Some Remarks on the Approximation of Transitional Density in Stochastic Differential Equations

Aijt-Sahalia (2002) introduced a method to estimate transitional probability densities of di®usion processes by means of Hermite expansions with coe±cients determined by means of Taylor series. This note describes a numerical procedure to ¯nd these coe±cients based on the calculation of moments. One advantage of this procedure is that it can be used e®ectively when the mathematical operations required to ¯nd closed-form expressions for these coe±cients are otherwise infeasible.

From the consciousness industry to the creative industries : consumer-created content, social network markets, & the growth of knowledge

In studies of media industries, too much attention has been paid to providers and firms, too little to consumers and markets. But with user-created content, the question first posed more than a generation ago by the uses & gratifications method and taken up by semiotics and the active audience tradition (‘what do audiences do with media?’), has resurfaced with renewed force. What’s new is that where this question (of what the media industries and audiences did with each other) used to be individualist and functionalist, now, with the advent of social networks using Web 2.0 affordances, it can be re-posed at the level of systems and populations as well.

Fashion as consumer entrepreneurship : emergent risk culture, social network markets, and the launch of 'Vogue' in China

China has a reputation as an economy based on utility: the large-scale manufacture of low-priced goods. But useful values like functionality, fitness for purpose and efficiency are only part of the story. More important are what Veblen called ‘honorific’ values, arguably the driving force of development, change and value in any economy. To understand the Chinese economy therefore, it is not sufficient to point to its utilitarian aspect. Honorific status-competition is a more fundamental driver than utilitarian cost-competition. We argue that ‘social network markets’ are the expression of these honorific values, relationships and connections that structure and coordinate individual choices. This paper explores how such markets are developing in China in the area of fashion and fashion media. These, we argue, are an expression of ‘risk culture’ for high-end entrepreneurial consumers and producers alike, providing a stimulus to dynamic innovation in the arena of personal taste and comportment, as part of an international cultural system based on constant change. We examine the launch of Vogue China in 2005, and China’s reception as a fashion player among the international editions of Vogue, as an expression of a ‘decisive moment’ in the integration of China into an international social network market based on honorific values.

Report : stochastic analysis of road asset data for maintenance cost prediction

Reliable budget/cost estimates for road maintenance and rehabilitation are subjected to uncertainties and variability in road asset condition and characteristics of road users. The CRC CI research project 2003-029-C ‘Maintenance Cost Prediction for Road’ developed a method for assessing variation and reliability in budget/cost estimates for road maintenance and rehabilitation. The method is based on probability-based reliable theory and statistical method. The next stage of the current project is to apply the developed method to predict maintenance/rehabilitation budgets/costs of large networks for strategic investment. The first task is to assess the variability of road data. This report presents initial results of the analysis in assessing the variability of road data. A case study of the analysis for dry non reactive soil is presented to demonstrate the concept in analysing the variability of road data for large road networks. In assessing the variability of road data, large road networks were categorised into categories with common characteristics according to soil and climatic conditions, pavement conditions, pavement types, surface types and annual average daily traffic. The probability distributions, statistical means, and standard deviation values of asset conditions and annual average daily traffic for each type were quantified. The probability distributions and the statistical information obtained in this analysis will be used to asset the variation and reliability in budget/cost estimates in later stage. Generally, we usually used mean values of asset data of each category as input values for investment analysis. The variability of asset data in each category is not taken into account. This analysis method demonstrated that it can be used for practical application taking into account the variability of road data in analysing large road networks for maintenance/rehabilitation investment analysis.

How do retailers from emerging markets internationalize? : The case of Chilean retailers

This paper explores how retail firms from emerging markets internationalize and compete with multinational retailers from developed markets. Drawing on interviews with company managers, industry data and corporate reports, this paper provides insights into the successful internationalization process of two Chilean retailers in the Latin American region.

Service quality in Hong Kong : wet markets vs super markets

Purpose – The purpose of this paper is to determine consumer perceptions of service quality in wet markets and supermarkets in Hong Kong. Design/methodology/approach – A questionnaire was developed and distributed via a convenience sample to consumers in shopping malls in Causeway Bay, Mong Kok and Tsuen Wan. Findings – The study finds that supermarkets outperformed wet markets across all aspects of service quality as measured by SERVQUAL-P. Research limitations/implications – Implications suggest that wet market vendors are not providing the level of service quality demanded by their customers. In particular, findings suggest that wet market vendors need to improve the visual attractiveness of their stalls, work on making them look more professional and start using more modern equipment. Practical implications – Wet market vendors in conjunction with government representatives need to develop standards of service quality for wet markets across Hong Kong. This is imperative if the wet market model is to survive in what is a highly competitive food retailing industry. Without action, it appears that the supermarketization of the Hong Kong food retailing industry will continue unabated. Originality/value – This paper adds to a small but growing research stream examining service quality in the food retailing industry in Hong Kong. It provides empirical results that guide suggested actions for change.

Increasing stochastic perturbations enhances acquisition and learning of complex sport movements

Traditionally, the aquisition of skills and sport movement has been characterised by numerous repetitions of presumed model movement pattern to be acquired by learners. This approach has been questioned by research identifying the presence of individualised movement patterns and the low probability of occurrence of two identical movements within and between individuals. In contrast, the differential learning approach claims advantage for incurring variability in the learning process by adding stochastic perturbations during practice. These ideas are exemplified by data from a high jump experiment which compared the effectiveness of classical and a differential training approach with pre-post test design. Results showed clear advantages for the group with additional stochastic perturbation during the aquisition phase in comparison to classically trained athletes. Analogies to similar phenomenological effects in the neurobiological literature are discussed.

Comparative assessment of characteristics influencing the industrial property markets in Sydney and Hong Kong

Industrial property is commonly located in a designated ‘industrial’ precinct. An industrial property has a specific design and a number of services to support industrial activities including manufacture, distribution and transportation. Although it has a unique characteristic, certain industrial factor might operate differently in different countries. The aim of this paper is to provide a comparison between the Sydney and Hong Kong industrial property characteristics and to highlight their similarities and differences. This exploratory research used secondary data to provide background information of government policy and market conditions. Two case studies were use to illustrate similarities, trends, differences and to explore town planning, specific property characteristics including location, design and layout. Then, analyse whether these factors influence the performance and value of an industrial asset. The location of industrial properties varies between each country and depends heavily on infrastructure. It was noted that the town planning restrictions not only vary between markets and cities but also between property lots. The market conditions of both industrial markets were investigated and the supply and demand and rental levels in both cities were distinctly opposite.

The impact of natural disasters on residential property markets

Over the past ten years various residential property markets throughout Australia in general and NSW in particular have been subject to substantial natural disasters. These occurrences have included floods, bushfires and hailstorms. In extreme cases the actual rectification costs have been up to AUD$1.5 billion, which occurred with the severe hailstorm in Sydney in April 1999 and cyclone Tracey in Darwin in 1974. Natural disasters such as severe storms and hailstorms have tended to be very indiscriminate in relation to frequency and the actual location of damage, whereas the nature of bushfire and flooding tends to be more defined. Although these extreme natural disasters tend to be infrequent, occurrences of floods and bushfires in residential property areas are more frequent, particularly as urban sprawl encroaches closer to national Parks, State recreation Parks and State forests. Considerable work has been carried out on flood effects on property markets by Bell (1999), Donnelly (1988), McClusky and Rausser (2001), Skrantz and Strickland (1987) in the US, and Chou and Shih (2001) in Taiwan. Fibbens (1994), Lambley and Cordery (1991) and Eves (1999, 2001, 2002) have carried out studies in relation to the effect of flooding on residential property values in the Sydney region, including the tracking of flood prone property values over time. However, no similar rigorous research has been carried out in relation to the impact of bushfires on residential property markets in the Sydney region.

Networks in the shadow of markets and hierarchies : calling the shots in the visual effects industry

The nature and organisation of creative industries and the creative economy has received increased attention in recent academic and policy literatures (Florida 2002; Grabher 2002; Scott 2006a). Constituted as one variant on new economy narratives, creativity, alongside knowledge, has been presented as a key competitive asset, Such industries – ranging from advertising, to film and new media – are seen as not merely expanding their scale and scope, but as leading edge proponents of a more general trend towards new forms of organization and economic coordination (Davis and Scase 2000). The idea of network forms (and the consequent displacement of markets and hierarchies) has been at the heart of attempts to differentiate the field economically and spatially. Across both the discussion of production models and work/employment relations is the assertion of the enhanced importance of trust and non-market relations in coordinating structures and practices. This reflects an influential view in sociological, management, geography and other literatures that social life is ‘intrinsically networked’ (Sunley 2008: 12) and that we can confidently use the term ‘network society’ to describe contemporary structures and practices (Castells 1996). Our paper is sceptical of the conceptual and empirical foundations of such arguments. We draw on a number of theoretical resources, including institutional theory, global value chain analysis and labour process theory (see Smith and McKinlay 2009) to explore how a more realistic and grounded analysis of the nature of and limits to networks can be articulated. Given space constraints, we cannot address all the dimensions of network arguments or evidence. Our focus is on inter and intra-firm relations and draws on research into a particular creative industry – visual effects – that is a relatively new though increasingly important global production network. Through this examination a different model of the creative industries and creative work emerges – one in which market rules and patterns of hierarchical interaction structure the behaviour of economic actors and remain a central focus of analysis. The next section outlines and unpacks in more detail arguments concerning the role and significance of networks, markets and hierarchies in production models and work organisation in creative industries and the ‘creative economy’.

The Evolution of the creative industries : creative clusters, creative citizens and social network markets 創意產業的演化 : 創意集群 ,創意公民, 社會網絡市場 [published in Chinese]

The creative industries are important because they are clustered at the point of attraction for a billion or more young people around the world. They're the drivers of demographic, economic and political change. They start from the individual talent of the creative artist and the individual desire and aspiration of the audience. These are the raw materials for innovation, change and emergent culture, scaled up to form new industries and coordinated into global markets based on social networks.