How distributional preferences shape incentives on (experimental) markets for credence goods

Credence goods markets suffer from inefficiencies caused by superior information of sellers about the surplus-maximizing quality. While standard theory predicts that equal mark-up prices solve the credence goods problem if customers can verify the quality received, experimental evidence indicates the opposite. We identify a lack of robustness of institutional design with respect to heterogeneity in distributional preferences as a possible cause and design new experiments that allow for parsimonious identification of sellers’ distributional types. Our results indicate that less than a fourth of the subjects behave according to standard theory’s assumption, the rest behaving either in line with non-standard selfish or in accordance with non-trivial other-regarding preferences. We discuss consequences of our findings for institutional design and agent selection.

Modelling busway station dwell time using smart cards

Dwell time at the busway station has a significant effect on bus capacity and delay. Dwell time has conventionally been estimated using models developed on the basis of field survey data. However field survey is resource and cost intensive, so dwell time estimation based on limited observations can be somewhat inaccurate. Most public transport systems are now equipped with Automatic Passenger Count (APC) and/or Automatic Fare Collection (AFC) systems. AFC in particular reduces on-board ticketing time, driver’s work load and ultimately reduces bus dwell time. AFC systems can record all passenger transactions providing transit agencies with access to vast quantities of data. AFC data provides transaction timestamps, however this information differs from dwell time because passengers may tag on or tag off at times other than when doors open and close. This research effort contended that models could be developed to reliably estimate dwell time distributions when measured distributions of transaction times are known. Development of the models required calibration and validation using field survey data of actual dwell times, and an appreciation of another component of transaction time being bus time in queue. This research develops models for a peak period and off peak period at a busway station on the South East Busway (SEB) in Brisbane, Australia.

Design led innovation : shifting from smart follower to digital strategy leader in the Australian airport sector

This paper presents and discusses organisational barriers and opportunities arising from the dissemination of design led innovation within a leading Australian airport corporation. This research is part of a greater action research program which aims to integrate design as a strategic capability through design led innovation within Australian businesses. Findings reveal that there is an opportunity to employ the theoretical framework and tools of design led innovation in practice to build collaborative idea generation by involving customers and stakeholders within the proposal of new to world propositions. The iterative gathering of deep customer insights also provided an opportunity to leverage a greater understanding of stakeholders and customers in strengthening continuing business partnerships through co-design. Challenges to the design led approach include resistance to the exploratory nature of gathering deep customer insights, the testing of long held assumptions and market data, and the disruption of an organisational mindset geared toward risk aversion instilled within the aviation industry. The implication from these findings is that design led innovation can provide the critical platform to allow for a business to grow and sustain internal design capabilities necessary to challenge prevailing assumptions about how its business model operates to deliver value to customers and stakeholders alike. The platform of design led innovation also provides an avenue to support a cultural transformation towards anticipating future needs necessary for establishing a position of leadership within the broader economic environment.

Storage - the necessity for a Smart-Grid

Energy policy is driving renewable energy deployment with most of the developed countries having some form of renewable energy portfolio standard and emissions reduction target. To deliver upon these ambitious targets, those renewable energy technologies that are commercially available, such as wind and solar, are being deployed, but inherently have issues with intermittency of supply. To overcome these issues, storage options will need to be introduced into the distribution network with benefits for both demand management and power systems quality. How this can be utilised most effectively within the distribution network will allow for an even greater proportion of our energy demand to be met through renewable resources and meet the aspirational targets set. The distribution network will become a network of smart-grids, but to work efficiently and effectively, power quality issues surrounding intermittency must be overcome, with storage being a major factor in this solution.

Innovative methods for assessing viability of diversification into new markets : a study based on an engineering consultancy

This study resulted in the development of a decision making tool for engineering consultancies looking to diversify into new markets. It reviewed existing decision tools used by contractor's entering new markets to develop a bespoke tool for engineering consultants to establish more rigor around the decision making process rather than rely purely on the intuition of company executives. The tool can be used for developing medium and long term company strategies or as a quick and efficient way to assess the viability of new market opportunities when they arise. A combination of Delphi and Analytical Hierarchy Process was selected as the basis of the decision theory.

Financial Markets, Institutions and Money [3rd ed.]

"The financial system is a key influencer of the health and efficiency of an economy. The role of the financial system is to gather money from people and businesses that currently have more money than they need and transfer it to those that can use it for either business or consumer expenditures. This flow of funds through financial markets and institutions in the Australian economy is huge (in the billions of dollars), affecting business profits, the rate of inflation, interest rates and the production of goods and services. In general, the larger the flow of funds and the more efficient the financial system, the greater the economic output and welfare in the economy. It is not possible to have a modern, complex economy such as that in Australia, without an efficient and sound financial system. The global financial crisis (GFC) of late 2007–09 (and the ensuing European debt crisis), where the global financial market was on the brink of collapse with only significant government intervention stopping a catastrophic global failure of the market, illustrated the importance of the financial system. Financial Markets, Institutions and Money 3rd edition introduces students to the financial system, its operations, and participants. The text offers a fresh, succinct analysis of the financial markets and discusses how the many participants in the financial system interrelate. This includes coverage of regulators, regulations and the role of the Reserve Bank of Australia, that ensure the system’s smooth running, which is essential to a modern economy. The text has been significantly revised to take into account changes in the financial world."---publisher website Table of Contents 1. The financial system - an overview 2. The Monetary Authorities 3. The Reserve Bank of Australia and interest rates 4. The level of interest rates 5. Mathematics of finance 6. Bond Prices and interest rate risk 7. The Structure of Interest Rates 8. Money Markets 9. Bond Markets 10. Equity Markets

Smart grid-demand side response model to mitigate prices and peak impact on the electrical system

The aims of this project is to develop demand side response model which assists electricity consumers who are exposed to the market price through aggregator to manage the air-conditioning peak electricity demand. The main contribution of this research is to show how consumers can optimise the energy cost caused by the air-conditioning load considering the electricity market price and network overload. The model is tested with selected characteristics of the room, Queensland electricity market data from Australian Energy Market Operator and data from the Bureau of Statistics on temperatures in Brisbane, during weekdays on hot days from 2011 - 2012.

Digitally enabled?! An analysis of law and justice students' use of smart devices

The research seeks to understand the nature of law and justice students’ use of technology for their learning purposes. There is often an assumption made that all students have, and engage with, technology to the same degree. The research tests these assumptions by means of a survey conducted of first year law and justice students to determine their actual use of smart devices inside and outside classes. The analysis of results reveals that while the majority of respondents own at least one smart device; most rarely use their device for their learning purposes.

A methodological framework for benchmarking smart transport cities

Besides responding to challenges of rapid urbanization and growing traffic congestion, the development of smart transport systems has attracted much attention in recent times. Many promising initiatives have emerged over the years. Despite these initiatives, there is still a lack of understanding about an appropriate definition of smart transport system. As such, it is challenging to identify the appropriate indicators of ‘smartness’. This paper proposes a comprehensive and practical framework to benchmark cities according to the smartness in their transportation systems. The proposed methodology was illustrated using a set of data collected from 26 cities across the world through web search and contacting relevant transport authorities and agencies. Results showed that London, Seattle and Sydney were among the world’s top smart transport cities. In particular, Seattle and Paris ranked high in smart private transport services while London and Singapore scored high on public transport services. London also appeared to be the smartest in terms of emergency transport services. The key value of the proposed innovative framework lies in a comparative analysis among cities, facilitating city-to-city learning.

Residential real estate education and globalisation in Australian real estate markets and practices

The purpose of this scoping paper is to offer an overview of the literature to determine the development to date in the area of residential real estate agency academic and career education in respect to Foreign Direct Investment (FDI) transactions and implications in Australia. This paper will review studies on the issue of foreign real estate ownership and FDI in Australian real estate markets to develop an understanding of the current state of knowledge on residential real estate agency practice, career education and real estate licensing requirements in Australia. The distinction between the real estate profession education, compared to other professions such as accounting, legal and finance is based on the intensity of the professional career training prior or post formal academic training. Real estate education could be carried out with relatively higher standards in terms of licensing requirement, career and academic education. As FDI in the Australian real estate market is a complex globalisation and economic phenomenon, a simple content of residential real estate training and education may not promote proper management or capacity in dealing with relevant foreign residential property market transaction. The preliminary summarising from the literature of residential real estate agency education, with its current relevant or emerging licensing requirement are focused on its role and effectiveness and impact in residential real estate market. Particular focus will be directed to the FDI relevant residential real estate agency transactions and practices, which have been strongly influenced by the current residential real estate market and agency practices. Taken together, there are many opportunities for future research to extend our understanding and improving the residential real estate agency education and training of Foreign Direct Investment in the Australian residential real estate sector.

Towards persistent visual navigation using SMART

In this paper, we present SMART (Sequence Matching Across Route Traversals): a vision- based place recognition system that uses whole image matching techniques and odometry information to improve the precision-recall performance, latency and general applicability of the SeqSLAM algorithm. We evaluate the system’s performance on challenging day and night journeys over several kilometres at widely varying vehicle velocities from 0 to 60 km/h, compare performance to the current state-of- the-art SeqSLAM algorithm, and provide parameter studies that evaluate the effectiveness of each system component. Using 30-metre sequences, SMART achieves place recognition performance of 81% recall at 100% precision, outperforming SeqSLAM, and is robust to significant degradations in odometry.

Perdido : the first Smart Field in the western hemisphere

Located in the Gulf of Mexico in nearly 8,000 feet of water, the Perdido development is the world’s deepest spar and Shell’s first Smart Field in the Western hemisphere. Jointly developed by Shell, BP, and Chevron, the spar and the subsea equipment connected to it will eventually capture approximately an order of magnitude more data than is collected from any other Shell-designed and managed development currently operating in the Gulf of Mexico. This paper will describe Shell’s Smart Fields design philosophy, briefly explain the five design elements that underpin “smartness” in Shell’s North and South American operations—specifically, remote assisted operations, exception-based surveillance, collaborative work environments, hydrocarbon development tools and workflows, and Smart Fields Foundation IT infrastructure—and shed light on the process by which a highly customized Smart Fields development and management plan was put together for Perdido.

Twitter and Sports : Football Fandom in Emerging and Established Markets

Twitter and other social media have become increasingly important tools for maintaining the relationships between fans and their idols across a range of activities, from politics and the arts to celebrity and sports culture. Twitter, Inc. itself has initiated several strategic approaches, especially to entertainment and sporting organisations; late in 2012, for example, a Twitter, Inc. delegation toured Australia in order to develop formal relationships with a number of key sporting bodies covering popular sports such as Australian Rules Football, A-League football (soccer), and V8 touring car racing, as well as to strengthen its connections with key Australian broadcasters and news organisations (Jackson & Christensen, 2012). Similarly, there has been a concerted effort between Twitter Germany and the German Bundesliga clubs and football association to coordinate the presence of German football on Twitter ahead of the 2012–2013 season: the Twitter accounts of almost all first-division teams now bear the official Twitter verification mark, and a system of ‘official’ hashtags for tweeting about individual games (combining the abbreviations of the two teams, e.g. #H96FCB) has also been instituted (Twitter auf Deutsch, 2012).

Transit passenger segmentation using travel regularity mined from Smart Card transactions data

Transit passenger market segmentation enables transit operators to target different classes of transit users to provide customized information and services. The Smart Card (SC) data, from Automated Fare Collection system, facilitates the understanding of multiday travel regularity of transit passengers, and can be used to segment them into identifiable classes of similar behaviors and needs. However, the use of SC data for market segmentation has attracted very limited attention in the literature. This paper proposes a novel methodology for mining spatial and temporal travel regularity from each individual passenger’s historical SC transactions and segments them into four segments of transit users. After reconstructing the travel itineraries from historical SC transactions, the paper adopts the Density-Based Spatial Clustering of Application with Noise (DBSCAN) algorithm to mine travel regularity of each SC user. The travel regularity is then used to segment SC users by an a priori market segmentation approach. The methodology proposed in this paper assists transit operators to understand their passengers and provide them oriented information and services.

How technological change affects power relations in global markets : remote developers in the console and mobile games industry

This paper focuses on Australian development firms in the console and mobile games industry in order to understand how small firms in a geographically remote and marginal position in the global industry are able to relate to global firms and capture revenue share. This paper shows that, while technological change in the games industry has resulted in the emergence of new industry segments based on transactional rather than relational forms of economic coordination, in which we might therefore expect less asymmetrical power relations, lead firms retain a position of power in the global games entertainment industry relative to remote developers. This has been possible because lead firms in the emerging mobile devices market have developed and sustained bottlenecks in their segment of the industry through platform competition and the development of an intensely competitive ecosystem of developers. Our research shows the critical role of platform competition and bottlenecks in influencing power asymmetries within global markets.