跳蚤市场Flea market

“跳蚤市场”栏目为读者提供一个二手笔记本电脑及其配件的交易空间，交流区设置在本刊用户论坛的“跳蚤市场”社区(www.inotebook.com.cn／bbs)，欢迎大家参与。我们将会在每个月的月底精选部分信息刊登于下月的杂志上，让所有朋友都可以参与。     

Smart labels — the next big market

Rafsec is a Finnish company specialising in the production of transponders and was formed in 1997 by Finland’s UPM-Kymmene Corporation, a world leader in the manufacture of printing papers. Timo Lindstrom, president of Rafsec, talks to David Jones, CTT’s Consulting Editor, about the company’s future plans.     

How can the security market bring salvation?

Autumn is the time of year when the smart card industry takes stock. This year the theme is likely to be that the boom days are well and truly over. Tim Gower of Datamonitor tells me that annual growth for the next few years is likely to show an unspectacular 5%. The roll-out of EMV cards across Europe is now well under way and sales in the wireless telecoms sector is becalmed. However, there is one ray of light: Gower sees growth coming from the use of smart cards as a security enabler. Smart cards can be used for logical access to networks and applications, for physical access to buildings and rooms, to store private keys and digital certificates, and to store authentication information such as user data and biometrics. “Wherever you see a need for security,” says Gower, “smart-card-based solutions have been brought to market.”     

Forecasting — where computational intelligence meets the stock market

Forecasting is an important activity in finance. Traditionally, forecasting has been done with in-depth knowledge in finance and the market. Advances in computational intelligence have created opportunities that were never there before. Computational finance techniques, machine learning in particular, can dramatically enhance our ability to forecast. They can help us to forecast ahead of our competitors and pick out scarce opportunities. This paper explains some of the opportunities offered by computational intelligence and some of the achievements so far. It also explains the underlying technologies and explores the research horizon.     

Risk aversion and agents’ survivability in a financial market

Considering the effect of economic agents’ preferences on their actions, the relationships between conventional summary statistics and forecast profits are investigated. An analytical examination of loss function families demonstrates that investors’ utility maximisation is determined by their risk attitudes. In computational settings, stock traders’ fitness is assessed in response to a slow step increase in the value of the risk aversion coefficient. The experiment rejects the claims that the accuracy of the forecast does not depend upon which error-criteria are used and that none of them is related to the profitability of the forecast. The profitability of networks trained with L ₆ loss function appeared to be statistically significant and stable, although links between the loss functions and the accuracy of forecasts were less conclusive.     

MISMIS – A comprehensive decision support system for stock market investment

Nowadays, stock market is becoming a popular investment platform for both institutional and individual investors. The current financial information systems serve to provide latest information. However, they lack sophisticated analytical tools. This paper proposes a new architecture for financial information systems. The developed prototype is entitled as the Multi-level and Interactive Stock Market Investment System (MISMIS). It is specially designed for investors to build their financial models to forecast stock price and index. The performance of the financial models can be evaluated on a virtual trading platform. There are other features in MISMIS that are tailor-made to handle financial data; these include synchronized time frame, time series prediction techniques, preprocessing and transformation functions, multi-level modeling and interactive user interface. To illustrate the capability of MISMIS, we have evaluated strategies of trading the future options of Hang Seng Index (HSI). We find that historical HSI, Dow Jones Index, property price index, retailing sales figure, prime lending rate, and consumer price index in Hong Kong are essential factors affecting the performance of the trading of HSI’s future option. Also there are some feedbacks from the in-depth interviews of six financial consultant upon how they perceived the prototype MISMIS.     

Used car salesman problem: A differential auction–barter market

We define a problem called “used car salesman problem” in which sale, purchase and barter bids can be simultaneously put forward for trading cars. A sale or a purchase bid is expressed in terms of a single car and a sale or purchase price that is required for the car. A barter bid, on the other hand, can be augmented by a differential money amount that is offered or required in addition to the cars that are to be traded. Restrictions are also allowed to be placed on sale and purchase bids. A minimum cost circulation network flow algorithm is presented which produces a solution that maximizes the profit made by the used car salesman.AMS subject classification 91B26, 90B10, 05C38     

Trust fraud: A crucial challenge for China’s e-commerce market

Currently, China’s e-commerce market is growing at an unprecedented pace, however, it is faced with many challenges, among which the trust fraud problem is the biggest issue. In this article, we use Taobao as an example and conduct a thorough investigation of the trust fraud phenomenon in China’s e-commerce market. We present the development history of trust fraud, summarize its unique characteristics, and explore the reasons why so many sellers commit fraud. We further propose a dynamic time decay trust model that aims to deter trust fraud by raising its cost and promote the growth of small and medium-sized sellers. The model utilizes detailed seller ratings as the data source, and incorporates a transaction amount weight, a time decay coefficient, and three trust factors in the calculation of trust. We test the model on real transaction data from Taobao, and the experimental results verify its effectiveness. Our proposed trust model yields a practical approach to online trust management not only in the Taobao market but also for other e-commerce platforms.     

A chaos and fractal theory based nonlinear dynamical model for China stock market

The China stock market is proved to be a chaotic system, a nonlinear dynamical model is established based on the study of the nonlinear dynamical properties of Shanghai stock, composite index sequence by using chaos and fractal theory. The phase space of the stock sequence is reconstructed and the correlation dimension is analyzed, which indicates that the dynamical system has finite degree of freedom. The nonlinear evolution mechanism is observed and the initial value sensitive characteristic of the system is demonstrated through Lyapunov exponent analysis. Finally, the stock sequence is reconstructed by using finite degree of freedom based fractal interpolation algorithm and gaining reasonably accurate replications. The experimental results indicate that the nonlinear dynamical model is more effective to describe the China stock market than the conventional ＂random walk＂ theory based stochastic models.     

IT vendors’ legitimation strategies and market share: The case of EMR systems

This study investigates the legitimation strategies adopted by information technology (IT) vendors and their respective influence on market share. We conducted an analysis of the public discourse on websites of top Electronic Medical Record (EMR) vendors in Ontario, Canada. A total of 815 segments extracted from these websites were analyzed. Our findings indicate that strategies under the cognitive and pragmatic forms of legitimacy were strongly represented in the EMR vendors’ discourses compared with regulative and normative strategies. Furthermore, the link between legitimation strategies and market share has not yet been clearly established. Implications for practice and research are discussed.     

EcoTRADE – A multi-player network game of a tradable permit market for biodiversity credits

EcoTRADE is a multi-player network game of a virtual biodiversity credit market. Each player controls the land use of a certain amount of parcels on a virtual landscape. The biodiversity credits of a particular parcel depend on neighboring parcels, which may be owned by other players. The game can be used to study the strategies of players in experiments or classroom games and as a communication tool for stakeholders participating in credit markets that include spatially interdependent credits.     

A Naïve SVM-KNN based stock market trend reversal analysis for Indian benchmark indices

This paper proposes a hybridized framework of Support Vector Machine (SVM) with K-Nearest Neighbor approach for Indian stock market indices prediction. The objective of this paper is to get in-depth knowledge in the stock market in Indian Scenario with the two indices such as, Bombay Stock Exchange (BSE Sensex) and CNX Nifty using technical analysis methods and tools such as predicting closing price, volatility and momentum of the stock market for the available data. This hybrid model uses SVM with different kernel functions to predict profit or loss, and the output of SVM helps to compute best nearest neighbor from the training set to predict future of stock value in the horizon of 1 day, 1 week and 1 month. The proposed SVM and KNN based prediction model is experienced with the above mentioned distinguished stock market indices and the performance of proposed model has been computed using Mean Squared Error and also been compared with recent developed models such as FLIT2NS and CEFLANN respectively. The limitation of both of those existing models undergoes complex weight updating procedures, whereas, proposed SVM-KNN hybridized model scales relatively well to high dimensional data and the trade-off between classifier complexity and error can be controlled explicitly and have better prediction capability.     

A new theory branch for finance market study —Computational experimental finance review and synthesis

This paper provides a detailed synthesis of the computational experimental finance from four parts. （i）its theoretical basis-CAS （Complex Adaptive System） theory, （ii） the approach and method used for financial market study, （iii） research results-a number of valuable literatures review （iv） the existing problems and further research directions of this subject. Based on the challenge to the standard finance theory, the computational experimental finance is an exciting new field because it integrates CAS theory with computer technology and intends to reveal the macroscopic features of finance market from the penetration of the microscopic behaviors of investors by constructing the agent-based artificial financial market model The synthesis has prevalent meaning of guidance for new researchers allowing them to learn systematically more about the computational experimental finance.     

Option pricing formulas for uncertain financial market based on the exponential Ornstein–Uhlenbeck model

Uncertain finance is an application of uncertainty theory in the field of finance. This paper investigates the uncertain financial market based on the exponential Ornstein–Uhlenbeck model. European option pricing formulas and American option pricing formulas are derived via the \(\alpha \)-path method. Finally, some mathematical properties of the uncertain option pricing formulas are discussed.     

An integrated application of Kano’s model and AHP to Korean online open market services

With the advancement in wireless and mobile technologies, online open markets decrease intermediate distribution margins and play the key intermediary role between sellers and consumers. While offline store sales remain stagnant, online open market sales have been growing steadily. We investigated the service quality of Korean online open market providers such as “Gmarket”, “Auction”, and “11st”, based on an integrated application of Kano’s model and the Analytic Hierarchy Process (AHP). The contributions of this study are as follows: (1) We conducted acritical review of previous literature to develop each analysis method. (2) We categorized the service quality factors of the Korean open market using Kano’s model and identified the most important service quality factor by AHP analysis. (3) Then, we conducted a comparison between the results from the Kano model and AHP analysis. (4) Lastly, based on the results of the integrated application of both Kano model and AHP analysis, this study provided specific implications for improving the service quality of the online open market in Korea.