Entropy application to improve construction finance decisions

In financial decision-making processes, the adopted weights of the objective functions have significant impacts on the final decision outcome. However, conventional rating and weighting methods exhibit difficulty in deriving appropriate weights for complex decision-making problems with imprecise information. Entropy is a quantitative measure of uncertainty and has been useful in exploring weights of attributes in decision making. A fuzzy and entropy-based mathematical approach is employed to solve the weighting problem of the objective functions in an overall cash-flow model. The multiproject being undertaken by a medium-size construction firm in Hong Kong was used as a real case study to demonstrate the application of entropy. Its application in multiproject cash flow situations is demonstrated. The results indicate that the overall before-tax profit was HK$ 0.11 millions lower after the introduction of appropriate weights. In addition, the best time to invest in new projects arising from positive cash flow was identified to be two working months earlier than the nonweight system.

Political market characteristics and the provision of educational infrastructure in North India

In this paper, we are concerned with the provision of schools in rural North India, particularly with whether such provision is determined by the demographic and economic characteristics of the region or whether local democracy also plays a role. We find that the probability that a governing party loses an election has a positive effect on the provision of schooling infrastructure, while the margin of victory of the governing party has a negative effect. Political reservation for members of the Scheduled Castes (SCs) has a positive effect on schooling infrastructure in villages with a large SC population, but a negative effect overall.

Comprendre l'opposition parlementaire: le Parlement de Paris face aux réformes de Silhouette (1759)

The aim of this article is to reconsider the fiscal interpretation of opposition parlementaire to government policy. First, it suggests that the meaning of the remonstrances is blurred by specific constraints which make it very difficult to interpret these texts. Second, it analyses a variety of documents relating to Silhouette’s fiscal projects (1759) and shows that the real objective of the Parlement of Paris, which was never mentioned in its remonstrances, was to finance the Seven Years’ War by issuing paper-money. This reading reveals the influence of the British model of State finance, especially on the critical issue of credit, on both ministers and magistrates. In spite of this common reference, the government and the Parlement of Paris diverged in their reading of the fiscal crisis, and the political culture of the monarchy prevented the formation of a workable consensus.