The design of a market for quantitative information:
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| Main Author: | |
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| Format: | Thesis Book |
| Language: | English |
| Published: |
1997
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | IX, 197 S. Ill., graph. Darst. |
Staff View
MARC
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| 100 | 1 | |a Kuhn, Christoph |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a The design of a market for quantitative information |c von Christoph Kuhn |
| 264 | 1 | |c 1997 | |
| 300 | |a IX, 197 S. |b Ill., graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 502 | |a St Gallen, Univ., Diss., 1997 | ||
| 650 | 0 | 7 | |a Informationsmarkt |0 (DE-588)4123471-6 |2 gnd |9 rswk-swf |
| 655 | 7 | |0 (DE-588)4113937-9 |a Hochschulschrift |2 gnd-content | |
| 689 | 0 | 0 | |a Informationsmarkt |0 (DE-588)4123471-6 |D s |
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Record in the Search Index
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Contents
Figures VI
Tables IX
1 Introduction 1
1.1 Digital information markets 1
1.2 Research goal 2
1.3 Related research projects at the Institute for Information Management at
USG 4
1.4 Thesis overview 5
2 Knowledge, information and knowledge dissemination 7
2.1 Introduction 7
2.2 Information characteristics 8
2.2.1 Shannon Weaver s information measure 8
2.2.2 Definition and properties of information 10
2.2.3 Knowledge and information 11
2.3 The knowledge medium 12
2.3.1 Knowledge representation and processing in open environments 12
2.3.2 Semantics 13
2.3.3 Context 14
2.3.4 Reasoning and representation 14
2.3.5 Microtheories and due process 17
2.3.6 Federative knowledge bases 17
2.3.7 Coordination 18
2.3.8 Openness 20
2.3.9 Definition of knowledge medium 21
2.4 Concepts in representing quantitative knowledge 23
2.4.1 Measurement 23
2.4.2 The concept of quantitative knowledge and quantitative information...25
2.4.3 Representing quantitative knowledge with Q Calculus 27
2.4.4 Reasoning with quantitative knowledge 32
2.5 The production of quantitative information in the knowledge medium 38
2.5.1 Process chains, agents and activities 38
2.5.2 Knowledge processing in the quantitative knowledge medium 40
II
2.5.3 Quantitative tables: A concept for knowledge transfer 43
2.6 Integration of heterogeneous knowledge bases 44
2.6.1 Vocabulary integration 44
2.6.2 Integrating relational databases 49
2.7 Change management in the knowledge medium 51
2.8 Summary 54
3 The market s characteristics as an organizational framework for self
regulating federative environments 56
3.1 Introduction 56
3.2 The concept of self regulation 57
3.3 Fundamental characteristics of a competitive market 59
3.3.1 Markets and self regulation 59
3.3.2 Definitions 60
3.3.3 The exchange process 61
3.3.4 Market optimum 61
3.3.5 Convergence criteria for optimum 64
3.3.6 The nature of market transactions 64
3.4 Market efficiency and performance 66
3.4.1 Market inefficiency and failure 66
3.4.2 Transaction costs 67
3.4.3 Asymmetric information 67
3.4.4 Information efficiency 68
3.4.5 Market fragmentation 69
3.4.6 Measures of market performance 70
3.4.7 Arbitrage in fragmented markets 70
3.5 Market institutions 71
3.5.1 Objective of the market institution 71
3.5.2 General characteristics of market institutions 71
3.5.3 Bilateral search 72
3.5.4 Auctions 73
3.5.5 One sided auctions 73
3.5.6 Two sided auctions 74
3.5.7 Strategic considerations: The choice of the
optimal market institution 74
3.5.8 Empirical analysis of price convergence 76
3.6 Summary 78
Ill
4 Information and knowledge as economic resources 80
4.1 Introduction 80
4.2 Information as a good in a competitive market 80
4.2.1 Objectives of a market for quantitative information 80
4.2.2 The value chain in information production 81
4.2.3 Pricing information goods 83
4.2.4 Information as a public good 85
4.2.5 Product differentiation 86
4.2.6 Price discrimination strategies 89
4.2.7 Semantic fragmentation 90
4.3 Quality aspects of information 90
4.3.1 Information as a homogeneous good 90
4.3.2 Subjectiveness of quality 91
4.3.3 Quality uncertainty and the market system 91
4.3.4 Quality rating 92
4.4 Legal aspects in the electronic distribution and processing of information.. 93
4.4.1 Overview 93
4.4.2 Privacy laws on personal data 94
4.4.3 Data encryption 94
4.4.4 Intellectual property rights 95
4.4.5 Collecting authorities 98
4.5 Markets and evolution 100
4.5.1 The demand driven perspective 100
4.5.2 Market prices in the context of an information market 101
4.5.3 Knowledge evolution and the information market s self regulative
capabilities 103
4.6 Summary 105
5 The design of a market for quantitative information 107
5.1 Introduction 107
5.2 Electronic commerce and the MQI 107
5.2.1 Design principles of the MQI 107
5.2.2 Generic market services 108
5.2.3 Electronic product catalogs 109
5.2.4 Contracting services 110
5.2.5 Trusted third parties 110
5.2.6 Payment services 111
5.2.7 Logistics 112
IV
5.2.8 Summary 113
5.3 Traded goods 113
5.3.1 Trading intangible property 113
5.3.2 Licenses 114
5.3.2.1 Overview 114
5.3.2.2 Identity of information 114
5.3.2.3 Access and disclosure of q tables 115
5.3.2.4 Reference licenses 117
5.3.2.5 Re trading licenses 118
5.3.2.6 Expiration of copyrights 118
5.3.3 Futures and subscriptions 119
5.3.3.1 Futures 119
5.3.3.2 Subscriptions 120
5.4 Market organization 120
5.4.1 Market participants 120
5.4.2 Market processes and roles 121
5.4.2.1 Overview 121
5.4.2.2 Brokers 122
5.4.2.3 Dealers 123
5.4.3 Quality assessment 123
5.4.4 Orders 125
5.4.4.1 Fundamentals 125
5.4.4.2 Order execution and information production 126
5.4.4.3 Basic buy orders 127
5.4.4.4 Reference orders 130
5.4.4.5 Subscriptions 131
5.4.4.6 Futures 132
5.4.4.7 Sell orders 132
5.5 Market architecture 134
5.5.1 Federative architecture 134
5.5.2 Broker* Dealer Directory 135
5.5.3 Broker Dealer Market 137
5.5.4 Quotation systems 138
5.5.5 Messages for the negotiation and settlement phase 139
5.5.6 Interaction pattern between market agents 141
5.6 Market institution 143
5.6.1 Design aspects of market institutions 143
5.6.2 Market institutions for customized q tabies 144
5.6.3 Market institutions for standardized q tables 146
5.6.4 Market institutions for block orders 147
V
5.6.5 Modeling market institutions with standardized messages 148
5.7 Summary 150
6 Discussion of the market architecture 152
6.1 Introduction 152
6.2 Three other digital information markets 152
6.2.1 IBM infoMarket 152
6.2.2 AMIX: The American Information Exchange 154
6.2.3 Mariposa 156
6.3 A comparison with the MQI 157
6.3.1 The benefits of formal knowledge representation for information
markets 157
6.3.2 The information production process 159
6.4 Outlook and further research activities 161
6.4.1 Technological issues 161
6.4.2 Strategic considerations in interorganizational systems 162
6.4.3 Advertising 162
7 Conclusions 163
Appendix A: Vocabulary Definition Language 166
Appendix B: Q Table exchange format 171
Appendix C: Market messages 177
References 179
VI
Figures
Figure 1.1: Selected enterprises in the media industry 4
Figure 1.2: A selection of related research projects at USG 5
Figure 2.1: Inquiry and observation 8
Figure 2.2: Interaction with a knowledge base 12
Figure 2.3: The knowledge medium 22
Figure 2.4: Extensive measurement 24
Figure 2.5: The micro and macro level of the Q Calculus 27
Figure 2.6: Semantic network of the InetUser vocabulary 29
Figure 2.7: Multiple inheritance 29
Figure 2.8: Observation space of the FOS as defined by the
InetUser vocabulary 30
Figure 2.9: A transition rule modeled in a Petri Net style 31
Figure 2.10: Overlapping FOS and the related vocabularies 31
Figure 2.11: The recursive relationship between knowledge base and
knowledge medium 32
Figure 2.12: The relationship between estimation, measurement and model 33
Figure 2.13: Graphical visualization of different levels of consistency 36
Figure 2.14: Processes, activities and roles 39
Figure 2.15: Information processing on the local level 40
Figure 2.16: Information processing on the global level 41
Figure 2.17: Intersecting views between observers and inquirers 42
Figure 2.18: Structure of a quantitative table 44
Figure 2.19: Sharing knowledge through context mapping 45
Figure 2.20: Synonyms and homonyms 47
Figure 2.21: SQL template 50
Figure 2.22: Q tables interfacing relational databases 51
Figure 2.23: Vocabulary update (1) 52
Figure 2.24: Vocabulary update (2) 52
VII
Figure 2.25: An update vocabulary keeping track of the changes 53
Figure 2.26: Enlargement of the knowledge medium s global vocabulary V 54
Figure 3.1: Open loop and feedback control 57
Figure 3.2: Self regulation 58
Figure 3.3: Phases in the market transaction 65
Figure 3.4: Information efficiency 69
Figure 3.5: A selection of idealized market institutions 72
Figure 3.6: Convergence of market price trajectory towards equilibrium 77
Figure 4.1: Basic purpose of a MQI 81
Figure 4.2: Value chain in the information production process 82
Figure 4.3: Close substitutes 87
Figure 4.4: Break even diagram for a q table 88
Figure 4.5: Price dynamics in a competitive information market
for three goods 105
Figure 5.1: Electronic market architecture 108
Figure 5.2: A tradable q table 115
Figure 5.3: Access point to the numeric values 116
Figure 5.4: Disclosure of q tables 117
Figure 5.5: Overview of the basic processes in the MQI 122
Figure 5.6: Fundamental structure of orders in the MQI 126
Figure 5.7: Order execution and information production 127
Figure 5.8: Basic buy order 128
Figure 5.9: Reference order 131
Figure 5.10: Subscriptions 131
Figure 5.11: Stages in the settlement of a futures contract 132
Figure 5.12: Basic sell order 133
Figure 5.13: Market topology 135
Figure 5.14: Broker Dealer Directory entry 136
Figure 5.15: A typical market structure in a MQI 137
Figure 5.16: A quotation system with standardized products 139
IX
Tables
Table 2.1: Activity levels in a system 19
Table 2.2: Tabular view constructed from the InetUser vocabulary 30
Table 2.3: View of facts on the IREInetUsers 37
Table 2.4: Same as Table 2.3 with the deduced value for Ulster 38
Table 2.5: The new information reflected in v after entering the census data ...38
Table 2.6: Q Calculus and the relational data model 49
Table 3.1: Price formulation process in a Continuous Double Auction 74
Table 5.1: Specific components to the generic market services in the MQI.... 113
Table 5.2: Licensing scheme 114
Table 5.3: A selection of price specifications at the NYSE 130
Table 5.4: A selection of additional order qualifications at the NYSE 130
Table 5.5: Implementation of market institutions with the
MQI order format 149
Table 5.6: Characteristics of the proposed organization of the MQI 151
Table 6.1: Comparison of the MQI with a selection of digital
information market architectures 161
Table B.I: Enumeration scheme for scale values in a q table 172
Table B.2: Relation Person 174
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| spelling | Kuhn, Christoph Verfasser aut The design of a market for quantitative information von Christoph Kuhn 1997 IX, 197 S. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier St Gallen, Univ., Diss., 1997 Informationsmarkt (DE-588)4123471-6 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Informationsmarkt (DE-588)4123471-6 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007843816&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Kuhn, Christoph The design of a market for quantitative information Informationsmarkt (DE-588)4123471-6 gnd |
| subject_GND | (DE-588)4123471-6 (DE-588)4113937-9 |
| title | The design of a market for quantitative information |
| title_auth | The design of a market for quantitative information |
| title_exact_search | The design of a market for quantitative information |
| title_full | The design of a market for quantitative information von Christoph Kuhn |
| title_fullStr | The design of a market for quantitative information von Christoph Kuhn |
| title_full_unstemmed | The design of a market for quantitative information von Christoph Kuhn |
| title_short | The design of a market for quantitative information |
| title_sort | the design of a market for quantitative information |
| topic | Informationsmarkt (DE-588)4123471-6 gnd |
| topic_facet | Informationsmarkt Hochschulschrift |
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