Modeling electricity price events as point processes

Energy prices are highly volatile and often feature unexpected spikes. It is the aim of this paper to examine whether the occurrence of these extreme price events displays any regularities that can be captured using an econometric model. Here we treat these price events as point processes and apply Hawkes and Poisson autoregressive models to model the dynamics in the intensity of this process.We use load and meteorological information to model the time variation in the intensity of the process. The models are applied to data from the Australian wholesale electricity market, and a forecasting exercise illustrates both the usefulness of these models and their limitations when attempting to forecast the occurrence of extreme price events.

Academics and activists in the policy process : engagement with Australian media inquiries 2011-13

After its narrow re-election in June 2010, the Australian Labor government undertook a series of public inquiries into reform of Australian media, communications and copyright laws. One important driver of policy reform was the government’s commitment to building a National Broadband Network (NBN), and the implications this had for existing broadcasting and telecommunications policy, as it would constitute a major driver of convergence of media and communications access devices and content platforms. These inquiries included: the Convergence Review of media and communications legislation; the Australian Law Reform Commission (ALRC) review of the National Classification Scheme; the Independent Media Inquiry (Finkelstein Review) into Media and Media Regulation; and the ALRC review of Copyright and the Digital Economy. One unusual feature of this review process, discussed in the paper, was the degree to which academics were involved in the process, not simply as providers of expert opinion, but as review chairs seconded from their universities. This paper considers the role played by activist groups in all of these inquiries and their relationship to the various participants in the inquiries, as well as the implications of academics being engaged in such inquiries, not simply as activist-scholars, but as those primarily responsible for delivering policy review outcomes. The latter brings to the forefront issues arising in from direct engagement with governments and state agencies themselves, which challenges traditional understandings of the academic community as “critical outsiders” towards such policy processes.

I’m friends with Louie the Fly, not Mortein : Conceptualising the new brand relationships on social media

Spokes-characters are ‘...animated beings or objects, created to promote a product, service or idea’ (Phillips 1996, p.155). They were first used in the late 1800s when they emerged as registered trademarks, but the use of spokes-characters for marketing communications has since grown, owing to their ability to remind consumers about a product, transfer positive associations to a brand, and give a corporate company a more ‘personal’ face (Callcott and Lee 1995). One example is the Michelin Man, who has served as spokes-character for Michelin tyres since 1898, after starting out in print advertising. Spokes-characters have become important brand representatives, no longer seen as simply entertaining cartoons featured in television and magazine advertisements. Corporations have now extended their use to interactive, social media platforms, where a consumer can be ‘friends’ with a spokes-character via Facebook, read their comments on the latest iPhone release through Twitter, and watch their family histories being documented on YouTube (see Figure 1). The interactions that consumers once had with two-dimensional spokes-characters have undergone significant transformation in the digital space. With spokes-character Facebook pages achieving significant numbers of ‘likes’ and interactions with consumers, one question concerns whether this strategy is creating characters that are more engaging than the brands they represent, and what impact this has on brand outcomes.

The university of the digital future : a reimagining based on the learning strategies of professionals in the digital media sectors

This article explores how universities might engage more effectively with the imperative to develop students’ 21st century skills for the information society, by examining learning challenges and strategies of successful digital media professionals. The findings support a significant body of literature, which argues that legacy university structures and pedagogical approaches are not conducive to optimal professional learning in the digital age. A model of one reimagining of the university is presented, which draws upon the learning preferences of the professionals in this study, as linked with extant theory relating to informal, situated, self-determined learning, communities of practice and personal learning environments.

The Arab Spring and social media audiences : English and Arabic Twitter users and their networks

Although popular media narratives about the role of social media in driving the events of the 2011 “Arab Spring” are likely to overstate the impact of Facebook and Twitter on these uprisings, it is nonetheless true that protests and unrest in countries from Tunisia to Syria generated a substantial amount of social media activity. On Twitter alone, several millions of tweets containing the hashtags #libya or #egypt were generated during 2011, both by directly affected citizens of these countries and by onlookers from further afield. What remains unclear, though, is the extent to which there was any direct interaction between these two groups (especially considering potential language barriers between them). Building on hashtag data sets gathered between January and November 2011, this article compares patterns of Twitter usage during the popular revolution in Egypt and the civil war in Libya. Using custom-made tools for processing “big data,” we examine the volume of tweets sent by English-, Arabic-, and mixed-language Twitter users over time and examine the networks of interaction (variously through @replying, retweeting, or both) between these groups as they developed and shifted over the course of these uprisings. Examining @reply and retweet traffic, we identify general patterns of information flow between the English- and Arabic-speaking sides of the Twittersphere and highlight the roles played by users bridging both language spheres.

Faster than the speed of print : reconciling ‘big data’ social media analysis and academic scholarship

The promise of ‘big data’ has generated a significant deal of interest in the development of new approaches to research in the humanities and social sciences, as well as a range of important critical interventions which warn of an unquestioned rush to ‘big data’. Drawing on the experiences made in developing innovative ‘big data’ approaches to social media research, this paper examines some of the repercussions for the scholarly research and publication practices of those researchers who do pursue the path of ‘big data’–centric investigation in their work. As researchers import the tools and methods of highly quantitative, statistical analysis from the ‘hard’ sciences into computational, digital humanities research, must they also subscribe to the language and assumptions underlying such ‘scientificity’? If so, how does this affect the choices made in gathering, processing, analysing, and disseminating the outcomes of digital humanities research? In particular, is there a need to rethink the forms and formats of publishing scholarly work in order to enable the rigorous scrutiny and replicability of research outcomes?

New media and the transformation of higher education

One set of public institutions that has seen growing discussion about the transformative impact of new media technologies has been universities. The higher education sector, historically one of the more venerable and stable areas of public life, is now the subject of almost continuous speculation about whether it can continue in its current form during the 21st century. Digital media technologies are often seen as being at the forefront of such changes. It has been widely noted that moves towards a knowledge economy generates ‘skills-biased technological change’, that places a premium upon higher education qualifications, and that this earnings gap remains despite the continuing increase in the number of university graduates. As the demand for higher education continues to grow worldwide, there are new discussions about whether technologically-mediated education through new forms such as Massively Open Online Courses (MOOCs) are broadening access to quality learning, or severing the vital connection between teacher and student seen as integral to the learning process. This paper critically appraises such debates in the context of early 21st century higher education. It will discuss ten drivers of change in higher education, many of which are related to themes discussed elsewhere in this book, such as the impact of social media, globalization, and a knowledge economy. It will also consider the issues raised in navigating such developments from the perspective of the ‘Five P’s’: practical issues; personal issues; pedagogical issues; policy issues; and philosophical issues. It also includes a critical evaluation of MOOCs from the point of view of their educational qualities. It will conclude with the observation that while universities will continue to play a significant – and perhaps growing – role in the economy, society and culture, the issues raised about what Clayton Christensen and Henry Eyring term the ‘disruptive university’ (Christensen and Eyring 2011) are nonetheless pressing ones, and that cost and policy pressures in particular are likely to generate significant institutional transformations in higher education worldwide.

Mixing higher education teaching and learning with mobile devices and social media

The use of mobile devices and social media technologies are becoming all-pervasive in society: they are both transformative and constant. The high levels of mobile device ownership and increased access to social media technologies enables the potential for ‘anytime, anywhere’ cooperation and collaboration in education. While recent reports into emerging technologies in higher education predict an increase in the use of mobile devices and social media technologies (Horizon Report, 2013), there is a lack of theory-based research to indicate how these technologies can be most effectively harnessed to support and enhance student learning and what the impacts of these technologies are on both students and educators. In response to the need to understand how these technologies can be better embraced within higher education, this study investigated how first year education students used mobile devices and social media technologies. More specifically, the study identified how students spent most of their time when connected online with mobile devices and social media technologies and whether the online connected time engaged them in their learning or whether it was a distraction.

Social Media in the Media: How Australian Media Perceive Social Media as Political Tools

Social media are becoming increasingly integrated into political practices around the world. Politicians, citizens and journalists employ new media tools to support and supplement their political goals. This report examines the way in which social media are portrayed as political tools in Australian mainstream media in order to establish what the relations are between social media and mainstream media in political news reporting. Through the close content-analysis of 93 articles sampled from the years 2008, 2010 and 2012, we provide a longitudinal insight into how the perception by Australian journalists and news media organisations of social media as political tools has changed over time. As the mainstream media remain crucial in framing the public understanding of new technologies and practices, this enhances our understanding of the positioning of social media tools for political communication.

Resources for improving journalists' understanding of the economic and financial parameters of Australia's agricultural and commodity producers

The research addresses how an understanding of the fundamentals of economics will better inform general journalists who report on issues or events affecting rural and regional Australia. The research draws on practice-based experience of the author, formal economics studies, interviews with news editors from Australian television news organisations, and interviews from leading economists. A guidebook has also been written to help journalists apply economic theories to their reporting. The guidebook enables reporters to think strategically and consider the 'big picture' when they inform society about policies, commodity trade, the environment, or any issues involving rural and regional Australia.

Social media and its impact on crisis communication: Case studies of Twitter use in emergency management in Australia and New Zealand

There is a growing awareness worldwide of the significance of social media to communication in times of both natural and human-created disasters and crises. While the media have long been used as a means of broadcasting messages to communities in times of crisis – bushfires, floods, earthquakes etc. – the significance of social media in enabling many-to-many communication through ubiquitous networked computing and mobile media devices is becoming increasingly important in the fields of disaster and emergency management. This paper undertakes an analysis of the uses made of social media during two recent natural disasters: the January 2011 floods in Brisbane and South-East Queensland in Australia, and the February 2011 earthquake in Christchurch, New Zealand. It is part of a wider project being undertaken by a research team based at the Queensland University of Technology in Brisbane, Australia, that is working with the Queensland Department of Community Safety (DCS) and the EIDOS Institute, and funded by the Australian Research Council (ARC) through its Linkages program. The project combines large-scale, quantitative social media tracking and analysis techniques with qualitative cultural analysis of communication efforts by citizens and officials, to enable both emergency management authorities and news media organisations to develop, implement, and evaluate new social media strategies for emergency communication.

Convergent media policy : the Australian case

This chapter considers the implications of convergence for media policy from three perspectives. First, it discusses what have been the traditional concerns of media policy, and the challenges it faces, from the perspectives of public interest theories, economic capture theories, and capitalist state theories. Second, it looks at what media convergence involves, and some of the dilemmas arising from convergent media policy including: (1) determining who is a media company; (2) regulatory parity between ‘old’ and ‘new’ media; (3) treatment of similar media content across different platforms; (4) distinguishing ‘big media’ from user-created content, and: (5) maintaining a distinction between media regulation and censorship of personal communication. Finally, it discusses attempts to reform media policy in light of these changes, including Australian media policy reports from 2011-12 including the Convergence Review, the Finkelstein Review of News Media, and the Australian Law Reform Commission’s National Classification Scheme Review. It concludes by arguing that ‘public interest’ approaches to media policy continue to have validity, even as they grapple with the complex question of how to understand the concept of influence in a convergent media environment.

The democratisation of journalism practice for a politically informed citizenry : the capacities of new media to engage citizens in public life - a case study

This research investigates the extent to which the World Wide Web and the participatory news media culture have contributed to the democratisation of journalism since 1997. It examined the different ways in which public service and commercial news media models use digital platforms to fulfil their obligations as members of the Fourth Estate. The research found that the digital environment provides news organisations with greater scope for transparency, interactivity, collaboration and social networking compared to the traditional print and broadcast platforms.

Decision making under pressure : a behavioural economics perspective

This research investigates the decision making process of individuals from revealed preferences in extreme environments or life-and-death situations, from a behavioral economics perspective. The empirical analysis of revealed behavioral preferences shows how the individual decision making process can deviate from the standard self-interested or “homo economicus” model in non-standard situations. The environments examined include: elite athletes in FIFA World and Euro Cups; climbing on Everest and the Himalaya; communication during 9/11 and risk seeking after the 2011 Brisbane floods. The results reveal that the interaction of culture and environment has a significant impact on the decision process, as social behaviors and institutions are intimately intertwined, which govern the processes of human behavior and interaction. Additionally, that risk attitudes are not set and that immediate environmental factors can induce a significant shift in an individuals risk seeking behaviors.