A Comparison of Ambient Casino Sound and Music: Effects on Dissociation and on Perceptions of Elapsed Time While Playing Slot Machines

This research examined the effects of a casino’s auditory character on estimates of elapsed time while gambling. More specifically, this study varied whether the sound heard while gambling was ambient casino sound alone or ambient casino sound accompanied by music. The tempo and volume of both the music and ambient sound were varied to manipulate temporal engagement and introspection. One hundred and sixty (males = 91) individuals played slot machines in groups of 5–8, after which they provided estimates of elapsed time. The findings showed that the typical ambient casino auditive environment, which characterizes the majority of gaming venues, promotes understated estimates of elapsed duration of play. In contrast, when music is introduced into the ambient casino environment, it appears to provide a cue of interval from which players can more accurately reconstruct elapsed duration of play. This is particularly the case when the tempo of the music is slow and the volume is high. Moreover, the confidence with which time estimates are held (as reflected by latency of response) is higher in an auditive environment with music than in an environment that is comprised of ambient casino sounds alone. Implications for casino management are discussed.     

Strategic Liquidity Provision in Limit Order Markets

We characterize and prove the existence of Nash equilibrium in a limit order market with a finite number of risk‐neutral liquidity providers. We show that if there is sufficient adverse selection, then pointwise optimization (maximizing in p for each q) in a certain nonlinear pricing game produces a Nash equilibrium in the limit order market. The need for a sufficient degree of adverse selection does not vanish as the number of liquidity providers increases. Our formulation of the nonlinear pricing game encompasses various specifications of informed and liquidity trading, including the case in which nature chooses whether the market‐order trader is informed or a liquidity trader. We solve for an equilibrium analytically in various examples and also present examples in which the first‐order condition for pointwise optimization does not define an equilibrium, because the amount of adverse selection is insufficient.     

关于“一房多卖”的法律问题探析

近年来,我国的商品房和二手房交易市场日趋活跃,但随之而来的大量商品房买卖纠纷也逐渐成为社会关注的焦点,"一房多卖"便是焦点之一。对各种情形下房屋的所有权归属和法律责任等相关问题进行简要分析,并对登记的效力、优先权等相关问题进行探索具有重要意义。     

基于结构方程模型的经销商低碳行为能力评价

低碳经济背景下,新的经营环境和社会责任给企业的生存与发展带来了重大的影响。经销商作为闭环供应链上的渠道主体,实施低碳行为是实现资源长远利用的必然选择,也是企业能够保持长久竞争优势的重要手段。基于此,在问卷调查的基础上,运用结构方程模型对经销商低碳行为能力进行评价,通过SPSS 13.0和LISREL 8.80等软件处理指标数据,进而完成模型的运行、检验与修正,筛选出有关键作用的影响因素,并针对性地加以改进,为经销商能够长期实现“经济与环境”的综合效益提供理论指导与技术参考。     

Mathematical analyses of casino rebate systems for VIP gambling

In Macao, the VIP gaming revenue accounts for over two thirds of the total gaming revenue. Since the VIP gaming market is highly competitive, several incentives such as rebates are used to attract the VIP players. There are two commonly used rebate systems in the VIP gaming market: rebate on buy-in and rebate on actual loss. The analysis of rebate on buy-in is relatively easy. However, the analysis of rebate on actual loss is more complicated, which involves the Unit Normal Linear Loss Integral. Using empirical data, MacDonald derived a simple approximation formula for computing the rebate rate on actual loss. In this paper, we use mathematical analysis to derive more accurate approximation formulas for computing the rebate rate on actual loss. Some practical examples are given to compare the accuracies of these formulas. We also discuss how these two rebate systems affect the fluctuations of the results.     

A taxonomy of gambling and casino games via social media and online technologies

The increased popularity of casino games on social media platforms has prompted international jurisdictions to consider the extent to which these games may be similar to Internet gambling activities and therefore subject to regulatory action. Gambling themes are popular in video and computer games, and simulated-gambling activities are commonly offered by gambling operators as a way of enticing users to gamble online with money. However, little research has evaluated the impact of the digital convergence of gambling and gaming. The lack of a clear definition of online gambling-themed activities to guide such research undertakings represents a significant hurdle to the fields of gambling and gaming. Based on a review of the extant literature, this article proposes a taxonomy to distinguish between many types of online activities with gambling-themed content. This taxonomy suggests that the principal features that differentiate online gambling games include the requirement for payment, the role of skill, the type of platform and the centrality of the gambling theme. The proposed hierarchical framework aims to promote clear and consistent discussion to guide ongoing investigation of new and emerging Internet gambling and gaming technologies.     

证券商行为规范及法律责任探讨

规范证券商的行为是维护和发展证券市场的重要环节。我国《证券法》强化了对证券商行为的规范及行政责任之规定 ,但弱化了相应的民事责任制度 ,导致法律责任的失衡。建议完善证券商违规的民事责任制度 ,以维护交易秩序和安全。     

Changes in Suicide and Divorce in New Casino Jurisdictions

Using county-level data, this study examines the impact that the introduction of casino gambling has on suicide and divorce. Eight communities that adopted casino gambling between 1991 and 1994 are compared with a matched set of control counties, jurisdictions that are economically and demographically similar to the casino counties. Suicide rates are not statistically different between casino and control communities. Divorce rates are lower in three casinos counties, higher in one, and not statistically different in four. Overall, the results suggest no widespread, statistically significant increase in either suicide or divorce. Possible explanations for the results are provided.     

No risk,no fun: implications for positioning of online casinos

This study uses textual content analysis of online casinos to provide insights into how operators position themselves in the market. Qualitative data from the About Us pages of 19 online gambling websites is gathered and analysed using DICTION software. The resulting z-scores are further analysed using the Hierarchical Clustering on Principal Components (HCPC) function in the FactoMineR software package. Results indicate that the casinos investigated group into three distinct and meaningful clusters (activity/realism; low certainty; high certainty). The results confirm that this exploratory methodology, which combines computerized lexical analysis using DICTION and HCPC, is able to identify positioning differences. In addition, the presence of a relationship between identified clusters and casino rankings is also considered. Its confirmation suggests that casinos that emphasize risk (low certainty) are more likely to obtain higher rankings. The Web has provided a platform for a global online gambling industry where differentiation and positioning is crucial. Therefore, managers need to emphasize in their online and offline communication the often-held perception that one of the attractions of gambling is the thrill or excitement of beating the odds. Limitations are noted and possible areas for further research are indicated.     

关于拓展我国券商融资渠道的分析与思考

在对我国券商8种融资主渠道(增资扩股、发行中长期债券、上市发行股票、国债回购、股票质押贷款、银行间同业拆借、短期金融券和资产管理业务等)进行分析的基础上,提出从提高券商信用、创新金融工具、建立证券金融公司、推动券商间战略重组等4个方面消除券商融资障碍、进一步拓展融资渠道的对策建议。