infonet-economy

We study the relation of financial development and the pace of technological advance in a dynamic agency theoretic model. A firm which is financed by outside shareholders but run by managers has the prospect of a process innovation which arrives stochastically. Adopting the innovation requires firing old management and hiring new with skills appropriate for the new technique. We show...

The paper models fixed rate tenders, where a central bank offers to lend central bank funds to financial institutions. Bidders are constrained by the amount of collateral they have. We focus on the strategic interaction between bidding in the tender and trading in the interbank market after the tender, where short squeezes could occur. We examine how the design of the tender affects...

We present a model for creating, managing, and viewing the contents of scientific hyperbooks. The model we propose is based on reusable information fragments and on terminological fragments that contain concept definitions. The definition of concepts, which plays an essential role in scientific writings, are represented in a formal language. These formal definitions can then be...

Using the same data, which could come from local databases or external sources such as the Web, virtual museum designers can build different hyperspaces. It is possible that visitors would find some of them more useful than others. Therefore, virtual museums designers should be equipped with a tool by which various hyperspaces for virtual museums can be easily designed and examined....

This paper presents first a formal development methodology that enables a specifier to add complexity progressively into the system design, and to formally validate each step wrt client's requirements. Second, the paper describes the application of this methodology to agent-based systems, as well as development guidelines that help the specifier during the development of such...

The first hour following the trauma is of crucial importance in trauma care. The sooner treatment begins, the better the ultimate outcome for the patient. Generally the initial treatment is handled by paramedical personnel arriving at the site of the accident with an ambulance. There is evidence to show that if the expertise of the on-site paramedic team can be supported by immediate...