Vehicle sharing systems have become increasingly popular. However, one-way vehicle sharing system providers face a major challenge. The uneven distribution of vehicles across locations caused by the uneven nature of the demand patterns poses a problem, since there are accumulations of vehicles where the demand is low. This challenge can be solved with an appropriate pricing approach that creates incentives for user-based relocation by considering supply-side network effects. While the literature mostly focuses on trip-based pricing, we were inspired by the majority of car sharing providers who use origin-based minute pricing that differentiates based on the origins of rentals, such as Share Now. Therefore, we develop two different and practicable solution approaches to determine spatially and temporally differentiated origin-based minute prices that take into account supply-side network effects. The first solution approach does not differentiate between rentals and demand and calculates continuous prices for every period and location. The second solution approach determines the vehicle distribution for each period and then calculates the optimal prices for each period backwards. Extensive computational experiments show that our solution approaches anticipate supply-side network effects and thus generate a near-optimal profit in less computational time compared to more complex benchmarks from the literature. In a sensitivity analysis we additionally show that the results are robust against stochasticity of demand and that the solution approaches perform well for different price sets.
{"title":"Practicable Solution Approaches for Differentiated Pricing of Vehicle Sharing Systems","authors":"Christian Müller","doi":"10.2139/ssrn.4811993","DOIUrl":"https://doi.org/10.2139/ssrn.4811993","url":null,"abstract":"Vehicle sharing systems have become increasingly popular. However, one-way vehicle sharing system providers face a major challenge. The uneven distribution of vehicles across locations caused by the uneven nature of the demand patterns poses a problem, since there are accumulations of vehicles where the demand is low. This challenge can be solved with an appropriate pricing approach that creates incentives for user-based relocation by considering supply-side network effects. While the literature mostly focuses on trip-based pricing, we were inspired by the majority of car sharing providers who use origin-based minute pricing that differentiates based on the origins of rentals, such as Share Now. Therefore, we develop two different and practicable solution approaches to determine spatially and temporally differentiated origin-based minute prices that take into account supply-side network effects. The first solution approach does not differentiate between rentals and demand and calculates continuous prices for every period and location. The second solution approach determines the vehicle distribution for each period and then calculates the optimal prices for each period backwards. Extensive computational experiments show that our solution approaches anticipate supply-side network effects and thus generate a near-optimal profit in less computational time compared to more complex benchmarks from the literature. In a sensitivity analysis we additionally show that the results are robust against stochasticity of demand and that the solution approaches perform well for different price sets.","PeriodicalId":507782,"journal":{"name":"SSRN Electronic Journal","volume":"15 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141099677","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Increasing computing power, the constant development of different types of digital tools or even the use of AI systems – they all provide the EU administration with an opportunity to use automated decision-making (ADM) tools to improve the effectiveness and efficiency of administrative action. At the same time, however, the use of these tools raises several concerns, issues or challenges. From a legal perspective, there is a risk of compromising or reducing the accountability of public actors. The use of new technologies in decision-making may also affect fundamental values and principles of the EU as a whole. Automation, the use of large amounts of data and the extremely rapid processing of such data may affect or jeopardise the rights of individuals protected by EU law, including the fundamental rights guaranteed by the EU Charter. In order to keep administrative action within the limits of the law and to guarantee the rights of individuals, it is necessary to keep an eye on the various legal challenges associated with these phenomena. This article looks at three inter-connected levels of automated decision-making – the data, the ADM tool and the way it is programmed, and the output and its reviewability – and presents the legal issues or challenges associated with each of these levels.
{"title":"EU Administrative Decision-making Delegated to Machines – Legal Challenges and Issues","authors":"Pavlína Hubková","doi":"10.2139/ssrn.4771037","DOIUrl":"https://doi.org/10.2139/ssrn.4771037","url":null,"abstract":"Increasing computing power, the constant development of different types of digital tools or even the use of AI systems – they all provide the EU administration with an opportunity to use automated decision-making (ADM) tools to improve the effectiveness and efficiency of administrative action. At the same time, however, the use of these tools raises several concerns, issues or challenges. From a legal perspective, there is a risk of compromising or reducing the accountability of public actors. The use of new technologies in decision-making may also affect fundamental values and principles of the EU as a whole. Automation, the use of large amounts of data and the extremely rapid processing of such data may affect or jeopardise the rights of individuals protected by EU law, including the fundamental rights guaranteed by the EU Charter. In order to keep administrative action within the limits of the law and to guarantee the rights of individuals, it is necessary to keep an eye on the various legal challenges associated with these phenomena. This article looks at three inter-connected levels of automated decision-making – the data, the ADM tool and the way it is programmed, and the output and its reviewability – and presents the legal issues or challenges associated with each of these levels.","PeriodicalId":507782,"journal":{"name":"SSRN Electronic Journal","volume":"23 10","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141104329","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The emergence of the administrative burden literature has generated new theoretical, conceptual, and empirical knowledge. However, the accumulation of comparable knowledge is limited by the lack of validated measurement of core concepts. This article validates a four‐item scale of burden tolerance, that is, people's acceptance of state actions that impose administrative burdens on citizens and residents interacting with government, using data from seven countries and 12 surveys. We illustrate the usefulness of the scale by examining its correlates. Burden tolerance varies substantially across the countries examined, but is generally higher for males, young adults, less well educated, those with good health, those who trust state actors more, and ideological conservatives. We demonstrate how the scale can be adapted to specific policy areas and that our generic scale correlates highly with the tolerance for burdens in such diverse domains as income supports, health insurance, passport renewals, and small business licensing.
{"title":"Burden Tolerance: Developing a Validated Measurement Instrument across Seven Countries","authors":"Martin Bækgaard, Aske Halling, Donald Moynihan","doi":"10.2139/ssrn.4778716","DOIUrl":"https://doi.org/10.2139/ssrn.4778716","url":null,"abstract":"The emergence of the administrative burden literature has generated new theoretical, conceptual, and empirical knowledge. However, the accumulation of comparable knowledge is limited by the lack of validated measurement of core concepts. This article validates a four‐item scale of burden tolerance, that is, people's acceptance of state actions that impose administrative burdens on citizens and residents interacting with government, using data from seven countries and 12 surveys. We illustrate the usefulness of the scale by examining its correlates. Burden tolerance varies substantially across the countries examined, but is generally higher for males, young adults, less well educated, those with good health, those who trust state actors more, and ideological conservatives. We demonstrate how the scale can be adapted to specific policy areas and that our generic scale correlates highly with the tolerance for burdens in such diverse domains as income supports, health insurance, passport renewals, and small business licensing.","PeriodicalId":507782,"journal":{"name":"SSRN Electronic Journal","volume":"48 27","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141102968","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Contradictory descriptions of the passage of a relativistic particle through a high potential barrier are investigated. The conventional energy-momentum relation yields a real momentum for the particle within the barrier, suggesting classical particle motion. However, this contradicts the law of conservation of energy, which necessitates that the particle's momentum be imaginary, thereby rendering classical motion impossible. This paradox is resolved through the adoption of a novel energy-momentum relation.
{"title":"On the Passage of a Relativistic Spinless Particle through a Potential Barrier","authors":"Grigori.G. Karapetyan","doi":"10.2139/ssrn.4814021","DOIUrl":"https://doi.org/10.2139/ssrn.4814021","url":null,"abstract":"Contradictory descriptions of the passage of a relativistic particle through a high\u0000potential barrier are investigated. The conventional energy-momentum relation yields a real\u0000momentum for the particle within the barrier, suggesting classical particle motion. However, this\u0000contradicts the law of conservation of energy, which necessitates that the particle's momentum be\u0000imaginary, thereby rendering classical motion impossible. This paradox is resolved through the\u0000adoption of a novel energy-momentum relation.","PeriodicalId":507782,"journal":{"name":"SSRN Electronic Journal","volume":"24 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141106205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We consider an Ito-financial market at which the risky assets' returns are derived endogenously through a market-clearing condition amongst heterogeneous risk-averse investors with quadratic preferences and random endowments. Investors act strategically by taking into account the impact that their orders have on the assets' drift. A frictionless market and an one with quadratic transaction costs are analysed and compared. In the former, we derive the unique Nash equilibrium at which investors' demand processes reveal different hedging needs than their true ones, resulting in a deviation of the Nash equilibrium from its competitive counterpart. Under price impact and transaction costs, we characterize the Nash equilibrium as the (unique) solution of a system of FBSDEs and derive its closed-form expression. We furthermore show that under common risk aversion and absence of noise traders, transaction costs do not change the equilibrium returns. On the contrary, when noise traders are present, the effect of transaction costs on equilibrium returns is amplified due to price impact.
{"title":"Continuous-time Equilibrium Returns in Markets with Price Impact and Transaction Costs","authors":"Michail Anthropelos, Constantinos Stefanakis","doi":"10.2139/ssrn.4839073","DOIUrl":"https://doi.org/10.2139/ssrn.4839073","url":null,"abstract":"We consider an Ito-financial market at which the risky assets' returns are derived endogenously through a market-clearing condition amongst heterogeneous risk-averse investors with quadratic preferences and random endowments. Investors act strategically by taking into account the impact that their orders have on the assets' drift. A frictionless market and an one with quadratic transaction costs are analysed and compared. In the former, we derive the unique Nash equilibrium at which investors' demand processes reveal different hedging needs than their true ones, resulting in a deviation of the Nash equilibrium from its competitive counterpart. Under price impact and transaction costs, we characterize the Nash equilibrium as the (unique) solution of a system of FBSDEs and derive its closed-form expression. We furthermore show that under common risk aversion and absence of noise traders, transaction costs do not change the equilibrium returns. On the contrary, when noise traders are present, the effect of transaction costs on equilibrium returns is amplified due to price impact.","PeriodicalId":507782,"journal":{"name":"SSRN Electronic Journal","volume":"58 18","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141102892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Air Pollution and Solar Energy: Evidence from Wildfires","authors":"Seung Min Kim, Kenneth Gillingham","doi":"10.2139/ssrn.4723742","DOIUrl":"https://doi.org/10.2139/ssrn.4723742","url":null,"abstract":"","PeriodicalId":507782,"journal":{"name":"SSRN Electronic Journal","volume":"59 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141109048","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The persistence of lying by some consumers in their online posts of experiences with businesses is problematic, and taints the global pool of information that is used for decision making by people that assume they are true accounts of experiences. This study is based on data from my dissertation about fake online Google reviews of restaurants (Berry, 2024), and leverages an instrument that quantifies the trust of people. The findings are based on a sample of n=351, and provide a general proxy for lying in online reviews, and sketch out the characteristics of a typical person that has the propensity to be untruthful. A predictive model of posting untrue online reviews is constructed. The findings have wider implications for the study and monitoring of deceptive behavior, including the propagation of misinformation, and a means of quantifying the potential for antisocial behavior as measured by the trust of people instrument in Berry (2024). Directions for future research and limitations are also discussed.
{"title":"Consumer Lying in Online Reviews: Recent Evidence","authors":"Shawn Berry","doi":"10.2139/ssrn.4834323","DOIUrl":"https://doi.org/10.2139/ssrn.4834323","url":null,"abstract":"The persistence of lying by some consumers in their online posts of experiences with businesses is problematic, and taints the global pool of information that is used for decision making by people that assume they are true accounts of experiences. This study is based on data from my dissertation about fake online Google reviews of restaurants (Berry, 2024), and leverages an instrument that quantifies the trust of people. The findings are based on a sample of n=351, and provide a general proxy for lying in online reviews, and sketch out the characteristics of a typical person that has the propensity to be untruthful. A predictive model of posting untrue online reviews is constructed. The findings have wider implications for the study and monitoring of deceptive behavior, including the propagation of misinformation, and a means of quantifying the potential for antisocial behavior as measured by the trust of people instrument in Berry (2024). Directions for future research and limitations are also discussed.","PeriodicalId":507782,"journal":{"name":"SSRN Electronic Journal","volume":"30 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141117529","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper addresses a critical gap in legal analytics by developing and applying a novel taxonomy for topic modelling summary judgment cases in the United Kingdom. Using a curated dataset of summary judgment cases, we use the Large Language Model Claude 3 Opus to explore functional topics and trends. We find that Claude 3 Opus correctly classified the topic with an accuracy of 87.10%. The analysis reveals distinct patterns in the application of summary judgments across various legal domains. As case law in the United Kingdom is not originally labelled with keywords or a topic filtering option, the findings not only refine our understanding of the thematic underpinnings of summary judgments but also illustrate the potential of combining traditional and AI-driven approaches in legal classification. Therefore, this paper provides a new and general taxonomy for UK law. The implications of this work serve as a foundation for further research and policy discussions in the field of judicial administration and computational legal research methodologies.
本文通过开发和应用新颖的分类法对英国的简易判决案件进行主题建模，填补了法律分析领域的一项重要空白。我们使用大型语言模型 Claude 3 Opus 来探索功能性主题和趋势。我们发现，Claude 3 Opus 以 87.10% 的准确率对主题进行了正确分类。分析揭示了不同法律领域适用简易判决的独特模式。由于英国的判例法最初并没有标注关键词或主题筛选选项，因此研究结果不仅完善了我们对简易判决主题基础的理解，还说明了在法律分类中结合传统方法和人工智能驱动方法的潜力。因此，本文为英国法律提供了一种新的通用分类法。这项工作的意义为司法管理和计算法律研究方法领域的进一步研究和政策讨论奠定了基础。
{"title":"Topic Modelling Case Law Using a Large Language Model and a New Taxonomy for UK Law: AI Insights into Summary Judgment","authors":"Holli Sargeant, Ahmed Izzidien, Felix Steffek","doi":"10.2139/ssrn.4836558","DOIUrl":"https://doi.org/10.2139/ssrn.4836558","url":null,"abstract":"This paper addresses a critical gap in legal analytics by developing and applying a novel taxonomy for topic modelling summary judgment cases in the United Kingdom. Using a curated dataset of summary judgment cases, we use the Large Language Model Claude 3 Opus to explore functional topics and trends. We find that Claude 3 Opus correctly classified the topic with an accuracy of 87.10%. The analysis reveals distinct patterns in the application of summary judgments across various legal domains. As case law in the United Kingdom is not originally labelled with keywords or a topic filtering option, the findings not only refine our understanding of the thematic underpinnings of summary judgments but also illustrate the potential of combining traditional and AI-driven approaches in legal classification. Therefore, this paper provides a new and general taxonomy for UK law. The implications of this work serve as a foundation for further research and policy discussions in the field of judicial administration and computational legal research methodologies.","PeriodicalId":507782,"journal":{"name":"SSRN Electronic Journal","volume":"100 19","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141116126","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Many active funds hold concentrated portfolios. Flow-driven trading in these securities causes price pressure, which pushes up the funds' existing positions resulting in realized returns. We decompose fund returns into a price pressure (self-inflated) and a fundamental component and show that when allocating capital across funds, investors are unable to identify whether realized returns are self-inflated or fundamental. Because investors chase self-inflated fund returns at a high frequency, even short-lived impact meaningfully affects fund flows at longer time scales. The combination of price impact and return chasing causes an endogenous feedback loop and a reallocation of wealth to early fund investors, which unravels once the price pressure reverts. We find that flows chasing self-inflated returns predict bubbles in ETFs and their subsequent crashes, and lead to a daily wealth reallocation of 500 Million from ETFs alone. We provide a simple regulatory reporting measure -- fund illiquidity -- which captures a fund's potential for self-inflated returns.
{"title":"Ponzi Funds","authors":"P. Beck, J.-P. Bouchaud, Dario Villamaina","doi":"10.2139/ssrn.4834390","DOIUrl":"https://doi.org/10.2139/ssrn.4834390","url":null,"abstract":"Many active funds hold concentrated portfolios. Flow-driven trading in these securities causes price pressure, which pushes up the funds' existing positions resulting in realized returns. We decompose fund returns into a price pressure (self-inflated) and a fundamental component and show that when allocating capital across funds, investors are unable to identify whether realized returns are self-inflated or fundamental. Because investors chase self-inflated fund returns at a high frequency, even short-lived impact meaningfully affects fund flows at longer time scales. The combination of price impact and return chasing causes an endogenous feedback loop and a reallocation of wealth to early fund investors, which unravels once the price pressure reverts. We find that flows chasing self-inflated returns predict bubbles in ETFs and their subsequent crashes, and lead to a daily wealth reallocation of 500 Million from ETFs alone. We provide a simple regulatory reporting measure -- fund illiquidity -- which captures a fund's potential for self-inflated returns.","PeriodicalId":507782,"journal":{"name":"SSRN Electronic Journal","volume":"27 7","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141117252","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Organizations today seek to improve and adapt their business processes because of an increasingly competitive economy. The use and application of Artificial Intelligence (AI) for business process improvement and management is often discussed and put in place, regardless of its potentially negative impact if AI is implemented in the wrong way, especially around the processing and storing of personal data. We discuss the use of AI for the management and improvement of business processes, especially in the financial domain, and how to ensure responsible AI use in enterprises for this aim. We propose an information system design for responsible and trustworthy business processes, and we envision that businesses will need strong and well-defined control points in their information systems for managing processes and creating associated audits to enforce their principles. We define questions and challenges that companies will need to reflect upon and follow to achieve an application of responsible AI in an enterprise context. We also outline considerations for AI and data protection regulation for companies, while also considering the technical challenges that would need to be solved.
{"title":"Responsible AI-based business process management and improvement: observations from financial domain cases","authors":"G. Pisoni, Maria Moloney","doi":"10.2139/ssrn.4822711","DOIUrl":"https://doi.org/10.2139/ssrn.4822711","url":null,"abstract":"Organizations today seek to improve and adapt their business processes because of an increasingly competitive economy. The use and application of Artificial Intelligence (AI) for business process improvement and management is often discussed and put in place, regardless of its potentially negative impact if AI is implemented in the wrong way, especially around the processing and storing of personal data. We discuss the use of AI for the management and improvement of business processes, especially in the financial domain, and how to ensure responsible AI use in enterprises for this aim. We propose an information system design for responsible and trustworthy business processes, and we envision that businesses will need strong and well-defined control points in their information systems for managing processes and creating associated audits to enforce their principles. We define questions and challenges that companies will need to reflect upon and follow to achieve an application of responsible AI in an enterprise context. We also outline considerations for AI and data protection regulation for companies, while also considering the technical challenges that would need to be solved.","PeriodicalId":507782,"journal":{"name":"SSRN Electronic Journal","volume":"32 44","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141118114","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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