Information aggregation and belief elicitation in experimental parimutuel betting markets

This paper studies the impact of belief elicitation on informational efficiency and individual behavior in experimental parimutuel betting markets. In one treatment, groups of eight participants, who possess a private signal about the eventual outcome, play a sequential betting game. The second treatment is identical, except that bettors are observed by eight other participants who submit incentivized beliefs about the winning probabilities of each outcome. In the third treatment, the same individuals make bets and assess the winning probabilities of the outcomes. Market probabilities more accurately reflect objective probabilities in the third than in the other two treatments. Submitting beliefs reduces the favorite-longshot bias and making bets improves the accuracy of elicited beliefs. A level-k framework provides some insights about why belief elicitation improves the capacity of betting markets to aggregate information. (C) 2012 Elsevier B.V. All rights reserved.

"Variations on Psycho Killer" - Musical Score. Commissioned by Pauline Kim Harris. A virtuosic set of variations on the famous Talking Heads song for solo violin. General information State: Unpublished Organisations: School of Creative Arts, Sonic Arts, UOA35 - Music, Drama, Dance and Performing Arts Authors: Lyon, E. Keywords: (Talking Heads, Violin Music) Publication date: 2012

Musical Score. Commissioned by Pauline Kim Harris. A virtuosic set of variations on the famous Talking Heads song for solo violin.

Respecting autonomy without disclosing information

There is widespread agreement that it would be both morally and legally wrong to treat a competent patient, or to carry out research with a competent participant, without the voluntary consent of that patient or research participant. Furthermore, in medical ethics it is generally taken that that consent must be informed. The most widely given reason for this has been that informed consent is needed to respect the patient’s or research participant’s autonomy. In this article I set out to challenge this claim by considering in detail each of the three most prominent ways in which ‘autonomy’ has been conceptualized in the medical ethics literature. I will argue that whilst these accounts support the claim that consent is needed if the treatment of competent patients, or research on competent individuals, is to respect their autonomy, they do not support the claim that informed consent is needed for this purpose.

A Review of an Initiative to Introduce a Short Ethics Component into a Non-Ethics Course at a U.K. University

This paper discusses the introduction of a short ethics component into a first-year undergraduate accounting information systems course at a UK university. The influence of this ethics component on students’ ethical perceptions – where ethical perceptions are represented by the extent to which students’ conclusions regarding unethical actions coincide with those of experts in the field – is then assessed using computer-based scenarios to represent seven categories of ethical norms. The ethical perceptions in each of the scenarios are then statistically compared between two groups of students, namely those who have studied the ethics component and those who have not. Results indicate no significant difference in ethical perceptions between the two groups across all of the ethical norms. Possible explanations for this result are discussed and implications for future ethics teaching are considered.

Impact of operator experience on information feedback and reusability

Keeping a record of operator experience remains a challenge to operation management and a major source of inefficiency in information management. The objective is to develop a framework that enables an explicit presentation of experience based on information use. A purposive sampling method is used to select four small and medium-sized enterprises as case studies. The unit of analysis is the production process in the machine shop. Data collection is by structured interview, observation and documentation. A comparative case analysis is applied. The findings suggest experience is an accumulation of tacit information feedback, which can be made explicit in information use interoperatability matrix. The matrix is conditioned upon information use typology, which is strategic in waste reduction. The limitations include difficulty of participant anonymity where the organisation nominates a participant. Areas for further research include application of the concepts to knowledge management and shop floor resource management.

Europe’s Information Society project and Digital Inclusion: universal service obligations or social solidarity?

The importance of digital inclusion to Europe is obvious: as we move towards an ever more internet-communicating society the lack of access to basic digital infrastructures for a significant segment of the population is both problematic for those individuals without access and also problematic for those providing services which should be efficient and fully utilised. The EU’s ‘Information Society’ project has been the central plank of the European attempt to build a European digital marketplace, a concept which necessitates digital inclusion of the population at large. It is a project which prefers universal service obligations to achieve inclusion. If that is to be the preferred solution I suggest that we must consider exclusion from the banking system, given that the Information Society is at root an economic community.

However, universal service obligations are not the only method whereby digital inclusion can be encouraged and I posit we may need to reconsider the role of the state as supplier of services through the concept of ‘social solidarity’.

Evidence and Ethics in Infrastructure Planning

Motivated by criticism of the new infrastructure planning process, the paper considers the role of the Infrastructure Planning Commission and National Policy Statements. Drawing upon lessons learnt from other jurisdictions where similar legislation, structures and procedures have been operational for some time, emerging issues regarding policy, practice and the role of participants are considered through an empirical investigation, in the context of professional ethics, legitimacy and evidence-based decision making. Remedies are suggested to potential operational problems and issues of structural concern are identified which have ramifications for wider planning practice.

Information disclosure and depositor discipline in the Chinese banking sector

We investigate the relationship between information disclosure and depositor behaviour in the Chinese banking sector. Specifically, we enquire whether enhanced information disclosure enables investors to more effectively infer a banking institution's risk profile, thereby influencing their deposit decisions. Utilising an unbalanced panel, incorporating financial data from 169 Chinese banks over the 1998–2009 period, we employ generalised-method-of-moments (GMM) estimation procedures to control for potential endogeneity, unobserved heterogeneity, and persistence in the dependent variable. We uncover evidence that: (i) the growth rate of deposits is sensitive to bank fundamentals after controlling for macroeconomic factors, diversity in ownership structure, and government intervention; (ii) a bank publicly disclosing more transparent information in its financial reports, is more likely to experience growth in its deposit base; and (iii) banks characterised by high information transparency, well-capitalised and adopted international accounting standards, are more able to attract funds by offering higher interest rates.