Monopolistic insurance and competitive financial markets

This dissertation studies the interaction between insurance and financial markets. Individuals who differ only in risk can save through a competitive market. They also have access to insurance contracts offered by a monopolist firm. We show that an equilibrium exists in that economy. Fundamentally, we identify an externality imposed on the insurer's decision by the endogeneity of prices in the financial market.We argue that, because of such externality and in contrast to the pure contract theory case, equilibrium may exhibit pooling.

Optimal price regulation in a growth model with monopolistic suppliers of intermediate goods

In this paper we investigate the trade-off faced by regulators who must set a price for an intermediate good somewhere between the marginal cost and the monopoly price. We utilize a growth model with monopolistic suppliers of intermediate goods. Investment in innovation is required to produce a new intermediate good. Marginal cost pricing deters innovation, while monopoly pricing maximizes innovation and economic growth at the cost of some static inefficiency. We demonstrate the existence of a second-best price above the marginal cost but below the monopoly price, which maximizes consumer welfare. Simulation results suggest that substantial reductions in consumption, production, growth, and welfare occur where regulators focus on static efficiency issues by setting prices at or near marginal cost.

The influence of external forces on a monopolistic market:a statistical physics perspective

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The men behind the market: Merchants, the Atlantic slave trade, and the shaping of South Carolina plantation society, 1700–1756

The purpose of this dissertation is to examine the role played by merchants in the shaping of South Carolina plantation society in its early stages of development. In 1700 South Carolina was on the fringes of the British Empire. By mid-century the colony had become an integral part of the British Atlantic system. This dissertation addresses merchants' activity in the shaping of plantation society through their involvement in the Atlantic slave trade. Records of the British and South Carolina governments, and petitions from merchants on both sides of the Atlantic have been extremely valuable in understanding the complex and rapidly changing political affiliations of merchants on both sides of the Atlantic. These sources are valuable to this study since they illustrate the merchants' strategy of utilizing government policies to acquire the absolute best terms of trade. Records such as wills and inventories yielded valuable information on merchants' economic portfolios and provided valuable insight into their personal lives. The data shows that the integration of Colonial South Carolina into the global economy can be attributed to its merchant class, who actively sought out business opportunities in the global economy while working within the framework of British mercantilism.

Profits and patriotism: Nicholas Weston, Old English merchants, and Ireland’s Nine Years’ War, 1594–1603

Ireland’s Old English merchants, and especially those of the Pale, provided the English crown with vital material supplies, finance and intelligence throughout the Nine Years’ War (1594–1603). Yet, surviving official correspondence criticised the mercantile community for providing weak support and accused its members of favouring the queen’s Irish enemies. The reality was that they did both, but their reasons for doing so were complicated. Too often described as a homogenous group, Old English merchants did not all share the same economic ambitions, political views or faith. Examining the specific actions of certain individuals alongside those of the wider community provides a fresh angle on the conflict and sheds new light on the role of Old English merchants.

The Evolution of Norms in Trade and Financial Networks in the First Global Age: the case of Simon Ruiz's network

In the 16th century, merchants and bankers gained a social influence and political relevance, due to their capacity of ‘faire travailler l’argent des autres’ (Benassar 1972:50). For the success of their activity, they built evolving networks with cooperative partners. These networks were much more than the sum of all partners. In the case study of the Castilian merchant Simon Ruiz, the network functioned in an unique way and independent from any formal institutional control. Its functioning varied in how different partners were associated and the particular characteristics and contents of these social ties. Being a self-organized network, since the formal institutions of trade regulation and the Crown control didn’t influence the network functioning, the Simon Ruiz network was deeply embedded in the economic and financial performance of the Hispanic Empires, in two different ways. The first, purely commercial. The monopolistic regime which was applied by the two crowns in the trade of certain colonial goods was insufficient to the costs of imperial maintenance. In such manner, particulars tried to rent a contract of exploration of trade, paying an annual sum to the crown, as in the Portuguese trade. Some of these agents also moved along Simon Ruiz’s network. But others were involved in relations with the imperial crowns on a second way, the finance. Maintaining Empires implied a lot of human, technical but also financial means, and most of the times Kings were forced to recur to these merchants, as we will demonstrate. What were the implications of these collaborative relations in both parts? The main goal of this paper is to comprehend the evolution of informal norms within Simon Ruiz’s network and how they influenced cooperative behavior of the agents, particularly analyzing mechanisms of sanctioning, control, punishment and reward, as well as their consequences in different dimensions: future interactions, social repercussions and in agent’s economic health and activity. The research is based in the bills of exchange and commercial correspondence of the private archive of Simon Ruiz, located in the Provincial Archive of Valladollid, Spain.

Applied batch cryptography

The material presented in this thesis may be viewed as comprising two key parts, the first part concerns batch cryptography specifically, whilst the second deals with how this form of cryptography may be applied to security related applications such as electronic cash for improving efficiency of the protocols. The objective of batch cryptography is to devise more efficient primitive cryptographic protocols. In general, these primitives make use of some property such as homomorphism to perform a computationally expensive operation on a collective input set. The idea is to amortise an expensive operation, such as modular exponentiation, over the input. Most of the research work in this field has concentrated on its employment as a batch verifier of digital signatures. It is shown that several new attacks may be launched against these published schemes as some weaknesses are exposed. Another common use of batch cryptography is the simultaneous generation of digital signatures. There is significantly less previous work on this area, and the present schemes have some limited use in practical applications. Several new batch signatures schemes are introduced that improve upon the existing techniques and some practical uses are illustrated. Electronic cash is a technology that demands complex protocols in order to furnish several security properties. These typically include anonymity, traceability of a double spender, and off-line payment features. Presently, the most efficient schemes make use of coin divisibility to withdraw one large financial amount that may be progressively spent with one or more merchants. Several new cash schemes are introduced here that make use of batch cryptography for improving the withdrawal, payment, and deposit of electronic coins. The devised schemes apply both to the batch signature and verification techniques introduced, demonstrating improved performance over the contemporary divisible based structures. The solutions also provide an alternative paradigm for the construction of electronic cash systems. Whilst electronic cash is used as the vehicle for demonstrating the relevance of batch cryptography to security related applications, the applicability of the techniques introduced extends well beyond this.

Where money and meanings meet : theorizing the emergence of new values in media and education

Recent developments in technology, globalization, and consumer activism have challenged the "broadcasting model" of natonally bounded, vertically integrated, monopolistic, expert-paradigm media industries, dedicated to supplying leisure entertainment to more or less passive consumers. Instead, attention has turned to globally traded formats, social network markets, consumer-created content, multiplatform "publication," and a semiotic long tail where niche representations can be as valuable as blockbusters. Such chenges are just as much a challenge to education as they are to business models. And education, both formal and informal, is a dynamic agent in these processes, participation, and creative content require a rethink of "studies" just as much as of "media."

Measuring the performance of Customs Information Systems (CIS) in Malaysia

In the scope of this study, ‘performance measurement’ includes the collection and presentation of relevant information that reflects progress in achieving organisational strategic aims and meeting the needs of stakeholders such as merchants, importers, exporters and other clients. Evidence shows that utilising information technology (IT) in customs matters supports import and export practices and ensures that supply chain management flows seamlessly. This paper briefly reviews some practical techniques for measuring performance. Its aim is to recommend a model for measuring the performance of information systems (IS): in this case, the Customs Information System (CIS) used by the Royal Malaysian Customs Department (RMCD).The study evaluates the effectiveness of CIS implementation measures in Malaysia from an IT perspective. A model based on IS theories will be used to assess the impact of CIS. The findings of this study recommend measures for evaluating the performance of CIS and its organisational impacts in Malaysia. It is also hoped that the results of the study will assist other Customs administrations evaluate the performance of their information systems.

Resourcing resilience through recreational music programs

Many music programs in Australia deliver a United States (US) package created by the Recreational Music-Making Movement, founded by Karl Bruhn and Barry Bittman. This quasi-formal group of music makers, academics and practitioners uses the logic of decentralised global networks to connect with local musicians, offering them benefits associated with their ‘Recreational Music Program’ (RMP). These RMPs encapsulate the broad goals of the movement, developed in the US during the 1980s, and now available as a package, endorsed by the National Association of Music Merchants (NAMM), for music retailers and community organisations to deliver locally (Bittman et al., 2003). High participation rates in RMPs have been historically documented amongst baby boomers with disposable income. Yet the Australian programs increasingly target marginalised groups and associated funding sources, which in turn has lowered the costs of participation. This chapter documents how Australian manifestations of RMPs presently report on the benefits of participation to attract cross-sector funding. It seeks to show the diversity of participants who claim to have developed and accessed resources that improve their capacity for resilience through recreational music performance events. We identify funding issues pertaining to partnerships between local agencies and state governments that have begun to commission such music programs. Our assessment of eight Australian RMPs includes all additional music groups implemented since the first program, their purposes and costs, the skills and coping strategies that participants developed, how organisers have reported on resources, outcomes and attracted funding. We represent these features through a summary table, standard descriptive statistics and commentaries from participants and organisers.

Tea ceremony and Sukiya : negating social hierarchy

There is a widely held view that architecture is very strongly and even primarily determined by the society and culture rather than geographical, technical, economic or cli-matic factors. This is especially evident in societies where rituals, customs and tradition play a significant role in the design of built forms. One such society was that of Feudal Japan under the rule of samurai warriors. The strictly controlled hierarchical society of Feudal Japan, isolated from the rest of the world for over 250 years, was able to develop the art and architecture borrowed from neighboring older cultures of China and Korea into what is now considered uniquely Japanese. One such architecture is the Sukiya style tea houses where the ritual of tea ceremony took place. This ritual was developed by the tea masters who were Zen monks or the merchants who belonged to the lowest class in the hierarchical feudal society. The Sukiya style developed from 14th to 16th century and became an architectural space that negated all the rules imposed on commoners by the samurai rulers. The tea culture had a major influence on Japanese architecture, the concept of space and aesthetics. It extended into the design of Japanese gardens, clothes, presentation of food, and their manners in day to day life. The focus of this paper is the Japanese ritual of tea ceremony, the architecture of the tea house it inspired, the society responsible for its creation and the culture that promoted its popularity and its continuation into the 21st century.

Monster factory : International dynamics of the Australian horror movie industry

From the early-to-mid 2000s, the Australian horror film production sector has achieved growth and prosperity of a kind not seen since its heyday of the 1980s. Australian horror films can be traced back to the early 1970s, when they experienced a measure of commercial success. However, throughout the twenty-first-century Australian horror gained levels of international recognition that have surpassed the cult status enjoyed by some of the films in the 1970s and 1980s. In recent years, Australia has emerged as a significant producer of breakout, cult, and solid B-grade horror films, which have circulated in markets worldwide. Australian horror’s recent successes have been driven by one of its distinguishing features: its international dimensions. As this chapter argues, the Australian horror film production sector is an export-oriented industry that relies heavily on international partnerships and presales (the sale of distribution rights prior to a film’s completion), and on its relationships with overseas distributors. Yet, these traits vary from film to film as the sector is comprised of several distinct domains of production activity, from guerrilla films destined for niche video markets like specialist cult video stores and online mail-order websites to high(er)-end pictures made for theatrical markets. Furthermore, the content and style of Australian horror movies has often been tailored for export. While some horror filmmakers have sought to play up the Australianness of their product, others have attempted to pass off their films as faux-American or as placeless films effaced of national reference points.

The culture wars of climate change

Of late, there has been a growth in cultural expression about climate change – with the rise of climate fiction (‘cli-fi’); art and photography responding to changes in nature; musical anthems about climate change; plays and dramas about climate change; and environmental documentaries, and climate cinema. Drawing comparisons to past controversies over cultural funding, this paper considers the cultural wars over climate change. This article considers a number of cultural fields. Margaret Atwood made an important creative and critical contribution to the debate over climate change. The work examines Ian McEwan's novel, Solar, a tragi-comedy about authorship, invention, intellectual property, and climate science. After writing a history of Merchants of Doubt, Naomi Oreskes and Erik Conway have experimented with fiction – as well as history. This article focuses upon artistic works about climate change. It analyses James Balog’s work with the Extreme Ice Survey, which involved photography of glaciers under retreat in a warming world. The work was turned into a documentary called Chasing Ice. It also considers the artistic project of 350.org 'to transform the human rights and environmental issues connected to climate change into powerful art that gets people to stop, think and act.' The paper examines musical storytelling in respect of climate change. The paper explores dramatic works about climate change including Steve Waters' The Contingency Plan, Stephen Emmott's Ten Billion, and Andrew Bovell's When the Rain Stops Falling and Hannie Rayson’s Extinction. The paper also examines the role of documentary film-making. It also considers the cinematographic film, Beasts of the Southern Wild. Such a survey will enable a consideration of the larger question of whether creative art about climate change matters; and whether it is deserving of public funding.

Confucian education and enlightenment for the masses in the manner of Guwen guanzhi

The topic of this study is the most renowned anthology of essays written in Literary Chinese, Guwen guanzhi, compiled and edited by Wu Chengquan (Chucai) and Wu Dazhi (Diaohou), and first published during the Qing dynasty, in 1695. Because of the low social standing of the compilers, their anthology remained outside the recommended study materials produced by members of the established literati and used for preparing students in the imperial civil-service examinations. However, since the end of the imperial era, Guwen guanzhi has risen to a position as the classical anthology par excellence. Today it is widely used as required or supplementary reading material of Literary Chinese in middle-schools both in Mainland China and on Taiwan. The goal of this study is to explain the persistent longevity of the anthology. So far, Guwen guanzhi has not been a topic of any published academic study, and the opinions expressed on it in various sources are widely discrepant. Through a comparative study with a dozen classical Chinese anthologies in use during the early Qing dynasty, this study reveals the extent to which the compilers of Guwen guanzhi modelled their work after other selections. Altogether 86 % of the texts in Guwen guanzhi originate from another Qing era anthology, Guwen xiyi, often copied character by character. However, the notes and commentaries are all different. Concentrating on the special characteristics unique to Guwen guanzhi—the commentaries and certain peculiarities in the selection of texts—this study then discusses the possible reasons for the popularity of Guwen guanzhi over the competing readers during the Qing era. Most remarkably, Guwen guanzhi put in practise the equalitarian, educational ideals of the Ming philosopher Wang Shouren (Yangming). Thus Guwen guanzhi suited the self-enlightenment needs of the ”subordinate classes”, in particular the rising middle-class comprised mainly of merchants. The lack of moral teleology, together with the compact size, relative comprehensiveness of the selection and good notes and comments, have made Guwen guanzhi well suited for the new society since the abolition of the imperial examination system. Through a content analysis, based on a sample of the texts, this study measures the relative emphasis on centralism and localism (both in concrete and spiritual terms) expressed in the texts of Guwen guanzhi. The analysis shows that the texts manifest some bias towards emphasising innate virtue on the expense of state-defined moral. This may reflect hidden critique towards intellectual oppression by the centralised imperial rule. During the early decades of the Qing era, such critique was often linked to Ming-loyalism. Finally, this study concludes that the kind of ”spiritual localism” that Guwen guanzhi manifests gives it the potential to undermine monolithic orthodoxy even in today’s Chinese societies. This study has progressed hand in hand with the translation of a selection of texts from Guwen guanzhi into Finnish, published by Gaudeamus Helsinki University Press: Jadekasvot – Valittuja tarinoita Kiinan muinaisajoilta (2005), Jadelähde – Valittuja kirjoituksia Kiinan keskiajalta (2007) and Jadepeili – Valittuja kirjoituksia keisarillisen Kiinan kulta-ajoilta (2008). All translations are critical editions, complete with extensive notation. The trilogy is the first comprehensive translation based on Guwen guanzhi in a European language.