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Redirected walking techniques allow people to walk in a larger virtual space than the physical extents of the laboratory. We describe two experiments conducted to investigate human sensitivity to walking on a curved path and to validate a new redirected walking technique. In a psychophysical experiment, we found that sensitivity to walking on a curved path was significantly lower for slower walking speeds (radius of 10 meters versus 22 meters). In an applied study, we investigated the influence of a velocity-dependent dynamic gain controller and an avatar controller on the average distance that participants were able to freely walk before needing to be reoriented. The mean walked distance was significantly greater in the dynamic gain controller condition, as compared to the static controller (22 meters versus 15 meters). Our results demonstrate that perceptually motivated dynamic redirected walking techniques, in combination with reorientation techniques, allow for unaided exploration of a large virtual city model.
Turning complainers into fans : towards a framework for customer services in social media channels
(2012)
In recent years, marketing scholars have invested heavily in exploring the role of social media in marketing theory and practice. One valuable strategy for using social media in marketing communication is to provide customer services in applications like Facebook or Twitter. This paper evaluates a) the concept of perceived service quality in different service channels and b) the impact customer service strategies have on customer loyalty, word of mouth communication, and cross-sell preferences. The framework presented here is tested cross-channel against data collected from the customer service department of a large telecommunication provider. The results elucidate the effectiveness of customer service strategies in different channels.
This study analyses the impact of Basel III on the fair pricing of bank guarantee facilities.Guarantees are an important risk mitigation instrument between exporters and importers in international trade and regularly a prerequisite for cross border sales contracts to be closed. Basel III – which shall be introduced from 2013 onwards - is a new regulation stipulating higher capital requirements for banks compared to the predecessor Basel II. It will therefore have an impact on the pricing of guarantee facilities which banks provide to exporting companies, making it also a crucial regulation for the cost of exportation overall. The study compares those contents of Basel III and Basel II which are particularly relevant for guarantees in order to identify and crystallize pricing-relevant changes in the regulations and their respective impact potential. The Basel frameworks are analyzed part by part and reviewed in terms of relevance for guarantees. In case of ambiguity the analysis is verified by complementary expert interviews. References and examples are mainly focusing on the German banking system but the basic conclusions can be generalized for those countries adopting Basel III.1 As the result, a case study expresses the quantitative outcomes of different scenarios and the impact of the different price determining factors on the overall fair pricing of bank guarantee facilities.
Multi-dimensional patient data, such as time varying volume data, data of different imaging modalities, surface segmentations etc. are of growing importance in the clinical routine. For many use cases, it is of major importance to replicate a certain visualization of a data set created on one machine on a different computer using different software tools. Up until now, there exists no standardized methodology for this consistent presentation. We propose an extension of the Digital Imaging und Communications in Medicine (DICOM) called “Multi dimensional Presentation State” and outline scope and first results of the standardization process.
Game theory is the study of how people behave in strategic situatons. By "strategic" we mean a situation in which each person, when deciding what actions to take, must consider how others might respond to that action. Like other fields in economics, game theory consists of a collection of models. The understanding that game-theoretic models give is particularly relevant in the social, political, and economic areas.
The Fourth International Conference on Advances in Databases, Knowledge, and Data Applications [DBKDA 2012], held between February 29th and March 5th, 2012 in Saint Gilles, Reunion Island, continued a series of international events covering a large spectrum of topics related to advances in fundamentals on databases, evolution of relation between databases and other domains, data base technologies and content processing, as well as specifics in applications domains databases. Advances in different technologies and domains related to databases triggered substantial improvements for content processing, information indexing, and data, process and knowledge mining. The push came from Web services, artificial intelligence, and agent technologies, as well as from the generalization of the XML adoption. High-speed communications and computations, large storage capacities, and loadbalancing for distributed databases access allow new approaches for content processing with incomplete patterns, advanced ranking algorithms and advanced indexing methods. Evolution on e-business, e-health and telemedicine, bioinformatics, finance and marketing, geographical positioning systems put pressure on database communities to push the ‘de facto’ methods to support new requirements in terms of scalability, privacy, performance, indexing, and heterogeneity of both content and technology. We take here the opportunity to warmly thank all the members of the DBKDA 2012 Technical Program Committee, as well as the numerous reviewers. The creation of such a broad and high quality conference program would not have been possible without their involvement. We also kindly thank all the authors who dedicated much of their time and efforts to contribute to DBKDA 2012. We truly believe that, thanks to all these efforts, the final conference program consisted of top quality contributions. Also, this event could not have been a reality without the support of many individuals, organizations, and sponsors. We are grateful to the members of the DBKDA 2012 organizing committee for their help in handling the logistics and for their work to make this professional meeting a success. We hope that DBKDA 2012 was a successful international forum for the exchange of ideas and results between academia and industry and for the promotion of progress in the fields of databases, knowledge, and data applications. We are convinced that the participants found the event useful and communications very open. We also hope the attendees enjoyed the charm of Saint Gilles, Reunion Island.
The intention of this paper is to show that the statistical approach to risk is not enough to explain the behavior of investors. It furthermore proposes ideas and alternative approaches on how to deal with risk. Psychological findings are of particular interest as they might enhance our understanding of risk perception and assessment. The chapter “From the normal distribution to fat tails” starts with the rejection of the normal distribution as a simplifying basis for risk and return. This rejection is supported by several empirical observations like clustering of volatility and fat tails. This leads to a two-step approach for modeling risk and return based on the distinction of conditional and un-conditional changes. Conditional time series models (ARMA, ARCH, GARCH) and alternative distributions are presented (Stable Paretian, Student’s T, EVT) as a way to improve the art of risk and return modeling beyond the normal distribution assumption. The chapter ends with the conclusion that each model is only a statistical approximation and never encompasses the unpredictability of black swans and the nature of human behavior in the financial markets. After having discussed the limitations of the purely statistical approach to risk and return this paper goes beyond the standard theory of finance for two purposes. Firstly, behavioral finance provides some arguments for the limitation of statistics in assessing risk. Secondly, an alternative approach to risk perception is presented. This alternative is called Prospect Theory, a rather psychology-based approach using preferences to explain investors’ actions by human behavior in decision making processes. Starting point is the utility function and the value function followed by a description of the two phases: framing and evaluation. The value function is then clearly distinguished from the utility function by elaborating certain effects like reference points, loss aversion or the weighting function. In this section the paper enters the arena of human risk perception which is far from being monetarily rational in the sense of the homo oeconomicus. With Cumulative Prospect Theory there exists an extension to multiple outcome scenarios where risk does not necessarily have to be known. In such a situation, besides risk, there also exists immeasurable uncertainty. Current research confirms and rejects parts of (Cumulative) Prospect Theory which is not necessarily a bad sign as human behavior is rarely exactly replicable and the complexity does not really allow generalizations. Therefore, even if the theory is not completely correct it still enhances our understanding of risk perception and human decision making which can be a very valuable input for agent-based models. The next chapter analyses in more detail possible distortions from psychological biases in the assessment of risk. In this context the law of small numbers, overconfidence and feelings/experience are discussed. Knowing these biases complicates the idea of developing a risk model even further. However, this is again another step to better understand the underlying processes and motives of decision making in the context of financial markets. The last chapter is an attempt to link the different aspects to get a holistic view on risk behavior. Two possibilities are discussed: Hedonic psychology, with the distinction between blow up and bleeding strategy, and heuristic-based explanations for real observations like clustering of expectations and trust in experts. This leaves space for further research as we do not have a tool that is based on current findings and can actually help us in explaining and predicting behavior in financial markets. One possibility would be to link all these aspects in the approach of computational finance to develop agent-based models in which market observations, psychological findings and the situational context can be integrated.