The Law of Impersonal Transactions: Meaning and Difficulties

Most economic interactions happen in a context of sequential exchange in which innocent third parties suffer information asymmetry with respect to previous "originative" contracts. The law reduces transaction costs by protecting these third parties but preserves some element of consent by property right holders to avoid damaging property enforcement-e.g., it is they as principals who authorize agents in originative contracts. Judicial verifiability of these originative contracts is obtained either as an automatic byproduct of transactions or, when these would have remained private, by requiring them to be made public. Protecting third parties produces a sort of legal commodity which is easy to trade impersonally, improving the allocation and specialization of resources. Historical delay in generalizing this legal commoditization paradigm is attributed to path dependency-the law first developed for personal trade-and an unbalance in vested interests, as luddite legal professionals face weak public bureaucracies.

The law of impersonal transactions

Most economic interactions happen in a context of sequential exchangein which innocent third parties suffer information asymmetry with respect toprevious "originative" contracts. The law reduces transaction costs byprotecting these third parties but preserves some element of consent byproperty rightholders to avoid damaging property enforcement?e.g., it isthey, as principals, who authorize agents in originative contracts. Judicialverifiability of these originative contracts is obtained either as an automaticbyproduct of transactions or, when these would have remained private, byrequiring them to be made public. Protecting third parties produces a legalcommodity which is easy to trade impersonally, improving the allocationand specialization of resources. Historical delay in generalizing this legalcommoditization paradigm is attributed to path dependency?the law firstdeveloped for personal trade?and an unbalance in vested interests, asluddite legal professionals face weak public bureaucracies.

Institutional support of the firm: A theory of business registries

Registering originative business contracts allows entrepreneurs and creditors to choose, andcourts to enforce market-friendly contract rules that protect innocent third parties whenadjudicating disputes on subsequent contracts. This reduces information asymmetry for thirdparties, which enhances impersonal trade. It does so without seriously weakening property rights,because it is rightholders who choose or activate the legal rules and can, therefore, minimize thecost of any possible weakening. Registries are essential not only to make the chosen rules publicbut to ensure rightholders commitment and avoid rule-gaming, because independent registriesmake rightholders choices verifiable by courts. The theory is supported by comparative andhistorical analyses.

On the adaptation of broadcast transactions in token-passing fieldbus networks with heterogeneous transmission media

Broadcast networks that are characterised by having different physical layers (PhL) demand some kind of traffic adaptation between segments, in order to avoid traffic congestion in linking devices. In many LANs, this problem is solved by the actual linking devices, which use some kind of flow control mechanism that either tell transmitting stations to pause (the transmission) or just discard frames. In this paper, we address the case of token-passing fieldbus networks operating in a broadcast fashion and involving message transactions over heterogeneous (wired or wireless) physical layers. For the addressed case, real-time and reliability requirements demand a different solution to the traffic adaptation problem. Our approach relies on the insertion of an appropriate idle time before a station issuing a request frame. In this way, we guarantee that the linking devices’ queues do not increase in a way that the timeliness properties of the overall system turn out to be unsuitable for the targeted applications.

Enabling inter-domain transactions in bridge-based hybrid wired/wireless PROFIBUS networks

The marriage of emerging information technologies with control technologies is a major driving force that, in the context of the factory-floor, is creating an enormous eagerness for extending the capabilities of currently available fieldbus networks to cover functionalities not considered up to a recent past. Providing wireless capabilities to such type of communication networks is a big share of that effort. The RFieldbus European project is just one example, where PROFIBUS was provided with suitable extensions for implementing hybrid wired/wireless communication systems. In RFieldbus, interoperability between wired and wireless components is achieved by the use specific intermediate networking systems operating as repeaters, thus creating a single logical ring (SLR) network. The main advantage of the SLR approach is that the effort for protocol extensions is not significant. However, a multiple logical ring (MLR) approach provides traffic and error isolation between different network segments. This concept was introduced in, where an approach for a bridge-based architecture was briefly outlined. This paper will focus on the details of the inter-Domain Protocol (IDP), which is responsible for handling transactions between different network domains (wired or wireless) running the PROFIBUS protocol.

Evaluating the duration of message transactions in broadcast wired/wireless fieldbus networks

Determining the response time of message transactions is one of the major concerns in the design of any distributed computer-controlled system. Such response time is mainly dependent on the medium access delay, the message length and the transmission delay. While the medium access delay in fieldbus networks has been thoroughly studied in the last few years, the transmission delay has been almost ignored as it is considered that it can be neglected when compared to the length of the message itself. Nevertheless, this assumption is no longer valid when considering the case of hybrid wired/wireless fieldbus networks, where the transmission delay through a series of different mediums can be several orders of magnitude longer than the length of the message itself. In this paper, we show how to compute the duration of message transactions in hybrid wired/wireless fieldbus networks. This duration is mainly dependent on the duration of the request and response frames and on the number and type of physical mediums that the frames must cross between initiator and responder. A case study of a hybrid wired/wireless fieldbus network is also presented, where it becomes clear the interest of the proposed approach

Revisiting transactions in Ada

Classical lock-based concurrency control does not scale with current and foreseen multi-core architectures, opening space for alternative concurrency control mechanisms. The concept of transactions executing concurrently in isolation with an underlying mechanism maintaining a consistent system state was already explored in fault-tolerant and distributed systems, and is currently being explored by transactional memory, this time being used to manage concurrent memory access. In this paper we discuss the use of Software Transactional Memory (STM), and how Ada can provide support for it. Furthermore, we draft a general programming interface to transactional memory, supporting future implementations of STM oriented to real-time systems.

Cooperative memory and database transactions

Dissertação apresentada na Faculdade de Ciências e Tecnologia da Universidade Nova de Lisboa para a obtenção do Grau de Mestre em Engenharia Informática

Optimizing memory transactions for large-scale programs

Even though Software Transactional Memory (STM) is one of the most promising approaches to simplify concurrent programming, current STM implementations incur significant overheads that render them impractical for many real-sized programs. The key insight of this work is that we do not need to use the same costly barriers for all the memory managed by a real-sized application, if only a small fraction of the memory is under contention lightweight barriers may be used in this case. In this work, we propose a new solution based on an approach of adaptive object metadata (AOM) to promote the use of a fast path to access objects that are not under contention. We show that this approach is able to make the performance of an STM competitive with the best fine-grained lock-based approaches in some of the more challenging benchmarks. (C) 2015 Elsevier Inc. All rights reserved.

Cluster analysis and segmentation of Global M&A transactions

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Transactions in dynamic reactive environments

Most of today’s systems, especially when related to the Web or to multi-agent systems, are not standalone or independent, but are part of a greater ecosystem, where they need to interact with other entities, react to complex changes in the environment, and act both over its own knowledge base and on the external environment itself. Moreover, these systems are clearly not static, but are constantly evolving due to the execution of self updates or external actions. Whenever actions and updates are possible, the need to ensure properties regarding the outcome of performing such actions emerges. Originally purposed in the context of databases, transactions solve this problem by guaranteeing atomicity, consistency, isolation and durability of a special set of actions. However, current transaction solutions fail to guarantee such properties in dynamic environments, since they cannot combine transaction execution with reactive features, or with the execution of actions over domains that the system does not completely control (thus making rolling back a non-viable proposition). In this thesis, we investigate what and how transaction properties can be ensured over these dynamic environments. To achieve this goal, we provide logic-based solutions, based on Transaction Logic, to precisely model and execute transactions in such environments, and where knowledge bases can be defined by arbitrary logic theories.

Transactions of the Linnean Society of London, 2nd series: Botany

v.1: no.1-5 (1875-1878)