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Article
Publication date: 10 January 2022

Ricky Cooper, Wendy L. Currie, Jonathan J.M. Seddon and Ben Van Vliet

This paper investigates the strategic behavior of algorithmic trading firms from an innovation economics perspective. The authors seek to uncover the sources of competitive…

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Abstract

Purpose

This paper investigates the strategic behavior of algorithmic trading firms from an innovation economics perspective. The authors seek to uncover the sources of competitive advantage these firms develop to make markets inefficient for them and enable their survival.

Design/methodology/approach

First, the authors review expected capability, a quantitative behavioral model of the sustainable, or reliable, profits that lead to survival. Second, they present qualitative data gathered from semi-structured interviews with industry professionals as well as from the academic and industry literatures. They categorize this data into first-order concepts and themes of opportunity-, advantage- and meta-seeking behaviors. Associating the observed sources of competitive advantages with the components of the expected capability model allows us to describe the economic rationale these firms have for developing those sources and explain how they survive.

Findings

The data reveals ten sources of competitive advantages, which the authors label according to known ones in the strategic management literature. We find that, due to the dynamically complex environments and their bounded resources, these firms seek heuristic compromise among these ten, which leads to satisficing. Their application of innovation methodology that prescribes iterative ex post hypothesis testing appears to quell internal conflict among groups and promote organizational survival. The authors believe their results shed light on the behavior and motivations of algorithmic market actors, but also of innovative firms more generally.

Originality/value

Based upon their review of the literature, this is the first paper to provide such a complete explanation of the strategic behavior of algorithmic trading firms.

Details

Review of Behavioral Finance, vol. 15 no. 3
Type: Research Article
ISSN: 1940-5979

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Abstract

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Integrated Land-Use and Transportation Models
Type: Book
ISBN: 978-0-080-44669-1

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Handbook of Transport Modelling
Type: Book
ISBN: 978-0-08-045376-7

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Book part
Publication date: 12 April 2007

Abstract

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Threats from Car Traffic to the Quality of Urban Life
Type: Book
ISBN: 978-0-08-048144-9

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Article
Publication date: 1 March 2009

Murugavel Rathinam, Ramesh Thillaigovindan and Prema Paramasivam

The temperature response of properties of Single crystal tungsten (111) at high temperature is still not been thoroughly understood. All the mechanical properties are temperature…

106

Abstract

The temperature response of properties of Single crystal tungsten (111) at high temperature is still not been thoroughly understood. All the mechanical properties are temperature dependent. The experiments are performed with tailor made Berkovich tip of radius 100 nm with temperatures of 373 K, 473 K and 623 K to study the behavior of Single crystal Tungsten at various temperatures. The new phenomena of material under the indenter bouncing back at the end of unloading were clearly noticed, due to the accumulation of high energy. One particularly interesting observation is the appearance of discrete plasticity during the unloading segment as evidenced by a displacement burst or pop‐in at ∼1 mN at elevated temperatures. It is also noted that the elastic recovery reduces at higher temperatures. The results for different temperatures are compared. Our experiments clearly show the periodic bursts and the softening effects. Pile up is observed. It is noticed that there is significant drop in hardness, elastic modulus and increase in displacement with increasing temperature. This softening phenomenon corresponds to the increase of indentation depth for the same loading conditions. Clear bursts are seen showing the nucleation of dislocations. At higher peak loads, the indentation contact in tungsten is not just elastic. Tungsten is chosen to illustrate the temperature dependence behaviour because of its isotropic elastic behaviour at low loads. This work attempts to explore the complete behaviour of metals at various temperatures, including the initial burst, the complete elastic recovery, the softening effect and the modulus and Hardness.

Details

Multidiscipline Modeling in Materials and Structures, vol. 5 no. 3
Type: Research Article
ISSN: 1573-6105

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Book part
Publication date: 11 August 2014

Charles Geisler and Ben Currens

Recreancy is a concept that received William R. Freudenburg’s studied attention. Freudenburg moved beyond its conventional meaning – shirking duty – to a larger realm of…

Abstract

Recreancy is a concept that received William R. Freudenburg’s studied attention. Freudenburg moved beyond its conventional meaning – shirking duty – to a larger realm of irresponsibility by public actors who breach a societal trust they assume. This research focuses on the issue of “Peak Farmland,” a rendering of global carrying capacity that, we suggest, qualifies for what Freudenburg called “privileged discourse” and possibly recreancy. Scholars identified with dematerialized progress argue that finite farmland in the face of increasing population will improve human welfare and spare land for nature. This iconoclasm presents an arena for testing academic probity with respect to global food security. After an overview of past carrying capacity debates, we summarize the “Peak Farmland” position of the dematerialization school and suggest an important blind spot: the dematerialization of the global land base itself. Gathering the results of multiple studies on land loss, we offer evidence that the world’s warehouse of productive land is not just peaking but eroding on a grand scale. Ignoring this form of dematerialization while proclaiming nearly unlimited carrying capacity for Earth’s denizens strains the meaning of responsible scholarship.

Details

William R. Freudenburg, A Life in Social Research
Type: Book
ISBN: 978-1-78190-734-4

Keywords

Available. Content available
Book part
Publication date: 29 January 2018

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Cross-Sectoral Relations in the Delivery of Public Services
Type: Book
ISBN: 978-1-78743-172-0

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Book part
Publication date: 2 October 2001

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Handbook of Transport Systems and Traffic Control
Type: Book
ISBN: 978-1-61-583246-0

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Book part
Publication date: 24 August 2004

William H.K. Lam and Hong K. Lo

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Handbook of Transport Geography and Spatial Systems
Type: Book
ISBN: 978-1-615-83253-8

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Article
Publication date: 5 September 2016

Lisa McQuilken, Nichola Robertson, Michael Polonsky, Paul Harrison and David Bednall

The purpose of this paper is to test the efficacy of disclosing unit pricing and increasing the type size of complex terms and conditions in advertising. This is in line with…

730

Abstract

Purpose

The purpose of this paper is to test the efficacy of disclosing unit pricing and increasing the type size of complex terms and conditions in advertising. This is in line with recommendations made by global telecommunications regulators, including in Australia, to protect consumers in selecting mobile plans.

Design/methodology/approach

The authors employed a 2 (unit price disclosed: no, yes)×3 (type size: nine-, 12- and 15-point terms and conditions) full factorial, between-subjects experimental design using a scenario and fictional advertisements for 24-month mobile phone plans. This was complemented by 24 in-depth interviews with consumers who had recently purchased “real” plans and their assessment of these.

Findings

Extra information in the form of unit pricing has a positive influence on consumers’ value perceptions, but not on perceived confusion or risk. Presenting complex terms and conditions in larger type increases consumers’ perceived confusion and risk, but not perceived value, as consumers have difficulty understanding the complicated information presented.

Research limitations/implications

This study focused on a single country market for one product type of mobile phones, using a limited range of mobile plans.

Practical implications

Public policymakers and providers are advised to pre-test planned changes to advertising’s informational content prior to implementation to identify the efficacy of proposed changes to protect consumers. Consumers may also need to be educated to accurately interpret complex plans.

Originality/value

The study contributes to the domain of informational content in advertising as a form of consumer protection. The effect of unit pricing and larger type for terms and conditions on consumer perceptions has not been examined previously in complex product settings.

Details

Marketing Intelligence & Planning, vol. 34 no. 6
Type: Research Article
ISSN: 0263-4503

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