japanese credit banks with a Malmquist index and the input technological bias during 2000-2006. Our results indicate that the traditional growth accounting method, which assumes Hicks neutral technological change, is not appropriate for analyzing changes in productivity. Our analysis unambiguously shows that management of Shinkin banks has to be improved. These must be based on the improvement of technical efficiency and/or technological change, emulating the procedures of the best-practice banks, i.e., those banks with Malmquist productivity scores higher than one and simultaneously with technical efficiency and technological change higher than one.

Energy price-induced and exogenous technological change : Assessing the economic and environmental outcomes

In this paper, we distinguish between factor/output substitution and shifts in the production technology frontier. Our model includes the by-products of carbon dioxide and sulfur dioxide emissions where the function requires the simultaneous expansion of good outputs and reductions in emissions. We estimate a directional output distance function for 80 countries over the period 1971-2000 to measure the exogenous and oil price-induced technological change. On average, we find substantial oil price-induced technological progress at the world level when long-term oil prices are rising, although the growth rate is more volatile in developed countries than in developing countries. The results also show that developed countries experience higher exogenous technological progress in comparison with developing countries, and the gap between the two has increased during the period of our study.

Trade-induced technological change : analyzing economic and environmental outcomes

We analyze how changes in trade openness are related to induced technological innovations that are not only GDP increasing but also pollution saving. Our model includes by-products of carbon dioxide and sulfur dioxide emissions. We estimate a directional distance function for 76 countries over the period 1963-2000 to measure exogenous and trade-induced technological change. On average, we find substantial trade-induced technological progress, and its magnitude is about one third of the overall technological change. The trade-induced technological changes, however, are GDP reducing and pollution increasing. Empirically, we find that increased trade openness correlates to increased pollution.

Enterprise resource planning or enterprise resource plotting? Technological, organisational and inter-organisational aspects of enterprise resource planning package adoption and diffusion

Those in organisations tend to adopt new technologies as a way to improve their functions, reduce cost and attain best practices. Thus, technology promoters (or vendors) work along those lines in order to convince adopters to invest in those technologies and develop their own organisations profit in return. The possible resultant ‘conflicts of interest’ makes the study of reasons behind IT diffusion and adoption an interesting subject. In this paper we look at IT diffusion and adoption in terms of technology (system features), organisational aspects (firm level characteristics) and inter-organisational aspects (market dynamics) in order to see who might be the real beneficiaries of technology adoption. We use ERP packages as an example of an innovation that has been widely diffused and adopted for the last 10 years. We believe that our findings can be useful to those adopting ERP packages as it gives them a wider view of the situation.

Emerging Opportunities for "Design Thinking" to Deliver Sustainable Solutions in the Built Environment

In the built environment sector, a range of innovations are delivering environmental improvements with mixed success worldwide. The authors of this paper argue that a more “disruptive” form of innovation is needed to bring about significant and systemic change within the sector. Critical to this transition is the development of new behaviours and values. In particular, built environment professionals need to become active change agents in cultivating these new behaviours and values through the development of collaborative visions, scenarios, practices, and ideas. This paper identifies and discusses the critical role that design (in its broadest sense) can play in this process. Drawing on a comprehensive review of literature, the authors highlight a number of transformational opportunities for cross professional learning and sharing between design and built environment disciplines in achieving environmental innovation (eco-innovation). The paper also considers several design-based concepts that have a potential application in the built environment sector including: design thinking, social innovation (human-centered), and disruptive innovation (transformational) approaches. The research findings will assist in building the capabilities of designers and innovators to create sustainable solutions to global problems, and in supporting the social diffusion of systems-changing ideas in the built environment sector.

Profiling the prosumer in the workplace : an exploration of traits, self-efficacy and motivators

This research has built on the growing interest in the prosumer in the workplace – prosumers are those users with high technological skills who both produce and consume their own technology solutions. Prosumers are leaders in their industrial or professional fields and who expect to obtain significant benefit from innovating. The literature reveals that commercially attractive products tend to be developed by prosumers who are at the leading edge of important marketplace trends and therefore this group is increasingly important. This study surveyed prosumers across a variety of occupations and workplaces and explored the motivators and personality traits of the prosumer.

Going through the obstruction, the Torrens System Assurance Fund and contemporary solutions : a tale weaved from a story of a nun, a romantic triangle and sibling corruption

Private title insurance has been the subject of much debate by law reform bodies and academics. This article adds a new dimension to the discussion by analysing its role against a recent scenario where a nun was betrayed by the actions of her brother, and compensation payable from the assurance fund, after much challenge by the registrar, amounted to in excess of $4 million.We ask whether the slow burning of title insurance into the psyche of Australian home purchasers will see state-based assurance fundings looking to minismise their role in the Torrens system. We also query how the rather more immediate electronic establishment of electronic conveyancing will alter the balance between the assurance fund, private title insurance and the increasing responsibilities on stakeholdes involved in conveyancing.