A synthetic protective put strategy for phased investment in projects without an outright deferral

This paper proposes and computationally demonstrates a synthetic protective put strategy for real options. Specifically, it deals with the problem of deferral option when an outright deferral is not permissible owing to competitive pressures. It is demonstrated that, in such a situation, an appropriate strategy would be to invest in the new project in phases rather than doing it all at once. The replicating portfolio for a protective put on the project is obtained by setting the owner’s equity in the project equal to the price of a call option on the value of the project. This is a logical extension of the financial protective put to the real options scenario and is relatively simple and practicable for businesses to adopt and apply.

Psychometric properties of a scale to measure investment in the sick role : the Illness Cognitions Scale

Rationale, aims and objectives A person’s beliefs about their illness may contribute to recovery and prognosis. Some degree of acceptance of illness and its impact is necessary to integrate the presence of a chronic disorder into one’s lifestyle and adhere to necessary components of illness management; however, some individuals can become ‘stuck’ and have difficulty adjusting out of the sick role. Inventories exist to measure illness cognitions, attitudes and behaviours as they relate to hypochondria and psychosomatic illness, but there is no extant measure of sick role inertia.We describe the psychometric properties of a new scale, the Illness Cognitions Scale (ICS), a metric of investment in the sick role.

Methods The ICS was administered to 97 individuals with bipolar or schizoaffective disorder, and the psychometric properties of the scale measured. Dimensionality was assessed using Principal Components Analysis with Oblimin rotation.

Results The scale has a strong internal consistency, with a Cronbach’s alpha of 0.858. Results of a factor analysis suggested the presence of one main factor, with three other smaller, related sub-factors, capturing aspects of maladaptive illness beliefs.

Conclusion The ICS is a 17-item, internally validated scale measuring difficulty adjusting out of the sick role. The scale predominantly measures a single construct. Further research on external validity of the ICS is required as well as determination of the clinical significance and patient acceptability of the scale.

State–Chaebol relations in the post-crisis period

This article examines contemporary Korean capitalism via an analysis of state-chaebol relations in the post-crisis period. The Korean state played a prominent role in industrial and financial restructuring after the crisis. Some scholars argue that a 'new' state has emerged in Korea, with the activism during the financial crisis representing only a temporary diversion from the shift towards a 'competition state'. Others claim that the Korean state still seeks to directly shape economic outcomes: some policy instruments have changed, but strategic intent, defined here as the will to directly manage investment flows and shape economic structures, has not. The transition of Korean capitalism from the developmental state system towards neo-liberalism, this article argues, is far from complete. Emphasizing the situated choices of state elites and the challenging political context in which they find themselves, we presume a condition of mutual dependence between the state and chaebols. Given incidences of conflict in the post-crisis context, we argue that the state has not fully reasserted its will over the chaebols. The restructuring of chaebols ('Big Deals') are best understood as symbolic measures intended to garner external support for the Korean state rather than unfettered exercise of strategic intent. At the same time, we go beyond existing accounts of 'state decline' by highlighting the place of economic performance by the chaebols as the preeminent criteria for state support. The state and chaebols remain central to Korean capitalism, even in its current hybrid and somewhat dysfunctional form.

Explaining organizational investment in CRM point solutions

This paper asks why organisations invest in non-integrated CRM point solutions when many of the benefits of enterprise systems are claimed to be due to integration of processes and information. This paper identifies six factors that explain why organisations invest in CRM point solutions: reduced risk; lower cost; quick benefits realization; low integration ability, low interdependence of business units, and high business-unit differentiation. The evidence suggests that when interdependence between parts of an organization is low, possibly due to one unit producing a clearly differentiated product, the attractions of lower risk, lower cost, and/or faster access to the benefits are likely to induce organizations to adopt CRM point solutions. The contribution of this study is that it recognizes that, and explains why, it is not always optimal for organizations to adopt integrated CRM solutions.

A comparison of client and contractor attitudes to prequalification criteria

Contractor prequalification is concerned with assessing the likelihood of contractors meeting client and project requirements. The criteria used in this assessment have been developed in a largely idiosyncratic manner to date and with little or no consultation with the contractors affected. As a result, contractors are faced with a variety of calls for information by prequalifiers, the collection of which can be quite costly. This is leading to expensive duplication of effort by contractors in providing what is often similar information but in different formats. Furthermore, previous research has shown that the benefits of the information to prequalifiers are uncertain - many prequalifiers analyse the information in only a cursory manner. What is needed is some form of cost-benefit analysis to be carried out which will establish a common set of criteria for all to use.

As a precursor to this, the research described in this paper compares the different attitudes of both prequalifiers and contractors to prequalification criteria commonly in use in the Australian building industry. This was carried out via a postal questionnaire involving 49 contractors and 15 prequalifiers across Australia. The respondents were divided into three groups; (1) contractors doing work for mainly private sector clients and (2) contractors doing work for mainly private sector clients, and (3) construction prequalifiers (clients).

The results show that both clients and contractors have divergent opinions on the importance and value of the criteria in use. The possible reasons for these differences are discussed and the likely implications for future research in the topic.

On the stress function-based OWA determination method with optimization criteria

The ordered weighted averaging (OWA) determination method with stress function was proposed by Yager, and it makes the OWA operator elements scatter in the shape of the stress function. In this paper, we extend the OWA determination with the stress function method using an optimization model. The proposed method transforms the OWA optimal solution elements into the interpolation points of the stress function. The proposed method extends the basic form of the stress function method with both scale and vertical shift transformations.We also explore a number of properties of this optimization-based stress function method. The OWA operator optimal solution elements can distribute as the shape of the given stress function in a parameterized way, in which case, the solution always possesses the arithmetic average operator as a special case.

A conceptual multi-criteria mechanism for stakeholder participation in urban development

Australia is one of the world’s most urbanised nations, with 74.92% of the population living in 17 major cities of 100,000 people or more. To improve the productivity, liveability and sustainability of Australia’s cities, there is an increasing emphasis in urban management policies on democratic stakeholder participation. In order to obtain a full picture of stakeholders’ concerns efficiently, and manage antagonism, prejudice and conflicts between stakeholders effectively, it is important for participatory decision-making in urban development to be able to select and integrate stakeholder analysis and engagement methods. This paper investigates the characteristics of stakeholder participation approaches in urban development, and proposes criteria for approach selection and integration. The outcome is a multi-criteria mechanism for selecting and integrating approaches to stakeholder participation. This could enable effective, efficient and democratic participation in decision-making process of urban development. Meanwhile, the capacity of Australian state, territory and local governments can be largely enhanced to understand and unpack the complex challenges of urban-ecological conditions, and generate a compromise solution that best represents the preferences of stakeholders.

Climate change sensitivity of comfort and energy performance criteria for offices

The climate change scenarios of the Intergovernmental Panel on Climate Change (IPCC) predict a significant increase in temperatures over the next decades. Architecture and building occupants have to respond to this change, but little information is currently available in how far the predicted changes are likely to affect comfort and energy performance in buildings. This study therefore investigates the climate change sensitivity of the following parameters: adaptive thermal comfort according to Ashrae Standard 55 and EN 15251, energy consumption, heating and cooling loads, and length of heating and cooling periods. The study is based on parametric simulations of typical office room configurations in the context of Athens, Greece. They refer to different building design priorities and account for different occupant behaviour by using an ideal and worst case scenario. To evaluate the impact of the climate change, simulations are compared based on a common standard weather data set for Athens, and a generated climate change data set for the IPCC A2 scenario. The results show a significant impact of the climate change on all investigated parameters. They also indicate that in this context the optimisation of comfort and energy performance is likely to be related to finding the best possible balance between building (design) and occupant behaviour and other contextual influences, rather than a straightforward optimisation of separated single parameters.

Information retrieval in documents using semantic criteria

The central problem of automatic retrieval from unformatted text is that computational devices are not adequately trained to look for associated information. However for complete understanding and information retrieval, a complete artificial intelligence would have to be built. This paper describes a method for achieving significant information retrieval by using a semantic search engine. The underlying semantic information is stored in a network of clarified words, linked by logical connections. We employ simple scoring techniques on collections of paths in this network to establish a degree of relevance between a document and a clarified search criterion. This technique has been applied with success to test examples and can be easily scaled up to search large documents.

IEF pattern classification-derived criteria for the identification of epoetin-delta in urine

Epoetin-δ (Dynepo™ Shire Pharmaceuticals, Basing stoke, UK) is a synthetic form of erythropoietin (EPO) whose resemblance with endogenous EPO makes it hard to identify using the classical identification criteria. Urine samples collected from six healthy volunteers treated with epoetin-δ injections and from a control population were immuno-purified and analyzed with the usual IEF method. On the basis of the EPO profiles integration, a linear multivariate model was computed for discriminant analysis. For each sample, a pattern classification algorithm returned a bands distribution and intensity score (bands intensity score) saying how representative this sample is of one of the two classes, positive or negative. Effort profiles were also integrated in the model. The method yielded a good sensitivity versus specificity relation and was used to determine the detection window of the molecule following multiple injections. The bands intensity score, which can be generalized to epoetin-α and epoetin-β, is proposed as an alternative criterion and a supplementary evidence for the identification of EPO abuse.

Comparisons between two empirical yield criteria for rock masses

In general, rock masses are inhomogeneous, discontinuous media composed of rock material and naturally occurring discontinuities such as joints, fractures and bedding planes. Because of these features, the strength of rock masses is notoriously difficult to assess. Nonetheless, many criteria have been proposed for estimating rock mass strength. Based on the finite element upper and lower bound limit analysis methods, this study examined two empirical yield criteria for rock masses, the Hoek-Brown failure criterion (2002) and the Douglas criterion (2002). The comparisons showed that very different results may be obtained using the same input parameters. Therefore, it is interesting to discuss the source of these differences.

The cost-effectiveness of universal newborn screening for bilateral permanent congenital hearing impairment : systematic review

Objective - Universal newborn hearing screening for bilateral permanent congenital hearing impairment is standard practice in many developed economies, but until there is clear evidence of cost-effectiveness, it remains a controversial use of limited health care resources. We conducted a formal systematic review of studies of newborn hearing screening that considered both costs and outcomes to produce a summary of the available evidence and to determine whether there was a need for further research.

Methods - A search was conducted of medical and nursing databases and gray literature websites by the use of multiple keywords. The titles and abstracts of studies were examined for preliminary inclusion if reference was made to newborn hearing screening, and to both costs and outcomes. Studies of potential relevance were independently assessed by 2 health economists for final inclusion in the review. Studies that met inclusion criteria were appraised by the use of existing guidelines for observational studies, economic evaluations and decision analytic models, and reported in a narrative literature review.

Results - There were 22 distinct observational or modeled evaluations of which only 2 clearly compared universal newborn hearing screening to risk factor screening for bilateral permanent congenital hearing impairment. Of these, the single evaluation that examined long-term costs and outcomes found that universal newborn hearing screening could be cost-saving if early intervention led to a substantial reduction in future treatment costs and productivity losses.

Conclusions - There are only a small number of economic evaluations that have examined the long-term cost-effectiveness of universal newborn hearing screening. This is partly attributable to ongoing uncertainty about the benefits gained from the early detection and treatment of bilateral permanent congenital hearing impairment. There is a clear need for further research on long-term costs and outcomes to establish the cost-effectiveness of universal newborn hearing screening in relation to other approaches to screening, and to establish whether it is a good long term investment.