Emergence of Financial Intermediaries in Electronic Markets: The Case of Online P2P Lending

We analyze the role of intermediaries in electronic markets using detailed data of more than 14,000 originated loans on an electronic P2P (peer-to-peer) lending platform. In such an electronic credit market, lenders bid to supply a private loan. Screening of potential borrowers and the monitoring of loan repayment can be delegated to designated group leaders. We find that these market participants act as financial intermediaries and significantly improve borrowers' credit conditions by reducing information asymmetries, predominantly for borrowers with less attractive risk characteristics. Our findings may be surprising given the replacement of a bank by an electronic marketplace.

Effectiveness of an Online Social Constructivist Mathematical Problem Solving Course for Malaysian Pre-Service Teachers

This study assessed the effectiveness of an online mathematical problem solving course designed using a social constructivist approach for pre-service teachers. Thirty-seven pre-service teachers at the Batu Lintang Teacher Institute, Sarawak, Malaysia were randomly selected to participate in the study. The participants were required to complete the course online without the typical face-to-face classes and they were also required to solve authentic mathematical problems in small groups of 4-5 participants based on the Polya’s Problem Solving Model via asynchronous online discussions. Quantitative and qualitative methods such as questionnaires and interviews were used to evaluate the effects of the online learning course. Findings showed that a majority of the participants were satisfied with their learning experiences in the course. There were no significant changes in the participants’ attitudes toward mathematics, while the participants’ skills in problem solving for “understand the problem” and “devise a plan” steps based on the Polya’s Model were significantly enhanced, though no improvement was apparent for “carry out the plan” and “review”. The results also showed that there were significant improvements in the participants’ critical thinking skills. Furthermore, participants with higher initial computer skills were also found to show higher performance in mathematical problem solving as compared to those with lower computer skills. However, there were no significant differences in the participants’ achievements in the course based on gender. Generally, the online social constructivist mathematical problem solving course is beneficial to the participants and ought to be given the attention it deserves as an alternative to traditional classes. Nonetheless, careful considerations need to be made in the designing and implementing of online courses to minimize problems that participants might encounter while participating in such courses.

MOOCs – Massive Open Online Courses

Massive Open Online Courses (MOOCs) bezeichnen Kurse, die online stattfinden und auf Grund fehlender Zugangsbeschränkungen und kostenfreien Zugangs sehr hohe Teilnehmerzahlen erreichen. Der erste MOOC wurde 2011 durch Sebastian Thrun, Professor für Informatik an der Stanford University, zum Thema der Künstlichen Intelligenz angeboten und hatte 160.000 Teilnehmende. In der Folge wurden MOOCs als die revolutionäre Lehr-/Lerninnovation gepriesen, immer mehr Unternehmen gründeten MOOCs-Plattformen. Seit Ende 2012 bieten auch in Deutschland erste Institutionen eigene Plattformen mit MOOCs an. Man unterscheidet im Wesentlichen zwei Varianten – xMoocs und cMOOCs: xMoocs bieten auf Video aufgezeichnete Vorlesungen, die durch Tests und Fragen unterbrochen und zu denen Aufgaben ausgeteilt werden. Sie werden ergänzt durch Foren. cMOOCs orientieren sich eher an der Form eines Seminars oder Workshops, in ihnen können die Teilnehmenden die Inhalte selbst miterarbeiten und -gestalten. Um die Potenziale, aber auch die Schwächen der MOOCs bewerten zu können, bedarf es aber einer differenzierten Betrachtung, als sie bisher stattgefunden hat. Dieser Band stellt Erfahrungsberichte und Beispiele aus deutschen Hochschulen oder mit deutscher Beteiligung vor und reflektiert das Phänomen der MOOCs unter didaktischen, historischen und bildungspolitischen Aspekten.

Influence of Information and Instructions on Human Behavior in Tunnel Accidents: A Virtual Reality Study

Human behavior is a major factor modulating the consequences of road tunnel accidents. We investigated the effect of information and instruction on drivers' behavior as well as the usability of virtual environments to simulate such emergency situations. Tunnel safety knowledge of the general population was assessed using an online questionnaire, and tunnel safety behavior was investigated in a virtual reality experiment. Forty-four participants completed three drives through a virtual road tunnel and were confronted with a traffic jam, no event, and an accident blocking the road. Participants were randomly assigned to a control group (no intervention), an informed group who read a brochure containing safety information prior to the tunnel drives, or an informed and instructed group who read the same brochure and received additional instructions during the emergency situation. Informed participants showed better and quicker safety behavior than the control group. Self-reports of anxiety were assessed three times during each drive. Anxiety was elevated during and after the emergency situation. The findings demonstrate problematic safety behavior in the control group and that knowledge of safety information fosters adequate behavior in tunnel emergencies. Enhanced anxiety ratings during the emergency situation indicate external validity of the virtual environment.