Dealing with Asymmetric Information

2018 ◽  
Author(s):  
Martin Gustavsson
Keyword(s):  
Asymmetric Information ◽  
The State ◽  
Health Conditions ◽  
Depth Information ◽  
Conflicting Information ◽  
Market Organization ◽  
Personal Insurance

A dilemma for market organizers is created by the fact that sellers want to know as much about buyers as possible, whereas buyers rarely want the seller to have that information—not least for privacy reasons. This dilemma is affected by market organization, and market organization may also be used to try to change imbalances in the conflicting information interests. In the market for personal insurance, insurance sellers require in-depth information about the buyer’s health conditions, in order to make an accurate categorization. As this information is sensitive to buyers, however, and can potentially exclude them from the market, many buyers are concerned about sharing it. This chapter demonstrates how sellers have spent considerable resources trying to organize buyers. However, the considerable imbalance in favour of the sellers’ interests triggered buyers and their advocates to call for market reorganizations. Eventually the state reacted and reorganized the market, but only modestly so.

scholarly journals In Search of Gala Dali’s City of Birth

2020 ◽  
Vol 15 (6) ◽  
pp. 123-131
Author(s):  
Yakovleva Elena L. ◽  
Keyword(s):  
Historical Data ◽  
The State ◽  
Place Of Birth ◽  
Her Family ◽  
Conflicting Information ◽  
History Of ◽  
The Republic ◽  
State Archives ◽  
Birth Family ◽  
The City

The aim of the study was to find the birthplace of Elena Ivanovna (Dmitrievna) Dyakonova, known to the whole world under the name of Gala Dali. Documented sources about the woman’s city of birth have not been found so far, which led to the emergence of conflicting information. To achieve this goal, the author is looking for indirect documents confirming that Gala Dali was born in Kazan. For the first time, the problem is investigated based on archival data of her parents ‒ father Dmitry Ilyich Gomberg, who studied at the Imperial Kazan University from 1892 to 1895, and mother Antonina Petrovna Dyakonova. Analysis of documents found in the State Archives of the Republic of Tatarstan, articles by D. V. Malinovsky, grandson of the adopted son of D. I. Gomberg, memoirs and historical data helped to clarify the situation about the place of birth of the muse Dali and the plight of her family. The key research method is source study analysis of office documents, their comparison with historical data about everyday life and facts from the biography of Gala Dali. As a result of the research search, the place of birth of Elena Ivanovna/Dmitrievna Dyakonova was determined ‒ the city of Kazan, as evidenced by direct and indirect facts from the biographies of the parents and Gala herself, as well as the difficult life situation of the woman’s parents, their connection with revolutionary activities and mentioning in police circulars. This explains the reason why the woman did not like to remember the story of her birth and created numerous myths about the city of birth, family and living conditions. The data obtained can be used for further reconstruction of the history of the Gala family and her biography. Keywords: myth, Gala Dali, Kazan, city of birth, revolutionary activity, clerical documents of the fund of the office of the Imperial Kazan University of the State Archives of the Republic of Tatarstan, fear

scholarly journals ARCHIVE DOCUMENTS ON THE HISTORY OF THE VORONEZH FOREST MANAGEMENT (XIX - THE BEGINNING OF THE XX CENTURY)

2020 ◽  
Vol 8 (1) ◽  
pp. 140-144
Author(s):  
Elena Semenova
Keyword(s):  
The State ◽  
State Archive ◽  
Forest Protection ◽  
State Institutions ◽  
Information Richness ◽  
Conflicting Information ◽  
Voronezh Region ◽  
Archival Documents ◽  
History Of ◽  
Provincial Administration

The article discusses the source base of the research on the history of forestry in the Voronezh province in the 19th - early 20th centuries. These are mainly archival materials stored in the State Archive of the Voronezh Region. A list of the main archival funds with a brief description of their contents is given. The analysis of the information richness of these materials and the possibility of their use in studying the history of forestry in the Voronezh province is given. The article also provides data on the history of state institutions engaged in forestry in the Voronezh province - the Voronezh chamber of state property, the provincial administration of state property, the provincial administration of agriculture and state property, the Forest Protection Committee. The characteristic of archival materials related to their history is given. The article also provides data on archival materials related to the activities of individual forestries of the Voronezh province, and their characteristics. A concrete example is given of how archival documents from central and local authorities provide conflicting information. Based on a review of the documents stored in the collections of the State Archive of the Voronezh Region, the author concludes about the richness and variety of archival materials on the history of forestry in the Voronezh province in the 19th and early 20th centuries.

scholarly journals Highway Travel Time Prediction of Segments Based on ANPR Data considering Traffic Diversion

2021 ◽  
Vol 2021 ◽  
pp. 1-16
Author(s):  
Wenjun Du ◽  
Bo Sun ◽  
Jiating Kuai ◽  
Jiemin Xie ◽  
Jie Yu ◽  
...  
Keyword(s):  
Travel Time ◽  
Traffic Management ◽  
State Of The Art ◽  
The State ◽  
Attention Mechanism ◽  
Critical Parameters ◽  
Depth Information ◽  
Highway Traffic ◽  
Residual Network ◽  
Traffic Diversion

Travel time is one of the most critical parameters in proactive traffic management and the deployment of advanced traveler information systems. This paper proposes a hybrid model named LSTM-CNN for predicting the travel time of highways by integrating the long short-term memory (LSTM) and the convolutional neural networks (CNNs) with the attention mechanism and the residual network. The highway is divided into multiple segments by considering the traffic diversion and the relative location of automatic number plate recognition (ANPR). There are four steps in this hybrid approach. First, the average travel time of each segment in each interval is calculated from ANPR and fed into LSTM in the form of a multidimensional array. Second, the attention mechanism is adopted to combine the hidden layer of LSTM with dynamic temporal weights. Third, the residual network is introduced to increase the network depth and overcome the vanishing gradient problem, which consists of three pairs of one-dimensional convolutional layers (Conv1D) and batch normalization (BatchNorm) with the rectified linear unit (ReLU) as the activation function. Finally, a series of Conv1D layers is connected to extract features further and reduce dimensionality. The proposed LSTM-CNN approach is tested on the three-month ANPR data of a real-world 39.25 km highway with four pairs of ANPR detectors of the uplink and downlink, Zhejiang, China. The experimental results indicate that LSTM-CNN learns spatial, temporal, and depth information better than the state-of-the-art traffic forecasting models, so LSTM-CNN can predict more accurate travel time. Moreover, LSTM-CNN outperforms the state-of-the-art methods in nonrecurrent prediction, multistep-ahead prediction, and long-term prediction. LSTM-CNN is a promising model with scalability and portability for highway traffic prediction and can be further extended to improve the performance of the advanced traffic management system (ATMS) and advanced traffic information system (ATIS).

Image-based visual servoing with depth estimation

2021 ◽  
pp. 014233122110646
Author(s):  
Qingxuan Gongye ◽  
Peng Cheng ◽  
Jiuxiang Dong
Keyword(s):  
Real Time ◽  
State Vector ◽  
Visual Servoing ◽  
Jacobian Matrix ◽  
Fuzzy Controller ◽  
Image Plane ◽  
Depth Estimation ◽  
The State ◽  
Estimation Problem ◽  
Depth Information

For the depth estimation problem in the image-based visual servoing (IBVS) control, this paper proposes a new observer structure based on Kalman filter (KF) to recover the feature depth in real time. First, according to the number of states, two different mathematical models of the system are established. The first one is to extract the depth information from the Jacobian matrix as the state vector of the system. The other is to use the depth information and the coordinate point information of the two-dimensional image plane as the state vector of the system. The KF is used to estimate the unknown depth information of the system in real time. And an IBVS controller gain adjustment method for 6-degree-of-freedom (6-DOF) manipulator is obtained using fuzzy controller. This method can obtain the gain matrix by taking the depth and error information as the input of the fuzzy controller. Compared with the existing works, the proposed observer has less redundant motion while solving the Jacobian matrix depth estimation problem. At the same time, it will also be beneficial to reducing the time for the camera to reach the target. Conclusively, the experimental results of the 6-DOF robot with eye-in-hand configuration demonstrate the effectiveness and practicability of the proposed method.

Perspective on Underpricing of IPOs in Emerging Economies

2019 ◽  
Vol 18 (1_suppl) ◽  
pp. S87-S101
Author(s):  
L V Ramana
Keyword(s):  
Asymmetric Information ◽  
Emerging Markets ◽  
Initial Public Offerings ◽  
Emerging Economies ◽  
Important Determinant ◽  
The State ◽  
Secondary Market ◽  
Top Management ◽  
Public Offerings ◽  
Jel Classifications

Pricing of initial public offerings (IPOs) has received considerable attention from the perspective of asymmetric information theories, among others. Specific aspects of emerging markets have been incorporated into models to explain the varying degrees of underpricing. Using three features that are deemed to be important for such economies, that is, principal–principal conflicts, disclosure norms and legitimacy of the top management, and two different classes of investors, institutional and retail, two frameworks have been designed to explain the expected levels of underpricing under various pair-wise combinations of these parameters. The state of the secondary market, which is an important determinant of the decision to go public, is incorporated into the framework. JEL Classifications: G3, G14, G15, G18

scholarly journals The Impact of Pre-existing Health Conditions on Cost of Recovery after Workplace Injury: Insight from population-based data linkage in the State of Victoria, Australia

2017 ◽  
Vol 1 (1) ◽  
Author(s):  
Behrooz Hassani-M ◽  
Janneke Berecki-Gisolf ◽  
Alex Collie
Keyword(s):  
Return To Work ◽  
Service Use ◽  
Labour Force ◽  
Length Of Hospital Stay ◽  
The State ◽  
Health Conditions ◽  
Workplace Injury ◽  
Main Challenge ◽  
Wide Range ◽  
The Impact

ABSTRACTObjectiveComorbidity is known to affect length of hospital stay and mortality after trauma but less is known about its impact on recovery beyond the acute care period. A main challenge to study the impact of pre-existing conditions is that information on these conditions is not collected systematically and comprehensively. The aim of this study was to investigate the role of pre-existing health conditions in recovery from workplace injury using linked data. ApproachIn Victoria, Australia, approximately 85% of the labour force is covered by the state workers compensation scheme regulated by WorkSafe Victoria. The scheme provides financial compensation for healthcare and income support to eligible injured workers. . One year of WorkSafe claims for injuries that occurred between 1/07/2008 and 31/06/2009 (N = 49,171) were linked to eight years of pre-injury hospital admission admissions and emergency department presentations, received from the state Department of Health and Human Services. Main outcomes of the study included the total and categorical cost of recovery (e.g. hospital, medical, allied health) measured over short (2-6 months), medium (1-2 years) and long-term (5 years) periods. All models controlled for characteristics of the worker, workplace and injury.ResultsThe preliminary results show that the cost of recovery from workplace injury is significantly associated with history of pre-injury admissions: Workers with pre-injury admissions have higher cost of recovery including longer periods of time off work as well as further cost of health service use during recovery. As this is an ongoing project, further detailed results will be presented at the conference such as the impact of admission under each category of pre-existing conditions according to ICD codes on a wide range of outcomes after workplace injury.Conclusion Our findings are expected to help government injury compensation regulators to better understand the drivers of compensation costs and other key system outcomes such as return to work. The findings will support better allocation of financial resources, better internal management of claims and efficient allocation of physical and human resources and therefore greater client satisfaction leading to ensuring faster recovery, return to work and more effective as well as efficient service provision.

scholarly journals Single Image Defogging Method Based on Image Patch Decomposition and Multi-Exposure Image Fusion

2021 ◽  
Vol 15 ◽  
Author(s):  
Qiuzhuo Liu ◽  
Yaqin Luo ◽  
Ke Li ◽  
Wenfeng Li ◽  
Yi Chai ◽  
...  
Keyword(s):  
Image Restoration ◽  
Physical Model ◽  
State Of The Art ◽  
The State ◽  
Depth Information ◽  
Single Image ◽  
Image Patch ◽  
Image Defogging ◽  
Image Patches ◽  
Scene Depth

Bad weather conditions (such as fog, haze) seriously affect the visual quality of images. According to the scene depth information, physical model-based methods are used to improve image visibility for further image restoration. However, the unstable acquisition of the scene depth information seriously affects the defogging performance of physical model-based methods. Additionally, most of image enhancement-based methods focus on the global adjustment of image contrast and saturation, and lack the local details for image restoration. So, this paper proposes a single image defogging method based on image patch decomposition and multi-exposure fusion. First, a single foggy image is processed by gamma correction to obtain a set of underexposed images. Then the saturation of the obtained underexposed and original images is enhanced. Next, each image in the multi-exposure image set (including the set of underexposed images and the original image) is decomposed into the base and detail layers by a guided filter. The base layers are first decomposed into image patches, and then the fusion weight maps of the image patches are constructed. For detail layers, the exposure features are first extracted from the luminance components of images, and then the extracted exposure features are evaluated by constructing gaussian functions. Finally, both base and detail layers are combined to obtain the defogged image. The proposed method is compared with the state-of-the-art methods. The comparative experimental results confirm the effectiveness of the proposed method and its superiority over the state-of-the-art methods.

The Grain Trade

2012 ◽  
Author(s):  
Peter Temin
Keyword(s):  
Asymmetric Information ◽  
Moral Hazard ◽  
Transaction Costs ◽  
Adverse Selection ◽  
The State ◽  
Grain Trade ◽  
Wheat Market ◽  
The Mediterranean

This chapter explores the Mediterranean wheat market. The Romans made many products, from wines to pottery and glass, but wheat was the most widely traded commodity during those times. Shipped from distant provinces, the grain changed hands many times before it reached Rome. This trade was organized by the state and private merchants who did not have the benefit of modern means of transportation or communication, and merchants faced high transaction costs from several sources. The Roman government cleared the Mediterranean of pirates in 67 BCE, reducing greatly one major source of risk for merchants. However, merchants in Rome still had to rely on potentially corrupt agents operating in faraway provinces for months at a time. This arrangement created adverse selection and moral hazard problems from the asymmetric information available to merchants and their agents.

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