Explore the vast range of titles available.

From 2013 to 2015, the Taiwan Stock Exchange (TWSE) first reduced the call auction interval from 20s to 15s (hereafter denoted as Reform I), and then from 10s to 5s (hereafter denoted as Reform II), providing natural experiments to test the direct impact on order choices, order execution quality and trading volume. The present study provides evidence that the \"time contraction\" effect causes the decrease in the number of order submissions and cancellations. We find that with more frequent auctions, institutional investors raise order aggressiveness because of their higher demand for immediacy and tend to engage more in order splitting particularly when the auction interval is reduced to 5s. We also find that for individual investors who symbolize the uninformed traders having lower demand for immediacy and incurring higher monitoring cost, the \"wait-and-see\" effect becomes dominant in Reform II and lowers their order aggressiveness in large cap stocks. Although the direction of changes in the trade-to-auction ratio remains unclear, we show that the probability of limit-order execution of individual investors becomes lower in large cap stocks, and the comprehensive risk of limit-orders becomes smaller subsequent to Reform II. Following Reform I, the trade value of heavily traded stocks increases by 10.57%. After Reform II, the increase in percentage of trade value attributable to institutional investors is about 1.56%.

Language researchers view utterance planning as implicit decision-making: producers must choose the words, sentence structures, and various other linguistic features to communicate their message. To date, much of the research on utterance planning has focused on situations in which the speaker knows the full message to convey. Less is known about circumstances in which speakers begin utterance planning before they are certain about their message. In three picture-naming experiments, we used a novel paradigm to examine how speakers plan utterances before a full message is known. In Experiments 1 and 2, participants viewed displays showing two pairs of objects, followed by a cue to name one pair. In an Overlap condition, one object appeared in both pairs, providing early information about one of the objects to name. In a Different condition, there was no object overlap. Across both spoken and typed responses, participants tended to name the overlapping target first in the Overlap condition, with shorter initiation latencies compared with other utterances. Experiment 3 used a semantically constraining question to provide early information about the upcoming targets, and participants tended to name the more likely target first in their response. These results suggest that in situations of uncertainty, producers choose word orders that allow them to begin early planning. Producers prioritize message components that are certain to be needed and continue planning the rest when more information becomes available. Given similarities to planning strategies for other goal-directed behaviors, we suggest continuity between decision-making processes in language and other cognitive domains.

本文分析2013-2015年臺股分盤時距由20減至15秒（變革I）、10秒減至5秒（變革II）之加快撮合對投資人委託決策、自然人委託交易品質、個股成交量能有何直接影響效應。實證結果指出，「時間壓迫」效應導致新委託申報與撤單意願皆多呈遞減。機構投資人時效需求偏高，價位積極狀態升溫，盤距降至5秒時對大型股似有拆單活躍跡象。象徵弱勢方的自然人，時效需求較低且「監看」能力薄弱，在變革II中「觀望」效應躍居主導地位，對大型股委託積極狀態轉趨保守。雖然自然人當盤成交比例未有清楚升降方向，但對大型股委託當盤成交率下滑，而變革II後限價單綜合曝險度遞減。變革I直接激勵熱門交易股票成交值增長10.57%，變革II促成機構投資人交易比1.56%之增幅。

In Peer-to-Peer (P2P) network systems, content (object) delivery between nodes is often required. One way to study such a distributed system is by defining games, which involve selfish nodes that make strategic choices on replicating content in their local limited memory (cache) or accessing content from other nodes for a cost. These Selfish Replication games have been introduced in Chun et al. (2004) for nodes that do not have any capacity limits, leaving the capacitated problem, i.e. Capacitated Selfish Replication (CSR) games, open. In this work, we first form the model of the CSR games, for which we perform a Nash equilibria analysis. In particular, we focus on hierarchical networks, given their extensive use to model communication costs of content delivery in P2P systems. We present an exact polynomial-time algorithm for any hierarchical network, under two constraints on the utility functions: 1) “Nearer is better”, i.e. the closest the content is to the node the less its access cost is, and 2) “Independence of irrelevant alternatives”, i.e. aggregation of individual node preferences. This generalization represents a vast class of utilities and more interestingly allows each of the nodes to have simultaneously completely different functional forms of utility functions. In this general framework, we present CSR games results on arbitrary networks and outline the boundary between intractability and effective computability in terms of the network structure, object preferences, and the total number of objects. Moreover, we prove that the problem of equilibria existence becomes NP-hard for general CSR games. By adding some constraints in the number of objects and their preferences, we show that the equilibrium can be found in polynomial time. Finally, we introduce the fractional version of CSR games (F-CSR) to represent content distribution. We prove that equilibrium exists for every F-CSR game, but it is PPAD-complete.

Recent studies indicate that directional female mate choice and order-dependent female mate choice importantly contribute to non-random mating patterns. In species where females prefer larger sized males, disentangling different hypotheses leading to non-random mating patterns is especially difficult, given that male size usually correlates with behaviours that may lead to non-random mating (e.g. size-dependent emergence from hibernation, male fighting ability). Here we investigate female mate choice and order-dependent female mate choice in the polygynandrous common lizard (Lacerta vivipara). By sequentially presenting males in random order to females, we exclude non-random mating patterns potentially arising due to intra-sexual selection (e.g. male-male competition), trait-dependent encounter probabilities, trait-dependent conspicuousness, or trait-dependent emergence from hibernation. To test for order-dependent female mate choice we investigate whether the previous mating history affects female choice. We show that body size and body condition of the male with which a female mated for the first time were bigger and better, respectively, than the average body size and body condition of the rejected males. There was a negative correlation between body sizes of first and second copulating males. This indicates that female mate choice is dependent on the previous mating history and it shows that the female's choice criteria are non-static, i.e. non-directional. Our study therefore suggests that context-dependent female mate choice may not only arise due to genotype-environment interactions, but also due to other female mating strategies, i.e. order-dependent mate choice. Thus context-dependent female mate choice might be more frequent than previously thought.

We show that an individual using a choice function is sequentially rational and the decisions he makes are independent of the order of implementation of the rationales if and only if he is rational with the union of the rationales as a base binary relation. When he makes his decisions following a choice correspondence, the sufficiency part of this claim still holds, the necessity part of it does not. [PUBLICATION ABSTRACT]

This chapter contains sections titled: Introduction Order Choice with Symmetric Information Order Choice with Asymmetric Information The Information Content of Orders Questions for Future Research

This paper is a critical review of exponential smoothing since the original work by Brown and Holt in the 1950s. Exponential smoothing is based on a pragmatic approach to forecasting which is shared in this review. The aim is to develop state‐of‐the‐art guidelines for application of the exponential smoothing methodology. The first part of the paper discusses the class of relatively simple models which rely on the Holt‐Winters procedure for seasonal adjustment of the data. Next, we review general exponential smoothing (GES), which uses Fourier functions of time to model seasonality. The research is reviewed according to the following questions. What are the useful properties of these models? What parameters should be used? How should the models be initialized? After the review of model‐building, we turn to problems in the maintenance of forecasting systems based on exponential smoothing. Topics in the maintenance area include the use of quality control models to detect bias in the forecast errors, adaptive parameters to improve the response to structural changes in the time series, and two‐stage forecasting, whereby we use a model of the errors or some other model of the data to improve our initial forecasts. Some of the major conclusions: the parameter ranges and starting values typically used in practice are arbitrary and may detract from accuracy. The empirical evidence favours Holt's model for trends over that of Brown. A linear trend should be damped at long horizons. The empirical evidence favours the Holt‐Winters approach to seasonal data over GES. It is difficult to justify GES in standard form–the equivalent ARIMA model is simpler and more efficient. The cumulative sum of the errors appears to be the most practical forecast monitoring device. There is no evidence that adaptive parameters improve forecast accuracy. In fact, the reverse may be true.

This paper investigates the order of the brand choice process at the individual family level using a variety of tests: t , likelihood ratio, binomial runs, and multinomial runs tests. The test of stationarity developed permits separate analyses for stationary and nonstationary purchase sequences. Our analyses indicate that the purchase sequences of a majority of stationary consumers are consistent with the zero-order assumption. This result is observed for all the nine frequently-bought packaged goods studied with the use of panel data and for a product category (soft drinks) using experimental data.