Cryptographic techniques for managing computational effort

Availability has become a primary goal of information security and is as significant as other goals, in particular, confidentiality and integrity. Maintaining availability of essential services on the public Internet is an increasingly difficult task in the presence of sophisticated attackers. Attackers may abuse limited computational resources of a service provider and thus managing computational costs is a key strategy for achieving the goal of availability. In this thesis we focus on cryptographic approaches for managing computational costs, in particular computational effort. We focus on two cryptographic techniques: computational puzzles in cryptographic protocols and secure outsourcing of cryptographic computations. This thesis contributes to the area of cryptographic protocols in the following ways. First we propose the most efficient puzzle scheme based on modular exponentiations which, unlike previous schemes of the same type, involves only a few modular multiplications for solution verification; our scheme is provably secure. We then introduce a new efficient gradual authentication protocol by integrating a puzzle into a specific signature scheme. Our software implementation results for the new authentication protocol show that our approach is more efficient and effective than the traditional RSA signature-based one and improves the DoSresilience of Secure Socket Layer (SSL) protocol, the most widely used security protocol on the Internet. Our next contributions are related to capturing a specific property that enables secure outsourcing of cryptographic tasks in partial-decryption. We formally define the property of (non-trivial) public verifiability for general encryption schemes, key encapsulation mechanisms (KEMs), and hybrid encryption schemes, encompassing public-key, identity-based, and tag-based encryption avors. We show that some generic transformations and concrete constructions enjoy this property and then present a new public-key encryption (PKE) scheme having this property and proof of security under the standard assumptions. Finally, we combine puzzles with PKE schemes for enabling delayed decryption in applications such as e-auctions and e-voting. For this we first introduce the notion of effort-release PKE (ER-PKE), encompassing the well-known timedrelease encryption and encapsulated key escrow techniques. We then present a security model for ER-PKE and a generic construction of ER-PKE complying with our security notion.

Generalised gamma bidding model

A generalised gamma bidding model is presented, which incorporates many previous models. The log likelihood equations are provided. Using a new method of testing, variants of the model are fitted to some real data for construction contract auctions to find the best fitting models for groupings of bidders. The results are examined for simplifying assumptions, including all those in the main literature. These indicate no one model to be best for all datasets. However, some models do appear to perform significantly better than others and it is suggested that future research would benefit from a closer examination of these.

An efficient eAuction potocol

A secure protocol for electronic, sealed-bid, single item auctions is presented. The protocol caters to both first and second price (Vickrey) auctions and provides full price flexibility. Both computational and communication cost are linear with the number of bidders and utilize only standard cryptographic primitives. The protocol strictly divides knowledge of the bidder's identity and their actual bids between, respectively, a registration authority and an auctioneer, who are assumed not to collude but may be separately corrupt. This assures strong bidder-anonymity, though only weak bid privacy. The protocol is structured in two phases, each involving only off-line communication. Registration, requiring the use of the public key infrastructure, is simultaneous with hash-sealed bid-commitment and generates a receipt to the bidder containing a pseudonym. This phase is followed by encrypted bid-submission. Both phases involve the registration authority acting as a communication conduit but the actual message size is quite small. It is argued that this structure guarantees non-repudiation by both the winner and the auctioneer. Second price correctness is enforced either by observing the absence of registration of the claimed second-price bid or, where registered but lower than the actual second price, is subject to cooperation by the second price bidder - presumably motivated through self-interest. The use of the registration authority in other contexts is also considered with a view to developing an architecture for efficient secure multiparty transactions

Essays on Market Microstructure: Price Discovery and Informed Trading

Market microstructure is “the study of the trading mechanisms used for financial securities” (Hasbrouck (2007)). It seeks to understand the sources of value and reasons for trade, in a setting with different types of traders, and different private and public information sets. The actual mechanisms of trade are a continually changing object of study. These include continuous markets, auctions, limit order books, dealer markets, or combinations of these operating as a hybrid market. Microstructure also has to allow for the possibility of multiple prices. At any given time an investor may be faced with a multitude of different prices, depending on whether he or she is buying or selling, the quantity he or she wishes to trade, and the required speed for the trade. The price may also depend on the relationship that the trader has with potential counterparties. In this research, I touch upon all of the above issues. I do this by studying three specific areas, all of which have both practical and policy implications. First, I study the role of information in trading and pricing securities in markets with a heterogeneous population of traders, some of whom are informed and some not, and who trade for different private or public reasons. Second, I study the price discovery of stocks in a setting where they are simultaneously traded in more than one market. Third, I make a contribution to the ongoing discussion about market design, i.e. the question of which trading systems and ways of organizing trading are most efficient. A common characteristic throughout my thesis is the use of high frequency datasets, i.e. tick data. These datasets include all trades and quotes in a given security, rather than just the daily closing prices, as in traditional asset pricing literature. This thesis consists of four separate essays. In the first essay I study price discovery for European companies cross-listed in the United States. I also study explanatory variables for differences in price discovery. In my second essay I contribute to earlier research on two issues of broad interest in market microstructure: market transparency and informed trading. I examine the effects of a change to an anonymous market at the OMX Helsinki Stock Exchange. I broaden my focus slightly in the third essay, to include releases of macroeconomic data in the United States. I analyze the effect of these releases on European cross-listed stocks. The fourth and last essay examines the uses of standard methodologies of price discovery analysis in a novel way. Specifically, I study price discovery within one market, between local and foreign traders.

The Value of Being on the Net- the effects of Web sites of companies on consumer decision making

The unique characteristics of marketspace in combination with the fast growing number of consumers interested in e-commerce have created new research areas of interest to both marketing and consumer behaviour researchers. Consumer behaviour researchers interested in the decision making processes of consumers have two new sets of questions to answer. The first set of questions is related to how useful theories developed for a marketplace are in a marketspace context. Cyber auctions, Internet communities and the possibilities for consumers to establish dialogues not only with companies but also with other consumers make marketspace unique. The effects of these distinctive characteristics on the behaviour of consumers have not been systematically analysed and therefore constitute the second set of questions which have to be studied. Most companies feel that they have to be online even though the effects of being on the Net are not unambiguously positive. The relevance of the relationship marketing paradigm in a marketspace context have to be studied. The relationship enhancement effects of websites from the customers’ point of view are therefore emphasized in this research paper. Representatives of the Net-generation were analysed and the results show that companies should develop marketspace strategies while Net presence has a value-added effect on consumers. The results indicate that the decision making processes of the consumers are also changing as a result of the progress of marketspace

Los determinantes de la confianza del comprador online. Comparación con el caso de subasta

[ES] Los trabajos de investigación sobre comercio electrónico en Internet ocupan gran parte de la investigación de marketing, pero son pocos aún los que se han ocupado de estudiar el sistema de subasta. Ante las peculiares características de una compra online, transmitir confianza al consumidor en este contexto es uno de los retos más importantes y difíciles en comparación con la compra offline. No obstante, es de esperar que las señales generadoras de confianza sean diferentes en la compra online por subasta que en la compra online en otros sitios web.

Die Qualitäts-Index-Methode (QIM), ein verlässliches Instrument zur sensorischen Bewertung der Frische von Fisch

Fish research institutes in Europe have made considerable effort in developing rapid, objective sensory methods for evaluation of fish freshness. The Quality Index Method(QIM) has been recommended for a European initiative regarding standardisation and harmonisation of sensory evaluation of fish. QIM-schemes have been developed for various common European fish species. Research has now provided the industry with a convenient, objective and powerful tool for measuring freshness of fish kept in ice Further research is needed to evaluate the applicability of QIM for fish handled, stored and processed under different conditions. However, for progress and development of QIM it is now very important that the fish sector implements QIM in fish auctions and the quality management system of the fish processing plants.

Una aproximación al sector eléctrico

Español:Este TFG pretende exponer de un modo sencillo el mercado eléctrico español. Se trata de un tema de elevada complejidad y gran extensión. Con el fin de alcanzar una idea clara, hemos decidido centrarnos en los puntos de mayor relevancia. En las secciones siguientes abordamos cuestiones relativas al mercado mayorista (pool) y minorista español así como la incipiente reforma eléctrica llevada a cabo por el Gobierno. Después de una breve Introducción, la sección 2 enumera una serie de términos que se utilizan con frecuencia en esta área. La sección 3 proporciona algunos antecedentes sobre el sector eléctrico. La sección 4 se refiere al mercado mayorista, en el cual se realiza la compra-venta diaria de electricidad. En él participan los productores, los distribuidores y los comercializadores de electricidad, así como los consumidores cualificados de energía eléctrica. Dentro de éste nos encontramos el mercado a plazo (o forward), el mercado diario (o spot) y el mercado a corto plazo (o de ajuste). La sección 5 trata del mercado minorista, su diseño y composición. Aquí, las empresas encargadas de comercializar energía (que compran en el mercado mayorista a las empresas generadoras) se la venden a los consumidores finales. En la sección 6 se aborda la Reforma Eléctrica, aclarando los cambios sufridos desde su implantación. Los hechos más llamativos a este respecto son: la eliminación de las subastas CESUR y el cambio de la Tarifa de Último Recurso (TUR) a un Precio Voluntario para el Pequeño Consumidor (PVPC). Por último, hay una sección final con las principales conclusiones.

Morphology, structure, and rheological property of linear low-density polyethylene grafted with acrylic acid

The chain structure, spherulite morphology, and theological property of LL-DPE-g-AA were studied by using electronspray mass spectroscopy, C-13-NMR, and rheometer. Experimental evidence proved that AA monomers grafted onto the LLDPE backbone formed multiunit AA branch chains. It was found that AA branch chains could hinder movement of the LLDPE main chain during crystallization. Spherulites of LLDPE became more anomalous because of the presence of AA branch chains. Rheological behavior showed that AA branch chains could act as an inner plasticizer at the temperature range of 170-200 degreesC, which made LLDPE-g-AA easy to further process. (C) 2001 John Wiley & Sons, Inc.

Adaptive Reliable Multicast

An increasing number of applications, such as distributed interactive simulation, live auctions, distributed games and collaborative systems, require the network to provide a reliable multicast service. This service enables one sender to reliably transmit data to multiple receivers. Reliability is traditionally achieved by having receivers send negative acknowledgments (NACKs) to request from the sender the retransmission of lost (or missing) data packets. However, this Automatic Repeat reQuest (ARQ) approach results in the well-known NACK implosion problem at the sender. Many reliable multicast protocols have been recently proposed to reduce NACK implosion. But, the message overhead due to NACK requests remains significant. Another approach, based on Forward Error Correction (FEC), requires the sender to encode additional redundant information so that a receiver can independently recover from losses. However, due to the lack of feedback from receivers, it is impossible for the sender to determine how much redundancy is needed. In this paper, we propose a new reliable multicast protocol, called ARM for Adaptive Reliable Multicast. Our protocol integrates ARQ and FEC techniques. The objectives of ARM are (1) reduce the message overhead due to NACK requests, (2) reduce the amount of data transmission, and (3) reduce the time it takes for all receivers to receive the data intact (without loss). During data transmission, the sender periodically informs the receivers of the number of packets that are yet to be transmitted. Based on this information, each receiver predicts whether this amount is enough to recover its losses. Only if it is not enough, that the receiver requests the sender to encode additional redundant packets. Using ns simulations, we show the superiority of our hybrid ARQ-FEC protocol over the well-known Scalable Reliable Multicast (SRM) protocol.

De la cooperativa agroalimentaria a la "learning netchain". Hacia un planteamiento teorico interorganizativo e interpersonal

Se propone un planteamiento teórico/conceptual para determinar si las relaciones interorganizativas e interpersonales de la netchain de las cooperativas agroalimentarias evolucionan hacia una learning netchain. Las propuestas del trabajo muestran que el mayor grado de asociacionismo y la mayor cooperación/colaboración vertical a lo largo de la cadena están positivamente relacionados con la posición horizontal de la empresa focal más cercana del consumidor final. Esto requiere una planificación y una resolución de problemas de manera conjunta, lo que está positivamente relacionado con el mayor flujo y diversidad de la información/conocimiento obtenido y diseminado a lo largo de la netchain. Al mismo tiempo se necesita desarrollar un contexto social en el que fluya la información/conocimiento y las nuevas ideas de manera informal y esto se logra con redes personales y, principalmente, profesionales y con redes internas y, principalmente, externas. Todo esto permitirá una mayor satisfacción de los socios de la cooperativa agroalimentaria y de sus distribuidores y una mayor intensidad en I+D, convirtiéndose la netchain de la cooperativa agroalimentaria, así, en una learning netchain.

Auction of financial transmission rights in electricity market environment

An auction model is used to increase the individual profits for market players with products they do not use. A Financial Transmission Rights Auction has the goal of trade transmission rights between Bidders and helps them raise their own profits. The ISO plays a major rule on keep the system in technical limits without interfere on the auctions offers. In some auction models the ISO decide want bids are implemented on the network, always with the objective maximize the individual profits for all bidders in the auction. This paper proposes a methodology for a Financial Transmission Rights Auction and an informatics application. The application receives offers from the purchase and sale side and considers bilateral contracts as Base Case. This goal is maximize the individual profits within the system in their technical limits. The paper includes a case study for the 30 bus IEEE test case.

A matter of time: Phases of customer co-creation community participation and their impact on customer behavior

Despite the growing relevance of co-creating customer communities only little scientific evidence is available on their impact on transactional behavior of participants. Previous research has mostly used self-reported data or distinguished only between during and pre-community phases obtaining mixed results. However, the author proposes that co-creating community activity takes place in five distinguishable phases and changes in transactional behavior are limited to certain phases. Using 33 months of transactional data of a Dutch online auction provider a study was conducted covering all five phases of the community co-creation process from community planning over community set-up, co-development and co-testing to post-launch. The overall results indicate mixed effects of community participation on the different transactional variables during the co-creation process. Community participation had positive effects on auctions listing behavior at the community set-up, co-development and post-launch phases, whereby the number of auctions listed peaked during the community set-up phase. These results suggest that the impact on transactional behavior differs between co-creation phases and different psychological mechanism limited to certain phases might trigger the respective changes.

A decision- theoretic model for M&A sale processes

A Work Project, presented as part of the requirements for the Award of a Masters Double Degree in Economics and International Business from the NOVA – School of Business and Economics and Insper Instituto de Ensino e Pesquisa

Search engine advertising in web retailing : an efficiency analysis

This study examines the efficiency of search engine advertising strategies employed by firms. The research setting is the online retailing industry, which is characterized by extensive use of Web technologies and high competition for market share and profitability. For Internet retailers, search engines are increasingly serving as an information gateway for many decision-making tasks. In particular, Search engine advertising (SEA) has opened a new marketing channel for retailers to attract new customers and improve their performance. In addition to natural (organic) search marketing strategies, search engine advertisers compete for top advertisement slots provided by search brokers such as Google and Yahoo! through keyword auctions. The rationale being that greater visibility on a search engine during a keyword search will capture customers' interest in a business and its product or service offerings. Search engines account for most online activities today. Compared with the slow growth of traditional marketing channels, online search volumes continue to grow at a steady rate. According to the Search Engine Marketing Professional Organization, spending on search engine marketing by North American firms in 2008 was estimated at $13.5 billion. Despite the significant role SEA plays in Web retailing, scholarly research on the topic is limited. Prior studies in SEA have focused on search engine auction mechanism design. In contrast, research on the business value of SEA has been limited by the lack of empirical data on search advertising practices. Recent advances in search and retail technologies have created datarich environments that enable new research opportunities at the interface of marketing and information technology. This research uses extensive data from Web retailing and Google-based search advertising and evaluates Web retailers' use of resources, search advertising techniques, and other relevant factors that contribute to business performance across different metrics. The methods used include Data Envelopment Analysis (DEA), data mining, and multivariate statistics. This research contributes to empirical research by analyzing several Web retail firms in different industry sectors and product categories. One of the key findings is that the dynamics of sponsored search advertising vary between multi-channel and Web-only retailers. While the key performance metrics for multi-channel retailers include measures such as online sales, conversion rate (CR), c1ick-through-rate (CTR), and impressions, the key performance metrics for Web-only retailers focus on organic and sponsored ad ranks. These results provide a useful contribution to our organizational level understanding of search engine advertising strategies, both for multi-channel and Web-only retailers. These results also contribute to current knowledge in technology-driven marketing strategies and provide managers with a better understanding of sponsored search advertising and its impact on various performance metrics in Web retailing.