Opportunity cost of ad hoc marine reserve design decisions: an example from South Australia

Like many states and territories, South Australia has a legacy of marine reserves considered to be inadequate to meet current conservation objectives. In this paper we configured exploratory marine reserve systems, using the software MARXAN, to examine how efficiently South Australia's existing marine reserves contribute to quantitative biodiversity conservation targets. Our aim was to compare marine reserve systems that retain South Australia's existing marine reserves with reserve systems that are free to either ignore or incorporate them. We devised a new interpretation of irreplaceability to identify planning units selected more than could be expected from chance alone. This is measured by comparing the observed selection frequency for an individual planning unit with a predicted selection frequency distribution. Knowing which sites make a valuable contribution to efficient marine reserve system design allows us to determine how well South Australia's existing reserves contribute to reservation goals when representation targets are set at 5, 10, 15, 20, 30 and 50% of conservation features. Existing marine reserves that tail to contribute to efficient marine reserve systems constitute 'opportunity costs'. We found that despite spanning less than 4% of South Australian state waters, locking in the existing ad hoc marine reserves presented considerable opportunity costs. Even with representation targets set at 50%, more than halt of South Australia's existing marine reserves were selected randomly or less in efficient marine reserve systems. Hence, ad hoc marine reserve systems are likely to be inefficient and may compromise effective conservation of marine biodiversity.

Antecedents of the importance of price in purchase decisions

This paper analyses the commercial and socio-demographic antecedents of the importance of price in buyers' decisions. The study uses ordinal regression in order to analyze the data obtained from a random sample of consumers of frequently purchased products; these consumers were surveyed in different stores. The results demonstrate that shopping enjoyment and brand loyalty have an influence over the importance of price. However, responsibility for shopping (purchase frequency) does not show a significant relationship. Furthermore, some interesting socio-demographic characteristics were found in the context of the study that can be analyzed in future research.

STRATEGIC DECISIONS OF FAMILY FIRMS ON CASH ACCUMULATION

ABSTRACTGiven the particular strengths, weaknesses, and peculiarities of family firms as well as the importance of liquidity in today’s marketplace, we analyze the distinct characteristics and strategies of family businesses related to the amount of cash a firm holds. We look beyond the traditional factors that influence decisions related to cash management to examine factors that are particularly important for family firms. Specifically, we outline the relevance of strategic decisions guided by family firms’ conservatism, flexibility, long-term view, and the active control that they have over family members. To our knowledge, no prior studies exist regarding family firms and their strategic adjustment of cash holding. Therefore, we investigate whether the ownership structure of the firm (through the presence of a controlling family) moderates decisions on cash holding. We found that family firms tend to accumulate cash for strategic reasons and as a result of their own idiosyncrasies. Thus, family firms can achieve optimal cash accumulation more efficiently than non-family firms.

Coordination between mid-term maintenance outage decisions and short-term security-constrained scheduling in smart distribution systems

Distribution systems are the first volunteers experiencing the benefits of smart grids. The smart grid concept impacts the internal legislation and standards in grid-connected and isolated distribution systems. Demand side management, the main feature of smart grids, acquires clear meaning in low voltage distribution systems. In these networks, various coordination procedures are required between domestic, commercial and industrial consumers, producers and the system operator. Obviously, the technical basis for bidirectional communication is the prerequisite of developing such a coordination procedure. The main coordination is required when the operator tries to dispatch the producers according to their own preferences without neglecting its inherent responsibility. Maintenance decisions are first determined by generating companies, and then the operator has to check and probably modify them for final approval. In this paper the generation scheduling from the viewpoint of a distribution system operator (DSO) is formulated. The traditional task of the DSO is securing network reliability and quality. The effectiveness of the proposed method is assessed by applying it to a 6-bus and 9-bus distribution system.

Decisions with multiple simultaneous goals and uncertain causal effects

A key aspect of decision-making in a disaster response scenario is the capability to evaluate multiple and simultaneously perceived goals. Current competing approaches to build decision-making agents are either mental-state based as BDI, or founded on decision-theoretic models as MDP. The BDI chooses heuristically among several goals and the MDP searches for a policy to achieve a specific goal. In this paper we develop a preferences model to decide among multiple simultaneous goals. We propose a pattern, which follows a decision-theoretic approach, to evaluate the expected causal effects of the observable and non-observable aspects that inform each decision. We focus on yes-or-no (i.e., pursue or ignore a goal) decisions and illustrate the proposal using the RoboCupRescue simulation environment.

Slow down or race to halt: towards managing complexity of real-time energy management decisions

Existing work in the context of energy management for real-time systems often ignores the substantial cost of making DVFS and sleep state decisions in terms of time and energy and/or assume very simple models. Within this paper we attempt to explore the parameter space for such decisions and possible constraints faced.

Simultaneous decisions or leadership in an international competition

In this paper, we study an international market with demand uncertainty. The model has two stages. In the first stage, the home government chooses an import tariff to maximize the revenue. Then, the firms engage in a Cournot or in a Stackelberg competition. The uncertainty is resolved between the decisions made by the home government and by the firms. We compare the results obtained in the three different ways of moving on the decision make of the firms.

The hidden value behind capital structure decisions

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

Empirical analysis of the lending decisions of Chinese formal financial institutions in rural areas

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

Geospatial technologies for public participation: better decisions for smarter cities?

Dissertation submitted in partial fulfillment of the requirements for the Degree of Master of Science in Geospatial Technologies.

Application of different heuristic classes in memory-based and stimulus-based decisions

This paper studies the drivers of heuristic application in different decision types. The study compares differences in frequencies of heuristic classes' such as recognition, one-reason choice and trade-off applied in, respectively, memory-based and stimulus-based choices as well as in high and low involvement decisions. The study has been conducted online among 205 participants from 28 countries.