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.

Symmetric Push-Sum Protocol for decentralised aggregation

Gossip (or Epidemic) protocols have emerged as a communication and computation paradigm for large-scale networked systems. These protocols are based on randomised communication, which provides probabilistic guarantees on convergence speed and accuracy. They also provide robustness, scalability, computational and communication efficiency and high stability under disruption. This work presents a novel Gossip protocol named Symmetric Push-Sum Protocol for the computation of global aggregates (e.g., average) in decentralised and asynchronous systems. The proposed approach combines the simplicity of the push-based approach and the efficiency of the push-pull schemes. The push-pull schemes cannot be directly employed in asynchronous systems as they require synchronous paired communication operations to guarantee their accuracy. Although push schemes guarantee accuracy even with asynchronous communication, they suffer from a slower and unstable convergence. Symmetric Push- Sum Protocol does not require synchronous communication and achieves a convergence speed similar to the push-pull schemes, while keeping the accuracy stability of the push scheme. In the experimental analysis, we focus on computing the global average as an important class of node aggregation problems. The results have confirmed that the proposed method inherits the advantages of both other schemes and outperforms well-known state of the art protocols for decentralized Gossip-based aggregation.

New rôles and development rules for housing associations: rhe rise of design and build?

This paper summarises an initial report carried out by the Housing Business Research Group, of the University of Reading into Design and Build procurement and a number of research projects undertaken by the national federation of Housing Associations (NFHA), into their members' development programmes. The paper collates existing statistics from these sources and examines the way in which Design and Build procurement can be adapted for the provision of social housing. The paper comments on these changes and questions how risk averting the adopted strategies are in relation to long term housing business management issues arising from the quality of the product produced by the new system.

Parallel induction of modular classification rules

The Distributed Rule Induction (DRI) project at the University of Portsmouth is concerned with distributed data mining algorithms for automatically generating rules of all kinds. In this paper we present a system architecture and its implementation for inducing modular classification rules in parallel in a local area network using a distributed blackboard system. We present initial results of a prototype implementation based on the Prism algorithm.

J-PMCRI: a methodology for inducing pre-pruned modular classification rules

Inducing rules from very large datasets is one of the most challenging areas in data mining. Several approaches exist to scaling up classification rule induction to large datasets, namely data reduction and the parallelisation of classification rule induction algorithms. In the area of parallelisation of classification rule induction algorithms most of the work has been concentrated on the Top Down Induction of Decision Trees (TDIDT), also known as the ‘divide and conquer’ approach. However powerful alternative algorithms exist that induce modular rules. Most of these alternative algorithms follow the ‘separate and conquer’ approach of inducing rules, but very little work has been done to make the ‘separate and conquer’ approach scale better on large training data. This paper examines the potential of the recently developed blackboard based J-PMCRI methodology for parallelising modular classification rule induction algorithms that follow the ‘separate and conquer’ approach. A concrete implementation of the methodology is evaluated empirically on very large datasets.

Induction of modular classification rules: using Jmax-pruning

The Prism family of algorithms induces modular classification rules which, in contrast to decision tree induction algorithms, do not necessarily fit together into a decision tree structure. Classifiers induced by Prism algorithms achieve a comparable accuracy compared with decision trees and in some cases even outperform decision trees. Both kinds of algorithms tend to overfit on large and noisy datasets and this has led to the development of pruning methods. Pruning methods use various metrics to truncate decision trees or to eliminate whole rules or single rule terms from a Prism rule set. For decision trees many pre-pruning and postpruning methods exist, however for Prism algorithms only one pre-pruning method has been developed, J-pruning. Recent work with Prism algorithms examined J-pruning in the context of very large datasets and found that the current method does not use its full potential. This paper revisits the J-pruning method for the Prism family of algorithms and develops a new pruning method Jmax-pruning, discusses it in theoretical terms and evaluates it empirically.

Jmax-pruning: a facility for the information theoretic pruning of modular classification rules

The Prism family of algorithms induces modular classification rules in contrast to the Top Down Induction of Decision Trees (TDIDT) approach which induces classification rules in the intermediate form of a tree structure. Both approaches achieve a comparable classification accuracy. However in some cases Prism outperforms TDIDT. For both approaches pre-pruning facilities have been developed in order to prevent the induced classifiers from overfitting on noisy datasets, by cutting rule terms or whole rules or by truncating decision trees according to certain metrics. There have been many pre-pruning mechanisms developed for the TDIDT approach, but for the Prism family the only existing pre-pruning facility is J-pruning. J-pruning not only works on Prism algorithms but also on TDIDT. Although it has been shown that J-pruning produces good results, this work points out that J-pruning does not use its full potential. The original J-pruning facility is examined and the use of a new pre-pruning facility, called Jmax-pruning, is proposed and evaluated empirically. A possible pre-pruning facility for TDIDT based on Jmax-pruning is also discussed.

Computationally efficient induction of classification rules with the PMCRI and J-PMCRI frameworks

In order to gain knowledge from large databases, scalable data mining technologies are needed. Data are captured on a large scale and thus databases are increasing at a fast pace. This leads to the utilisation of parallel computing technologies in order to cope with large amounts of data. In the area of classification rule induction, parallelisation of classification rules has focused on the divide and conquer approach, also known as the Top Down Induction of Decision Trees (TDIDT). An alternative approach to classification rule induction is separate and conquer which has only recently been in the focus of parallelisation. This work introduces and evaluates empirically a framework for the parallel induction of classification rules, generated by members of the Prism family of algorithms. All members of the Prism family of algorithms follow the separate and conquer approach.

Next-to-leading order QCD corrections to the polarized hadroproduction of heavy flavors

We present the complete next-to-leading order QCD corrections to the polarized hadroproduction of heavy flavors which soon will be studied experimentally in polarized pp collisions at the BNL Relativistic Heavy Ion Collider (RHIC) in order to constrain the polarized gluon density Δg. It is demonstrated that the dependence on unphysical renormalization and factorization scales is strongly reduced beyond the leading order. The sensitivity of the charm quark spin asymmetry to Δg is analyzed in some detail, including the limited detector acceptance for leptons from charm quark decays at the BNL RHIC.

Polarized hadro- and photoproduction of heavy quarks in NLO QCD

We present the first calculation of the complete NLO QCD corrections to the production of heavy flavors with longitudinally polarized hadrons. This reaction can be used at RHIC to extract the gluon helicity density and may shed light on the "heavy quark enigma". The theoretical uncertainties are briefly discussed.

Erratum to: “Photoproduction of heavy quarks in next-to-leading order QCD with longitudinally polarized initial states” [Nucl. Phys. B 540 (1999) 345]

There are three trivial misprints in our paper.