Monetary economists have long recognized a tension between the bene…ts of fractional reserve banking, such as the ability to undertake more pro…table (long-term) investment opportunities, and the di¢ culties associated with fractional reserve banking, such as the risk of insolvency for each bank. The goal of this paper is to show that a speci…c form of private bank coalition (a joint-liability ...

Recent proposals call for the establishment of an international bankruptcy court that would adjudicate debt disputes between sovereign debtors and their creditors. One component of the operation of such an institution would be the declaration, under circumstances deemed appropriate, of a standstill preventing lenders from forcing payment of debt. Such a proposal would bring the enforcement and ...

Geometry of Interaction (GoI) is a research program initiated by Jean-Yves Girard which aims at defining a semantics of linear logic proofs accounting for the dynamical aspects of cut elimination. We present here a parametrised construction of a Geometry of Interaction for Multiplicative Additive Linear Logic (MALL) in which proofs are represented by families of directed weighted graphs. Contra...

This research examines the effects of using 3D virtual shopping malls and shows the user interaction and experience in this type of virtual environments. Technology developments and the use of the Internet made users to expect more services, which help to improve the user's life. Using a 3D virtual environment and adding a shopping idea to it is considered as very interesting, especially if it ...

Retailers strive to differentiate themselves from competitors to avoid commoditization and consequent price competition, using tools such as store location, store layout, and product assortment. However, such tools become ineffective on the Internet, where competitors are a few clicks away, where web page design can be easily imitated, and where online shoppers can browse a variety of product c...