The economics of credence goods : an experiment on the role of liability, verifiability, reputation and competition

Credence goods markets are characterized by asymmetric information between sellers and consumers that may give rise to inefficiencies, such as under- and overtreatment or market breakdown. We study in a large experiment with 936 participants the determinants for efficiency in credence goods markets. While theory predicts that liability or verifiability yield efficiency, we find that liability has a crucial, but verifiability at best a minor, effect. Allowing sellers to build up reputation has little influence, as predicted. Seller competition drives down prices and yields maximal trade, but does not lead to higher efficiency as long as liability is violated. (JEL D12, D82)

A normal-distribution based reputation model

Rating systems are used by many websites, which allow customers to rate available items according to their own experience. Subsequently, reputation models are used to aggregate available ratings in order to generate reputation scores for items. A problem with current reputation models is that they provide solutions to enhance accuracy of sparse datasets not thinking of their models performance over dense datasets. In this paper, we propose a novel reputation model to generate more accurate reputation scores for items using any dataset; whether it is dense or sparse. Our proposed model is described as a weighted average method, where the weights are generated using the normal distribution. Experiments show promising results for the proposed model over state-of-the-art ones on sparse and dense datasets.

A reputation-enhanced recommender system

Reputation systems are employed to provide users with advice on the quality of items on the Web, based on the aggregated value of user-based ratings. Recommender systems are used online to suggest items to users according to the users, expressed preferences. Yet, recommender systems will endorse an item regardless of its reputation value. In this paper, we report the incorporation of reputation models into recommender systems to enhance the accuracy of recommendations. The proposed method separates the implementation of recommender and reputation systems for generality. Our experiment showed that the proposed method could enhance the accuracy of existing recommender systems.

Item reputation-aware recommender systems

Recommender systems provide personalized advice for customers online based on their own preferences, while reputation systems generate a community advice on the quality of items on the Web. Both systems use users’ ratings to generate their output. In this paper, we propose to combine reputation models with recommender systems to enhance the accuracy of recommendations. The main contributions include two methods for merging two ranked item lists which are generated based on recommendation scores and reputation scores, respectively, and a personalized reputation method to generate item reputations based on users’ interests. The proposed merging methods can be applicable to any recommendation methods and reputation methods, i.e., they are independent from generating recommendation scores and reputation scores. The experiments we conducted showed that the proposed methods could enhance the accuracy of existing recommender systems.

Trial by media: An empirical investigation of corporate reputation and stock returns in Australia

This article examines whether investors are able to generate abnormal risk-adjusted returns in the Australian market based on media-specific firm reputational factors under market uncertainty between 2004 and 2012. The findings suggest that after controlling for crisis-centric time periods and market risk factors, contrarian trading strategies produce abnormal returns for poor corporate reputation firms but not for their good corporate reputation counterparts. Corporate reputation may be a driver of performance for poorly performing Australian firms and could be considered a stimulus for trading activity due to its explanatory capabilities.

Toughness and toughening mechanisms of porous thin films

Toughness is the ability of a material to deform plastically and to absorb energy before fracture. The first of its kind, this book covers the most recent developments in the toughening of hard coatings and the methodologies for measuring the toughness of thin films and coatings. The book looks at the present status of toughness for coatings and discusses high-temperature nanocomposite coatings, porous thin films, laser treated surface layers, cracking resistance, indentation techniques, sliding contact fracture, IPN hybrid composites for protection, and adhesion strength.

Media futures: A review essay on'The Future of Reputation','TV Futures', and'The Future of the Internet and How to Stop It'

In his 1987 book, The Media Lab: Inventing the Future at MIT, Stewart Brand provides an insight into the visions of the future of the media in the 1970s and 1980s. 1 He notes that Nicolas Negroponte made a compelling case for the foundation of a media laboratory at MIT with diagrams detailing the convergence of three sectors of the media—the broadcast and motion picture industry; the print and publishing industry; and the computer industry. Stewart Brand commented: ‘If Negroponte was right and communications technologies really are converging, you would look for signs that technological homogenisation was dissolving old boundaries out of existence, and you would expect an explosion of new media where those boundaries used to be’. Two decades later, technology developers, media analysts and lawyers have become excited about the latest phase of media convergence. In 2006, the faddish Time Magazine heralded the arrival of various Web 2.0 social networking services: You can learn more about how Americans live just by looking at the backgrounds of YouTube videos—those rumpled bedrooms and toy‐strewn basement rec rooms—than you could from 1,000 hours of network television. And we didn’t just watch, we also worked. Like crazy. We made Facebook profiles and Second Life avatars and reviewed books at Amazon and recorded podcasts. We blogged about our candidates losing and wrote songs about getting dumped. We camcordered bombing runs and built open‐source software. America loves its solitary geniuses—its Einsteins, its Edisons, its Jobses—but those lonely dreamers may have to learn to play with others. Car companies are running open design contests. Reuters is carrying blog postings alongside its regular news feed. Microsoft is working overtime to fend off user‐created Linux. We’re looking at an explosion of productivity and innovation, and it’s just getting started, as millions of minds that would otherwise have drowned in obscurity get backhauled into the global intellectual economy. The magazine announced that Time’s Person of the Year was ‘You’, the everyman and everywoman consumer ‘for seizing the reins of the global media, for founding and framing the new digital democracy, for working for nothing and beating the pros at their own game’. This review essay considers three recent books, which have explored the legal dimensions of new media. In contrast to the unbridled exuberance of Time Magazine, this series of legal works displays an anxious trepidation about the legal ramifications associated with the rise of social networking services. In his tour de force, The Future of Reputation: Gossip, Rumor, and Privacy on the Internet, Daniel Solove considers the implications of social networking services, such as Facebook and YouTube, for the legal protection of reputation under privacy law and defamation law. Andrew Kenyon’s edited collection, TV Futures: Digital Television Policy in Australia, explores the intersection between media law and copyright law in the regulation of digital television and Internet videos. In The Future of the Internet and How to Stop It, Jonathan Zittrain explores the impact of ‘generative’ technologies and ‘tethered applications’—considering everything from the Apple Mac and the iPhone to the One Laptop per Child programme.

Dynamic initiation toughness measu~ment using double Grooved discs

Among the multitude of test specimen geometries used for dynamic fiacture toughness evaluation, the most widely uscd specimen is lhc Chavpy specimen due its simple geomclry and availability of testing machines. The standard Chatpy specimen dimensions may llOl always give plane st~ain condilions and hence, it may be necessary Io coilduct lcs/s using specimens of dillEvcnt thicknesses to establish the plane strain K~a. An axisymmct/ic specimen, on the otlaev hand would always give flow constraints l~n a nominal specimen thickness i~rcspcctive of the test matctial. The notched disk specimen pVOl)oscd by Bcrn:ud ctal. [1] for static and dynamic initiation toughness measurement although p~ovicles plain-strain conditions, the crack plopagatcs at an angle to the direction of applied load. This makes inteq~retation of the test results difficult us it ~Ccluivcs ~actial slices to be cut fiom the fractured specimen to ascertain the angle o1 crack growth and a linite element model l~)r tl);t{ pa~ticulat ctack o~icntalion.

An accurate rating aggregation method for generating item reputation

Many websites presently provide the facility for users to rate items quality based on user opinion. These ratings are used later to produce item reputation scores. The majority of websites apply the mean method to aggregate user ratings. This method is very simple and is not considered as an accurate aggregator. Many methods have been proposed to make aggregators produce more accurate reputation scores. In the majority of proposed methods the authors use extra information about the rating providers or about the context (e.g. time) in which the rating was given. However, this information is not available all the time. In such cases these methods produce reputation scores using the mean method or other alternative simple methods. In this paper, we propose a novel reputation model that generates more accurate item reputation scores based on collected ratings only. Our proposed model embeds statistical data, previously disregarded, of a given rating dataset in order to enhance the accuracy of the generated reputation scores. In more detail, we use the Beta distribution to produce weights for ratings and aggregate ratings using the weighted mean method. Experiments show that the proposed model exhibits performance superior to that of current state-of-the-art models.

Fatigue crack growth rates and fracture toughness in electroslag refined En 52 steel

En 52 steel has been electroslag refined and the resultant effects of refining on its mechanical properties have been assessed. It was found that refining caused a decrease in fatigue crack growth rates and increases in fatigue strength, fracture toughness, Charpy fracture energy and tensile ductility. Fatigue crack growth rates in region I and in region III were found to be considerably lower in the electroslag refined steel: they were unaffected in region II. The fracture toughness values for the electroslag refined steel are nearly twice those estimated for the unrefined steel. Measurements on heat-treated samples have shown that the electroslag refined steel has a better response to heat-treatment. The improvement in the mechanical properties is explained in terms of the removal of nonmetallic inclusions and a reduction in the sulphur content of the steel.

Effect of electroslag refining on the fracture toughness and fatigue crack propagation rates in heat treated AISI 4340 steel

The AISI 4340 steel has been electroslag refined and the improvement in mechanical properties has been assessed. Electroslag refining (ESR) has improved tensile ductility, plane strain fracture toughness, Charpy fracture energy, and has decreased fatigue crack growth rates. The KIC values for the ESR steel are nearly twice those estimated in the unrefined steel and higher than those obtained in the vacuum arc remelted steel. Fatigue crack growth rates in region I and in region III are found to be decreased considerably in the ESR steel, while they are unaffected in region II. Measurements on heat treated samples have shown that the ESR steel has a better response to heat treatment. Both the suggested heat treatments namely austenitizing at 1140–1470 K as well as the conventional heat treatment of austenitizing at 1140 K have been followed. The improvement in the mechanical properties of ESR steel has been explained on the basis of removal of nonmetallic inclusions and reduction in sulfur content in the steel.

A subculture of mental toughness in an Australian Football League club

Objective The current study aimed to provide a subcultural analysis of mental toughness in a high-performance context in sport. Design Using Schein's (1990) framework of organisational culture, an exploratory qualitative analysis, employing focus group and individual interviews, was used to investigate mental toughness in an Australian Football League club. Method Nine senior coaches and players participated in focus group and individual interviews. Photo elicitation was used as a method to capture mental toughness through the identification of prominent club artefacts. Participants were considered to have significant subcultural knowledge of their football club and were willing to describe personal experiences and perceptions of mental toughness through this cultural lens. Deductive and inductive analyses were conducted to capture the core themes of mental toughness across the disparate levels of Schein's organisational framework. Results Mental toughness was found to be a socially derived term marked by unrelenting standards and sacrificial displays. These acts were underpinned by subcultural values emphasising a desire for constant improvement, a team first ethos, relentless effort, and the maintenance of an infallible image. At its core, mental toughness was assumed to be an internal concept, epitomised an idealised form of masculinity, elitist values, and was rhetorically depicted through metaphors of war. Conclusions It may be difficult to understand mental toughness without giving attention to the contextual norms related to the term. Appreciating how people promote, instil, and internalise prized ideals coveted as mental toughness could be intriguing for future research in sport psychology.

Understanding mental toughness in Australian soccer: Perceptions of players, parents, and coaches

We explored mental toughness in soccer using a triangulation of data capture involving players (n = 6), coaches (n = 4), and parents (n = 5). Semi-structured interviews, based on a personal construct psychology (Kelly, 1955/1991) framework, were conducted to elicit participants' perspectives on the key characteristics and their contrasts, situations demanding mental toughness, and the behaviours displayed and cognitions employed by mentally tough soccer players. The results from the research provided further evidence that mental toughness is conceptually distinct from other psychological constructs such as hardiness. The findings also supported Gucciardi, Gordon, and Dimmock's (2009) process model of mental toughness. A winning mentality and desire was identified as a key attribute of mentally tough soccer players in addition to other previously reported qualities such as self-belief, physical toughness, work ethic/motivation, and resilience. Key cognitions reported by mentally tough soccer players enabled them to remain focused and competitive during training and matches and highlighted the adoption of several forms of self-talk in dealing with challenging situations. Minor revisions to Gucciardi and colleagues' definition of mental toughness are proposed.

Toughness of as-cast and partially crystallized composites of a bulk metallic glass

The deformation and fracture response of a bulk metallic glass (BMG) post-annealing above the glass transition temperature is examined. The toughness of the glass-matrix composite exhibits a sharp transition beyond a critical volume fraction of crystallization to values as low as that of brittle silicate glass. Instrumented indentation tests supplemented by impact tests were used to study this ductile to brittle transition exhibited by the partially crystallized samples. Indentation on the anneal-embrittled specimens shows lateral cracks in addition to cracks along the corners. The applicability of the Poisson's ratio-toughness correlation with respect to partially crystallized samples is also investigated.