How culture and government shape entrepreneurial innovation: the case of Korean and UK online gaming firms

This paper examines institutional sources of product innovation with reference to the online gaming sector of Korea and the UK. It examines the combined impact of formal and informal institutions and their interaction with multiple case studies. Despite the growing importance of innovative products in contemporary entertainment (including interactive games), the ‘informal’ source of innovation has attracted limited attention. By closely looking at the idea exploration, generation and selection process (where creativity plays a major role), we intend to find out how values and public policy affect product innovation. This study shows that the value of Korean and UK online gaming firms (regardless of their different socio-economic contexts) plays an important role in generating product innovation. An additional point is that Korean firms are likely to take advantage of government policy support to overcome inadequate institutional settings in conjunction with the initial conditions of online game development.

Who are with us: MOOC learners on a FutureLearn course

Massive Open Online Courses (MOOCs) attract learners with a variety of backgrounds. Engaging them using game development was trialled in a beginner’s programming course, “Begin programming: build your first mobile game”, on FutureLearn platform. The course has completed two iterations: first in autumn 2013 and second in spring 2014 with thousands of participants. This paper explores the characteristics of learner groups attracted by these two consecutive runs of the course and their perceptions of the course using pre- and post-course surveys. Recommendations for practitioners are offered, including when the audience is different to the one expected. A MOOC is unlikely to please everyone, especially with such large cohorts. Nevertheless, this course, using game development as a vehicle to teach programming, seems to have offered a balanced learning experience to a diverse group of learners. However, MOOC creators and facilitators should accept that a course cannot be made to please everyone and try to communicate clearly who the intended audience for the course are.

Real options and game theoretical approaches to real estate development projects: multiple equilibria and the implications of different tie-breaking rules

This paper contributes to a fast growing literature which introduces game theory in the analysis of real option investments in a competitive setting. Specifically, in this paper we focus on the issue of multiple equilibria and on the implications that different equilibrium selections may have for the pricing of real options and for subsequent strategic decisions. We present some theoretical results of the necessary conditions to have multiple equilibria and we show under which conditions different tie-breaking rules result in different economic decisions. We then present a numerical exercise using the in formation set obtained on a real estate development in South London. We find that risk aversion reduces option value and this reduction decreases marginally as negative externalities decrease.

“Financial alchemy” or a zero sum game? Real estate finance, securitisation and the UK property market

Following the US model, the UK has seen considerable innovation in the funding, finance and procurement of real estate in the last decade. In the growing CMBS market asset backed securitisations have included $2.25billion secured on the Broadgate office development and issues secured on Canary Wharf and the Trafford Centre regional mall. Major occupiers (retailer Sainsbury’s, retail bank Abbey National) have engaged in innovative sale & leaseback and outsourcing schemes. Strong claims are made concerning the benefits of such schemes – e.g. British Land were reported to have reduced their weighted cost of debt by 150bp as a result of the Broadgate issue. The paper reports preliminary findings from a project funded by the Corporation of London and the RICS Research Foundation examining a number of innovative schemes to identify, within a formal finance framework, sources of added value and hidden costs. The analysis indicates that many of the gains claimed conceal costs – in terms of market value of debt or flexibility of management – while others result from unusual firm or market conditions (for example utilising the UK long lease and the unusual shape of the yield curve). Nonetheless, there are real gains resulting from the innovations, reflecting arbitrage and institutional constraints in the direct (private) real estate market

The development of the Virtual Construction Simulator 3: an interactive simulation environment for construction management education

This paper discusses the development of the Virtual Construction Simulator (VCS) 3 - a simulation game-based educational tool for teaching construction schedule planning and management. The VCS3 simulation game engages students in learning the concepts of planning and managing construction schedules through goal driven exploration, employed strategies, and immediate feedback. Through the planning and simulation mode, students learn the difference between the as-planned and as-built schedules resulting from varying factors such as resource availability, weather and labor productivity. This paper focuses on the development of the VCS3 and its construction physics model. Challenges inherent in the process of identifying variables and their relationships to reliably represent and simulate the dynamic nature of planning and managing of construction projects are also addressed.