The value of information in an agency model with moral hazard

I show that the principal and the agent may each prefer that the principal or the agent has imperfect information about the principal's technology in a principal-agent environment with moral hazard. Principals expend considerable resources on data cumulation and analysis. However, such investments in information acquisition are benecial only if the agent will know that the principal is not ignorant or it allows the principal to implement a dierent action. When the principal is perfectly informed about her technology, the agent prefers to be ignorant. In addition, the value of perfect information for the agency is negative if the principal would implement the same action with either possible technology. I also investigate the dierences between ex ante and ex post contracting, and the ramications of the principal being ignorant or potentially ignorant about the technology. Finally, I determine if the principal's utility varies continuously with the degree of informativeness of the agent about the principal's technology. In this vein, I determine whether the agent's uncertainty may make the principal better o if she has the less informative technology.

A note on the property rights theory and the ex ante value of information

This paper examines the ex ante value of information in the property rights model where the possibility exists that an investing agent can be provided with relevant information before investments are undertaken. When contracts are incomplete, from an ex ante perspective, informing the investing agent does not necessarily increase the expected surplus resulting from a relationship between two economic agents. The paper highlights the fact that the second-best nature of the problem that arises from contractual incompleteness can ensure this.

Value relevance of information in hi-tech industries in Australia : accounting information and intangible asset disclosures

The main objective of this study is to test the value relevance of financial and non-financial information in high-tech industries in Australia. Ninety-one companies were selected from the sectors of Pharmaceuticals, Biotechnology and Life Sciences; Technology, Hardware and Equipment; and Telecommunication Services of ASX for the analysis. Both financial and non-financial sections of annual reports were scrutinized in order to obtain data for the analysis. The unaudited sections of annual reports were particularly analysed using NVivo to obtain the word-count of intangible assets. Ohlson’s (1995) Equity Valuation Model (modified for the intangible assets disclosures) was explicitly applied to examine the value relevance of financial and non-financial information. The overall results provide evidence that book value is the most significant factor and earnings are the least significant factor in deciding share prices in high-tech industries in Australia. This finding supports the previous studies that showed value relevance declined in earnings but increased in book value. This research proved that voluntary disclosures of intangible assets are value relevant, providing support for the previous US and Australian studies and the conclusion that investors probably increasingly rely upon alternative information sources.

Developing professional expertise in the knowledge economy: integrating industry-based learning with the academic curriculum in the field of information technology

In response to the forces of globalization, organizations have had to adapt and even transform themselves. Universities have had to recognize the value of practical working knowledge developed in workplace settings, and promote the value of academic forms of knowledge making to the practical concerns of everyday learning. This paper presents a contemporary case of a designed professional curriculum in the field of information technology that situates workplace learning as a central element in the education of students. Key integrative dimensions are considered along with an analysis of the perspectives of teaching staff and students on the educational experience. (Asia-Pacific Journal of Cooperative Education, 2004, 5(2), 1-11)

It's in your hands : the value of handsearching in conducting systematic reviews of public health interventions

Background While there is an emerging evidence base in public health, the evidence can often be difficult to find. Indexing of journals in MEDLINE has assisted those conducting systematic reviews to more easily identify published studies. However, information technology and the processes associated with indexing are not infallible. Studies may not be correctly marked by study design which may mean they are missed in the electronic searching process. Handsearching for evidence of intervention effectiveness has therefore become a recognized tool in the systematic review process.

Methods Resources to guide handsearching activity currently are clinically focused, and may not be sensitive to the characteristics of public health studies where study terminology may differ. In response to this issue, the Cochrane Health Promotion and Public Health Field (the Field) developed and implemented a small study to recruit and support handsearchers from around the world to identify health promotion and public health trials and systematic reviews. A strategic framework was developed to recruit and support handsearchers to search six public health-related journals.

Results In total, 131 trials and 21 systematic reviews were identified. The greatest value of handsearching was found to be in supplement editions and abstract sections of journals

Conclusions The study focused exclusively on indexed journals with the intention that tools and methods developed could be used to explore the potential for handsearching in non-indexed journals and for unpublished studies. The findings from this study will continue to support handsearching efforts and in doing so contribute to high quality systematic reviews of public health interventions.

Finding the optimal cardinality value for information bottleneck method

Information Bottleneck method can be used as a dimensionality reduction approach by grouping “similar” features together [1]. In application, a natural question is how many “features groups” will be appropriate. The dependency on prior knowledge restricts the applications of many Information Bottleneck algorithms. In this paper we alleviate this dependency by formulating the parameter determination as a model selection problem, and solve it using the minimum message length principle. An efficient encoding scheme is designed to describe the information bottleneck solutions and the original data, then the minimum message length principle is incorporated to automatically determine the optimal cardinality value. Empirical results in the documentation clustering scenario indicates that the proposed method works well for the determination of the optimal parameter value for information bottleneck method.

Estimating the economic value of Mount Buffalo National Park with the travel cost and contingent valuation models

The Mount Buffalo National Park is the oldest national park in Victoria, Australia. There has been a rapid increase in the number of visitors to the park during the last decade and park management has been a concern, especially in the light of declining budgetary allocations and potential damage due to the increased visitor numbers. Policy options to increase park revenue remain unclear because of a lack of information on demand parameters and user costs. This study estimates the economic value of the park using the travel cost method (TCM) and the contingent valuation method (CVM). The TCM gives higher consumer surplus (CS) than the CVM. The CS shows that the economic value of the park is high and that there are opportunities to introduce innovative fee schemes to enhance its revenue. Present entry fee systems do not capture the economic value of the park.

Educating for professional capability in the field of information technology: integrating industry-based learning with the academic curriculum

In response to the forces of globalisation, societies and organisations have had to adapt and even proactively transform themselves. Universities, as knowledge-based organisations, have recognised that there are now many other important sites of knowledge construction and use. The apparent monopoly over valued forms of knowledge making and knowledge certification is disappearing. Universities have had to recognise the value of practical working knowledge developed in workplace settings beyond university domains, and promote the value of academic forms of knowledge making to the practical concerns of everyday learning. It is within this broader systems view that professional curriculum development undertaken by universities needs to be examined.

University educational planning responds to these external forces in ways that are drawing together formal academic capability/competence and practice-based capability/competence. Both forms of academic and practice-based knowledge and knowing are being equally valued and related one to the other. University planning in turn gives impetus to the development of new forms of professional education curricula. This paper presents a contemporary case of a designed professional curriculum in the field of information technology that situates workplace learning as a central element in the education of Information Technology (IT)/Information Systems (IS) professionals.

The key dimensions of the learning environment of Deakin University’s BIT (Hons) program are considered with a view to identifying areas of strong integration between the worlds of academic and workplace learning from the perspectives of major stakeholders. The dynamic interplay between forms of theorising and practising is seen as critical in educating students for professional capability in their chosen field. From this analysis, an applied research agenda, relating to desired forms of professional learning in higher education, is outlined, with specific reference to the information and communication technology professions.

Informed principal, moral hazard, and the value of a more informative technology

We analyze a principal-agent model with moral hazard in which the principal has private information about the technology. We characterize Perfect Bayesian Equilibria of the contracting game that possess the following properties: (i) a principal with a more informative technology ends up earning less profits than a principal with a less informative one does; (ii) compared to the complete information case, the actions implemented by the privately informed principal can be distorted; (iii) the agent can end up being better off when the principal has private information.

Staff and student views of the usefulness of information technology materials within an integrated curriculum: are these educational resources effective in promoting student learning?

This paper reports on a study on the perceived effectiveness of educational resources within the context of a single course in a first-year biology program at the University of Sydney (Australia). The overall study examined the dynamic state of perceptions towards these resources by the major stakeholders involved with the course (students, teaching staff, and technical staff). A major focus of the research was the extent to which the students used the computer-based resources made available to them, and staff and students' perceptions of the usefulness of these resources in supporting their learning. Specifically, results are discussed related to student use of computers and the Internet, use of biology online materials in the virtual learning environment, use and perceptions of communication technologies, and use and perceptions of computer-based online resources. Data were collected from the students using surveys and focus groups and from staff using surveys and interviews within an action-research paradigm. While the majority of students found the resources to be of use in supporting learning, some did not find them useful, and some did not use them at all. In comparison, the staff had higher expectations of both usage and usefulness. The level of student use was not a function of access to computers or the Internet, so the findings suggest that the provision of online resources will not necessarily generate value-added learning.

Students' perceptions of the value of the elements of an online learning environment : looking back in moving forward

In 2003, Deakin University implemented a centralised learning management system (LMS) under the banner of Deakin Studies Online (DSO), as well as implementing policies requiring all its units of study to have at least a basic online presence from 2004. Given the scope of the university's commitment to online education, it was considered essential to evaluate the effectiveness of this investment. Based on more than 5400 responses obtained from students in 2004 and 2005 as part of the DSO evaluation survey, the analysis presented here identifies those elements of the online learning environment (OLE) that are most used and valued by students, those elements of the OLE that students most want to see improved, and, those factors that most contribute to students' perceptions that use of the OLE enhanced their learning experience. The most used and valued elements were core LMS functions, including accessing unit information, accessing lecture/tute/lab notes, interacting with unit learning resources, reading online discussions, contacting lecturers/tutors and submitting assignments online. The OLE elements identified as most needing attention were receiving feedback on assignments; viewing my marks; and reviewing unit progress. Students felt that using DSO enhanced their learning experience when they were adequately supported by unit teachers and technical support services; when they were able to find and use unit information; and when they were able to read the online contributions of other unit members. The retrospective analysis of data collected in the period 2004-2005 has been shaped by a forward-looking agenda. The array of elements available within, and in association with, traditional LMSs which has emerged since that time raises the future challenge of how to maximise and evidence educational value through the optimal combination of elements from the portfolio of e-learning technologies increasingly available to educators.

Academic staff perceptions of the value of the elements of an online learning environment

Based on 276 responses from academic staff in an evaluation of an online learning environment (OLE), this paper identifies those elements of the OLE that were most used and valued by staff, those elements of the OLE that staff most wanted to see improved, and those factors that most contributed to staff perceptions that the use of the OLE enhanced their teaching. The most used and valued elements were core functions, including accessing unit information, accessing lecture/tutorial/lab notes, and reading online discussions. The elements identified as most needing attention related to online assessment: submitting assignments, managing assessment items, and receiving feedback on assignments. Staff felt that using the OLE enhanced their teaching when they were satisfied that their students were able to access and use their learning materials, and when they were satisfied with the professional development they received and were confident with their ability to teach with the OLE.

Indigenous research ethics : new modes of information gathering and storytelling in journalism

Veteran Indigenous affairs reporter Tony Koch emphasises the importance of respect, trust and listening in his journalism practice. This paper draws on Koch’s insights as well as recent scholarship on the policies and value of listening to support the proposal that Indigenous research ethics provide a concrete framework for improving media representations of Indigenous people and their access to news media. The university ethics process cannot replicate the understanding Koch has gained from 25 years of interacting with Indigenous people and their communities. However, this paper argues it provides a pathway along which journalism academics and their students can learn to engage with Indigenous people, navigate Indigenous public spheres and produce high-quality reporting that reflects Indigenous people’s aspirations. Journalists within the academy, who are not subject to the commercial or organizational pressures of the news industry, are especially well placed to collaborate with Indigenous people to deliver new ways of conducting research and telling stories that privilege their perspectives. Koch’s newsgathering practice demonstrates that many principals of this progressive approach are also achievable in mainstream journalism.

The value of oral history in natural resource management : the Balcombe Estuary Reserve, Mount Martha, Victoria

This study investigates the benefits of using oral history as a tool for the sustainable management of estuaries. Twenty-two semi-structured interviews were conducted to generate oral history records for the Balcombe Estuary Reserve, a small estuary in a periurban zone on the Mornington Peninsula, Victoria. These interviews establish a more complete picture of changes in land use and ecological change to the estuary since European settlement of the area, and document community values. The interviews were followed with a survey to further explore management issues in the area. Use of oral history was found to be an effective approach to assist holistic estuarine management, especially when complemented by other sources of information.