Hasil untuk "Real estate business"

Francesca Torrieri, Giovanna Acampa, Mariolina Grasso et al.

Cecil Pang, Hiroki Sayama

Modern business environments demand continuous reconfiguration of cross-functional processes, yet most enterprise systems remain organized around siloed departments, rigid workflows, and hard-coded automation. Meanwhile, large language models (LLMs) demonstrate strong capabilities in interpreting natural language and synthesizing unstructured information, but they lack deterministic, auditable execution of complex business logic. We introduce Autonomous Business System (AUTOBUS), a system that integrates LLM-based AI agents, predicate-logic programming, and business-semantics-centric enterprise data into a unified neuro-symbolic architecture for executing end-to-end business initiatives. AUTOBUS models a business initiative as a network of interrelated tasks with explicit pre- and post-conditions, required data, evaluation rules, and API-level actions. Enterprise data is organized as a knowledge graph, whose entities, relationships, and constraints are translated into logic facts and foundational rules that ground reasoning and ensure semantic consistency. Core AI agents synthesize task instructions, enterprise semantics, and available tools into task-specific logic programs, which are executed by a logic engine that enforces constraints, coordinates auxiliary tools, and produces deterministic outcomes. Humans specify task instructions, define and maintain business semantics and policies, curate tools, and supervise high-impact or ambiguous decisions, ensuring accountability and adaptability. We detail the AUTOBUS architecture, the structure of AI-generated logic programs, and the human-AI collaboration model and present a case study that demonstrates accelerated time to market in a data-rich organization. A reference implementation of the case study is available at https://github.com/cecilpang/autobus-paper.

Sarpong-Oti William, Gholipour Hassan F., Marzuki Jufri et al.

This study investigates value relevance of three-performance measures (net income (NI), funds from operations (FFO), and fair values on investment property (FVIP) on stock prices of Australian Real Estate Investment Trusts (A-REITs). Using data from A-REITs over the period 2012–2021 and estimating a panel system Generalized Method of Moments (GMM), results suggest that of the three, only net income is significantly and positively related to the stock prices of A-REITs. The implication of this study for investors and fund managers is that net income is the most important accounting number that investors look for in the financial statements of A-REITs.

Natalya Yurevna Yaskova

Инвестиционно-строительные проекты в сфере недвижимости переживают в настоящее время существенные изменения. Не только обслуживая, но и оказывая влияние на развитие сферы производства и сферы потребления, недвижимость должна в ускоренном режиме удовлетворять новые, динамично меняющиеся потребности. Источником востребованных изменений становятся возможности нового технологического уклада. Их потенциал позволяет переформатировать технологические процессы инвестиционно-­строительной деятельности с целью создания условий ее самодостаточного развития и повышения эффективности. Между тем в условиях перехода к этапу постиндустриального развития невозможно игнорировать становление экономики знаний, экономики впечатлений, сетевой экономики, биоэкономики, поколенческой экономики и других экономических сегментов. Им присущи новые свойства и особенности. Следовательно, речь идет не только о степени восприимчивости сферы недвижимости к технологическим инновациям. Актуализируется поиск совершенно новых форматов недвижимости, позволяющих структурировать пространство жизнедеятельности для решения принципиально новых задач развития, а также поддержки деловой активности в востребованных сегментах креативных технологий. Выстраиваемое в настоящее время будущее невозможно без синтеза идей и смыслов развития множества экономических сегментов, материализующихся в недвижимости с новыми свойствами. Выявление и определение путей решения никогда ранее не возникавших проблем в сфере недвижимости становится актуальной задачей формирования превентивного подхода к глубочайшей реструктуризации сферы недвижимости.

Емил Папазов, Людмила Михайлова

За да се управлява успешно даден обект, необходимо е да се изясни най-напред генезисът му, а след това неговата същност и трайни характеристики. В настоящата статия се разглеждат алтернативните схващания за понятието „фасилити“ и неговия мениджмънт като част от фирмената икономика и управление. След това се очертават някои взаимовръзки и зависимости между фасилити мениджмънта и бизнес стратегията. В основата на научното търсене стои разграничението между т. нар. обектно- и дейностноориентиран фасилити мениджмънт. В последствие се прави опит за намиране на допирни точки между двете различаващи се една от друга концепции. Синтезирани са основни характеристики и елементи на алтернативните типове фасилити мениджмънт. Целта е да се разширят възможностите за взаимно проникване между компонентите на бизнес стратегията и фирмения фасилити мениджмънт. Очакванията са, че всичко това може да допринесе за обогатяване опита във връзка с използването на фасилити мениджмънта в теорията и практиката. При оформянето на резултатите, обобщенията и препоръките са използвани методите на анализ и синтез.

Neda Bagherzadeh, Saeed Setayeshi, Samaneh Yazdani

Ontology is a general term used by researchers who want to share information in a specific domain. One of the hallmarks of the greatest success of a powerful manager of an organization is his ability to interpret unplanned and unrelated events. Tools to solve this problem are vital to business growth. Modern technology allows customers to be more informed and influential in their roles as patrons and critics. This can make or break a business. Research shows that businesses that employ a customer-first strategy and prioritize their customers can generate more revenue. Even though there are many different Ontologies offered to businesses, none of it is built from a cognitive perspective. The objective of this study is to address the concept of strategic business plans with a cognitive ontology approach as a basis for a new management tool. This research proposes to design a cognitive ontology model that links customer measurement with traditional business models, define relationships between components and verify the accuracy of the added financial value.

Nilesh Dhulshette, Sapan Shah, Vinay Kulkarni

In large-scale software development, understanding the functionality and intent behind complex codebases is critical for effective development and maintenance. While code summarization has been widely studied, existing methods primarily focus on smaller code units, such as functions, and struggle with larger code artifacts like files and packages. Additionally, current summarization models tend to emphasize low-level implementation details, often overlooking the domain and business context that are crucial for real-world applications. This paper proposes a two-step hierarchical approach for repository-level code summarization, tailored to business applications. First, smaller code units such as functions and variables are identified using syntax analysis and summarized with local LLMs. These summaries are then aggregated to generate higher-level file and package summaries. To ensure the summaries are grounded in business context, we design custom prompts that capture the intended purpose of code artifacts based on the domain and problem context of the business application. We evaluate our approach on a business support system (BSS) for the telecommunications domain, showing that syntax analysis-based hierarchical summarization improves coverage, while business-context grounding enhances the relevance of the generated summaries.

mohammadsadegh aminipoor, HamidReza GholamniaRoshan, azadeh kiapour et al.

Abstract The purpose of the current research is the application of blockchain with a comparative approach of its effect on risk, flexibility and evaluation of internal control. This research is applicable in terms of purpose, and descriptive-analytical in terms of method and data collection method. The statistical population includes managers, senior experts, and employees of the Iranian Auditing Association and audit institutions, among which 306 people were obtained based on Cochran's formula. The validity of the questionnaire was confirmed using the content validity method. Cronbach's alpha coefficient was calculated to evaluate the reliability of the questionnaire; it was more than 0.7, which indicates the reliability of the questionnaire; and SPSS and Smart-PLS software were used for the relationships between research variables. The results of the research show that the lack of a specific protective framework in blockchain has a negative and significant effect on the management of internal audit control; internal audit control management has a positive and significant effect on improving risk management and financial performance of the company; internal audit control management has a positive and significant effect on increasing the financial flexibility of internal audit; and internal audit control management has a positive and significant effect on the improvement of internal control evaluation. Extended Abstract Introduction Today, one of the most popular and controversial topics of discussion in accounting and auditing is blockchain technology. Blockchain is a newly emerging technology that the programs compatible with it are produced, and also a set of codified regulations must be regulated for the use of this technology to prove its efficiency and be widely used (Abdennadher et al, 2022). Blockchain is essentially a public ledger, where groups of transactions or events are recorded and stored in a chain-like data structure; this approach creates a fast yet secure way to transfer funds. Blockchain technology is being used in ways that have implications for various financial institutions and affect all of their operations (Mantelaers et al, 2019). One of the application areas of blockchain is auditing and internal control. Internal audit is an independent, realistic assurance and advisory activity designed to add value and improve the organization's operations. Internal audit helps the organization in achieving its goals by providing a methodical approach to evaluate and improve the effectiveness of management processes, risk management and control (Soh et al, 2011). Blockchain in accounting and auditing is only the first stage of the application of the distributed ledger platform, which in the not-so-distant future will enable the creation of a programmable economy (Amri et al, 2021) and plays an effective role in improving accounting and audit practices, and thus increases the financial management capabilities of the company (Zhang et al, 2018); because blockchain provides users with a triple-entry accounting system where all transactions are immutable and time-stamped, real-time recorded and encrypted (Barzegar et al, 2019), so that it can be used to monitor the financial health of the organization and help decision makers to design new control mechanisms (Chitsaz et al, 2019). The necessity of using blockchain in the field of auditing shows that it has the ability to create a transformation in the common auditing approach and to launch the automatic auditing system with more accuracy, and it can be a suitable and safe alternative for the current accounting and auditing systems. Due to its security and speed, this technology can become the main choice of accounting companies and accounting units in the near future (Selimoglu et al, 2023). Considering such a high potential, conducting field research in the field of blockchain technology applications can be of great practical importance because it provides a clear map to audit managers to better plan for the use of this technology in the accounting and auditing field by knowing the features and advantages of blockchain. On the other hand, not many researches have been done inside the country regarding the applications of blockchain in the field of risk management and internal audit. In general, the main existing gap, which is the main motivation for conducting the present research, is that despite the numerous articles that have pointed to the applications of blockchain as a new field in financial affairs, accounting considerations related to the use of blockchain have not been comprehensively and accurately investigated so far. This has caused many questions to remain unanswered regarding the safe and effective use of blockchain technology in auditing and accounting activities; therefore, the current research has been considered with the aim of investigating the effects of blockchain on risk and flexibility and evaluating internal control. In fact, this research is an attempt to find an answer to the question: what effect does blockchain have on risk and flexibility and internal control evaluation? Theoretical Literature Blockchain is considered an emerging technology that has the potential to significantly change the way financial transactions are conducted. The creation of new types of assets and trading models to replace conventional payment and settlement platforms is one of the consequences of blockchain in the field of financial services. Transparency and elimination of maintenance is the major advantage offered by blockchain (Oluoch et al, 2021). With distributed trust and decentralized platforms enabled by blockchain technology, entrepreneurs and innovators are able to create an open financial system with limited or no involvement of financial institutions. By doing so, they aim to reduce transaction costs, expand financial inclusion, foster open access, encourage license-free innovation, and create new business opportunities (Catalini & Gans et al, 2020). Research Methodology The current research is applicable in terms of purpose, and descriptive-analytical in terms of data collection. Necessary data has been collected by referring to reliable library, document and electronic sources and reliable articles. The statistical population includes all managers and senior experts and employees of the Iranian Auditing Association, which is a total of 1142 people. The sampling method was cluster-stratified random method of sampling. Cochran's formula for limited communities has been used to calculate the sample size, and the statistical sample size reached 288 samples, and 320 questionnaires were distributed among them for greater certainty. In this research, the number of questionnaires distributed among the statistical sample, which was 306 questionnaires, became the basis of the statistical work. The research questionnaire was created by the researcher and all of them were designed based on the five-option Likert scale. The apparent validity was confirmed by the researcher, 2 members of the sample members, and the supervisor. In this research, in order to measure the reliability, the Cronbach's alpha method was used. To check the reliability, the questionnaire was first distributed among 30 people, and the Cronbach's alpha was calculated by the SPSS software. In the following, using partial least squares technique and SMART PLS software, the resulting model has been validated. Research Findings Blockchain is a new technology that is used to store and transfer information in a safe and transparent manner. The application of blockchain has been expanded in many industries and fields such as banking, logistics, supply chain, real estate, health and... The comparative approach in examining the effect of blockchain on risk, flexibility and internal control evaluation can compare these factors before and after the use of blockchain in a specific organization or industry. In general, the use of blockchain can affect the following: Risk: Blockchain minimizes the possibility of changing and falsifying information by using strong encryption and security algorithms. Also, by using distributed technology, the reliability of data access and visibility increases. These features can reduce the risks associated with fraud, theft and unauthorized changes. Flexibility: Due to its distinctive method and technology, blockchain provides high flexibility against changes and organizational needs. The structure of blockchain smart contracts makes it possible to adjust and plan the rules and conditions of the competition based on new needs and conditions. This flexibility feature helps organizations to implement changes quickly and optimally in processes and contracts. Evaluation of internal control: using blockchain, changes and any operations on data are recorded and visible. This allows organizations to easily improve their internal control by observing and evaluating transactions and activities on the blockchain. Also, with the use of blockchain smart contracts, the automatic execution of rules and checks provides an opportunity to improve internal control and reduce the possibility of errors and fraud. Overall, the use of blockchain can bring significant improvements in risk management, flexibility and internal control evaluation. Of course, as with any technology, thorough investigation and identification of potential challenges and issues is essential. Conclusion The current research was conducted with the aim of using blockchain with a comparative approach of its effect on risk, flexibility and internal control evaluation. The test results are in line with the research findings of Abdennadher (2022), Grima, et al., (2021), Lončarević et al., (2023), Sandner (2020), and Garanti et al, (2019). With the use of smart contracts, business operations can be performed automatically without the need for direct information participation. This issue can provide the basis for facilitating processes and increasing the speed of e-commerce. Blockchain can help in evaluating the internal control of organizations. By using blockchain, organizations can record their processes and transactions transparently and without intermediaries. This helps organizations to make a more accurate assessment of their internal control and ensure the flow of data and transactions. Overall, blockchain can help improve risk, flexibility and internal control assessment. However, attention to technical, security and legal aspects related to the use of blockchain is necessary and should be carefully addressed.

Masahiro Watanabe, Naoshi Uchihira

Digital transformation (DX) has recently become a pressing issue for many companies as the latest digital technologies, such as artificial intelligence and the Internet of Things, can be easily utilized. However, devising new business models is not easy for compa-nies, though they can improve their operations through digital technologies. Thus, business model design support methods are needed by people who lack digital tech-nology expertise. In contrast, large language models (LLMs) represented by ChatGPT and natural language processing utilizing LLMs have been developed revolutionarily. A business model design support system that utilizes these technologies has great potential. However, research on this area is scant. Accordingly, this study proposes an LLM-based method for comparing and analyzing similar companies from different business do-mains as a first step toward business model design support utilizing LLMs. This method can support idea generation in digital business model design.

Andrea Zugarini, Andrew Zamai, Marco Ernandes et al.

Albeit Natural Language Processing has seen major breakthroughs in the last few years, transferring such advances into real-world business cases can be challenging. One of the reasons resides in the displacement between popular benchmarks and actual data. Lack of supervision, unbalanced classes, noisy data and long documents often affect real problems in vertical domains such as finance, law and health. To support industry-oriented research, we present BUSTER, a BUSiness Transaction Entity Recognition dataset. The dataset consists of 3779 manually annotated documents on financial transactions. We establish several baselines exploiting both general-purpose and domain-specific language models. The best performing model is also used to automatically annotate 6196 documents, which we release as an additional silver corpus to BUSTER.

Albu Svetlana, Ivanov Valeriu, Albu Ion

This paper examines the material damage caused to the owner of the property as a result of the violation of the design rules. This phenomenon was observed by the authors participating in the period 2018-2021 in the assessment of over 500 construction projects of residential blocks on the territory of the Republic of Moldova. In about 50% was found a violation of lighting regulations. Through this study, we aimed to investigate the ways to assess the extent of the damage caused by the reduction of the level of daylight lighting in residential buildings in the specific conditions of the real estate market in the Republic of Moldova. This paper aims to: Identify the legislative and normative framework that regulates the process of ascertaining the damage caused to the owner of the residential real estate following the reduction of the level of sunshine and natural lighting; Determine the consequences of reducing the level of sunshine and natural lighting for residential buildings; Propose methods for estimating the material damage caused to the owner of the damaged real estate under the conditions of the Republic of Moldova.

Pirogova Oksana, Dovganeva Yuliya, Temnova Nataliia et al.

In the structure of commercial real estate, hotel infrastructure facilities occupy a special position due to their dependence on related industries: tourism, both international and domestic, entertainment industry, event organization, business environment development, etc. Also, this industry is most affected by external factors: legal, political, economic, infrastructural, communication, cultural. Trends in the introduction of energy-efficient technologies in the processes of operation and maintenance of real estate objects of the hospitality industry allow to increase their competitiveness and increase the number of transactions. The leaders in the number of investment transactions in the hotel real estate segment for 2022 are traditionally Moscow and St. Petersburg, but the development of domestic tourism gives impetus to increased investment activity in other regions of the Russian Federation. The purpose of the study is to identify the impact of the energy efficiency level on the competitiveness of hotel real estate. Research objectives: analysis of trends in the hotel real estate market, determination of indicators of competitiveness of hotel facilities depending on the type of accommodation, consumer requests and the level of energy efficiency, calculation of the integral indicator of competitiveness of hotel real estate. Research methods: comparison, analysis and synthesis, generalization, expert evaluation method. As a result of the study, the key factors of the competitiveness of hotel facilities are identified and the methodology for calculating the integral indicator of competitiveness is given.

Xiaojing Li, Chiara D’Alpaos, Paolo Bragolusi et al.

This study examines empirically the impacts of geomantic attributes on housing prices in Guangzhou. Using second-hand housing transaction data from one Guangzhou’s largest second-hand transaction agency, we construct a hedonic price model to analyze the determinants of housing purchase behavior. We find that unfavorable geomantic attributes, such as proximity to graveyard, funeral parlor, hospital, slaughterhouse, and highway, have significant negative effects on housing prices. However, favorable geomantic attribute close to the Pearl River has a significant positive impact on housing prices. Lucky floor numbers and lucky address numbers are also found to be capitalized into housing prices. Moreover, we find that the demand for housing improvement as housing purchase motivation is an important channel to determine which of geomantic attributes are unfavorable when residents have higher living requirements ll presente contributo esamina, attraverso un’analisi em- pirica, l’effetto degli attributi geomantici sui prezzi degli immobili a destinazione residenziale a Guangzhou. A partire dalle informazioni relative alle transazioni di immobili non di nuova costruzione di una delle più grandi agenzie di compravendite immobiliari i Guangzhou, è stato sviluppato e validato un modello di valutazione secondo l’approccio dei prezzi edonici per analizzare i fattori che determinano i comportamenti e le strategie di acquisto degli acquirenti di immobili a destinazione residenziale. I risultati indicano che gli attributi geo- mantici sfavorevoli, come la vicinanza a cimiteri, pompe funebri, ospedali, macelli e autostrade, hanno un effetto negativo sul prezzo delle abitazioni. Viceversa, gli attributi geomantici favorevoli, come la vicinanza al fiume Pearl, hanno un effetto positivo sul prezzo delle abita- zioni. Similmente, emerge, ceteris paribus, una disponibilità a pagare un prezzo maggiore per immobili che siano ubicati a un livello di piano o a un civico espressione di numeri considerati fortunati nella cultura tradizionale cinese, come ad esempio il numero 8. Dalle ana- lisi emerge, inoltre, che in particolare alcuni attributi geomantici influenzano in maniera determinante la do- manda di alloggi di migliore qualità espressa da acquirenti che abbiano esigenze e aspettative più elevate.

Mohammad Amin Zandi

The precise measurement of individual time preferences in assessing the economic plans that individuals are involved in, in the estimation of social time preferences, in the assessment of environmental and health plans is very crucial. The purpose of this research is to estimate and also describe the method of estimating individual intertemporal preferences. The sample is 70 students of Allameh Tabataba'i (A.S) and Payam Noor Universities. For this purpose, the experimental method, which allows controlling the confounding variables, is used. In order to estimate the discount function among various functions, the hyperbolic function had a better fit on the data. In this type of function, the discount does not take place at a fixed rate, but with the extension of the selection period, the discount decreases. The fitting of data using the hyperbolic function showed that this kind of discounting is consistent with past research. The average individual discount rate obtained was 0.0615 with a standard deviation of 0.796.1.IntroductionDecisions with varying consequences across different time periods are referred to as intertemporal choices. The scope of these decision types is extensive in human life, encompassing economic considerations like saving for retirement, investing in stocks, choosing between mortgage and renting, buying insurance, planning for student loan repayments, initiating a business, budgeting, planning for financial issues, buying energy-efficient equipment, purchasing a car, planning for estate, and deciding on the retirement withdrawal strategy.  Moreover, decisions extend to non-economic realms, including investing in education, practicing delayed gratification in daily life, making choices regarding health and wellness, selecting a career path, deciding on healthcare options, engaging in environmental protection, and establishing education budgets for children. In essence, a myriad of intertemporal decisions shape the course of an individual’s life.In Samuelson’s framework for intertemporal choices, the total utility is determined as the weighted sum of utility across each time period. (1)  The weight in each period is determined by the discount function. (2)   represents the total utility from the perspective of the current period (i.e., t). T is the final period of life.  signifies the instantaneous utility in the period  t+k.  is the discount function. k denotes the time delay from the present moment, and ρ is the instantaneous discount rate reflecting time preferences. The discount function, as incorporated in this model, takes the form of an exponential function. When computing the growth rate of the discount function, we have: (3)  The growth rate of the discount function is independent of the delay in receiving goods (or rewards) postponed from the present time (i.e., k). This implies that altering the delay period for receiving delayed goods does not lead to a change in a person’s intertemporal preferences. For instance, if an individual favors receiving one apple today over receiving two apples tomorrow, this preference should extend to preferring one apple in one year over receiving two apples in one year and one day. This is the example introduced by Strotz (1955) to illustrate temporal consistency.Experimental research based on the discounted utility model has highlighted its limitations. First, extensive studies indicate that the discount rate tends to decrease as the delay in receiving the reward increases (Chapman, 1996; Heller & Pender, 1996; Redelmeier, 1993; Thaler, 1981). In other words, the growth rate of the discount function should also be contingent on the delay in receiving the goods (or reward). The second observed shortcoming in these investigations is termed inverse utility. This occurs when an individual prefers $1000 today to $1100 tomorrow but favors $1100 one year and one day later over $1000 one year later. Consequently, the behaviors noted in these studies lack time consistency. Additional research has identified instances of reverse preferences in individuals (Elster, 1979; Laibson, 1997; O'Donoghue & Rabin, 1999). The exponential discount function employed in the discounted utility model falls short in explaining such phenomena, as it conducts discounting at a fixed rate, irrespective of whether the delay in receiving the bonus increases or decreases.To address this issue, Mazur (1987) made modifications to the discount function originally proposed by Bam and Rachlin (1969) by incorporating k into the denominator. The adjustment resulted in a discount function that overcame the shortcomings of the exponential function. This hyperbolic function found extensive application in subsequent research and demonstrated a better alignment with the data acquired from experiments. The hyperbolic function is expressed as follows:(4)  Here, k represents the discount rate, and D signifies the delay in receiving the reward from the present time. The discount rate in the hyperbolic discount function is given by: (5)  In this rate, there is an inherent consideration for the delay in receiving goods (or rewards) from the present time. Consequently, the discount rate will undergo changes corresponding to alterations in this interval. This adjustment serves to rectify the deficiencies noted in this functional form.The findings of the meta-analysis on discount rates, encompassing both experimental and empirical methods, reveal that the variance of discount rates obtained from experimental approaches is lower than that observed in empirical methods. This discrepancy can be attributed to several factors. First, the limited availability of field data for determining time preferences contributes to the higher variance in empirical results. In addition, there is no available field data in which individuals make comparative choices. Third, the complexity arises from the numerous intervening variables influencing real-world data, making it challenging to isolate and analyze specific factors. The estimates obtained from experimental methods demonstrate greater predictability of intertemporal behaviors in the real world.Despite the significant importance of individual time preferences and the consistent data yielded by the experimental method, this approach has been underutilized for measuring individual time preferences in Iran. In this respect, the present research aimed to estimate and describe a methodology for calculating individual intertemporal preferences through the experimental method.2.Materials and MethodsThere are four experimental methods for measuring time preferences. The first method is the choice task, where subjects are prompted to select between a smaller reward in the present or near future and a larger reward in the distant future. Some studies implement this experiment using actual rewards, while others use hypothetical or non-financial rewards, such as a hypothetical job offer. The second method is known as matching tasks, in which subjects are asked to answer a question and fill in the blank. A common structure for this method is exemplified by questions like: 20,000 dollars now or … dollars one year later. Experiments use both real and hypothetical currencies. The third method is termed rating task. Here, subjects are exposed to the rewards provided at specific time intervals. They are tasked with rating the (un)attractiveness of these proposals. The fourth method is called pricing task, where subjects are requested to specify their willingness to pay for a hypothetical reward at a certain time (Feredrick et al., 2002).The present study used the method of choice task, and the task design was based on validated designs (Calluso et al., 2015a, 2015b, 2017, 2020). Each subject was exposed to a series of intertemporal choices, including receiving a fixed amount of money (14500 Tomans) immediately or a variable amount (22000, 36500, 44000, 59000, 66000, 80000, 88000 Tomans) across six time intervals (i.e., 7, 15, 30, 60, 90, and 180 days later). Consequently, the subjects were presented with 42 intertemporal choices, and each question was repeated 10 times. The subjects thus answered a total of 420 questions in a randomly distributed order. To determine the monetary values in intertemporal choices, the study converted the previously-researched valid monetary values into Iranian currency based on the purchasing power parity (PPP) index, utilizing the Central Bank data. The PPP index can be defined as the number of currency units a country needs to purchase the same quantity of goods and services in the domestic market that can be bought with US dollars.3.Results and DiscussionThe hyperbolic function, prevalent in most recent studies and previously discussed, was employed to estimate the discount rate. In this function, as the delay increases, the discount rate concurrently decreases. To obtain this rate for each tested individual, the research relied on conventional process from past research studies (Calluso et al., 2015a, 2015b, 2017, 2020; Iodice et al., 2017; Kable & Glimcher, 2007; Li et al., 2013). Concerning each delay period (7, 15, 30, 60, 90, and 180 days), a ratio of responses was obtained, where subjects expressed a preference for the future over the present, taking into account the delayed reward amounts. Subsequently, the Points of Subjective Equivalence (PSE) was calculated, representing the amount at which subjects chose an equal number of future and present options. To achieve this, the study estimated a logistic function that regressed the preference ratio of future-to-present responses on the reward amounts. Using this function, the research determined the amount equivalent to fifty percent of the frequency of the ratio of future-to-present preferences (i.e., PSE). Then the following formula was used to calculate the subjective value for each delay period: (6)  The immediate reward was set at 14,500 Tomans. The subjective value was then normalized to the immediate reward. Subsequently, the discount rate for each subject was determined by fitting a hyperbolic function (Grossbard & Mazur, 1986; Laibson, 1997) to the relationship between the subjective value and the delay time in receiving the delayed reward.(7)  Below is the scatter diagram depicting delays by day and the PSE for the aforementioned three subjects. Figure 1.The scatter diagram of delays by day and the PSE Source: Research resultsThe graphs illustrate that individuals with lower discount rates exhibit a lower PSE in delays, whereas those with higher discount rates demonstrate correspondingly higher PSE.Table 1 presents the results of estimating the individual discount rates for the three subjects.Table 1. Discount rate for the three subjectsR SquareSignificanceDiscount rateSubject0.8071significant0.0182patient0.7965significant0.0484average0.8028significant0.1173hastySource: Research results4.ConclusionThe estimation of the individual discount rate derived from this research confirmed the hyperbolic nature of the individual discount function, yielding a rate of 0.0615. In the evaluation of economic plans, the calculation involves determining the benefits and costs associated with the plan. A comparison of the benefits and costs is used to determine whether the plan is economical or not. Yet this proves challenging due to the presence of time preferences and the time value of money, the occurrence of benefits and costs at different points in times, and the varying weight of these factors in economic plans over time. Therefore, it seems less feasible to judge whether the plan is economical or not simply by adding benefits and costs.

Ruohan Gao, Yiming Dou, Hao Li et al.

We introduce the ObjectFolder Benchmark, a benchmark suite of 10 tasks for multisensory object-centric learning, centered around object recognition, reconstruction, and manipulation with sight, sound, and touch. We also introduce the ObjectFolder Real dataset, including the multisensory measurements for 100 real-world household objects, building upon a newly designed pipeline for collecting the 3D meshes, videos, impact sounds, and tactile readings of real-world objects. We conduct systematic benchmarking on both the 1,000 multisensory neural objects from ObjectFolder, and the real multisensory data from ObjectFolder Real. Our results demonstrate the importance of multisensory perception and reveal the respective roles of vision, audio, and touch for different object-centric learning tasks. By publicly releasing our dataset and benchmark suite, we hope to catalyze and enable new research in multisensory object-centric learning in computer vision, robotics, and beyond. Project page: https://objectfolder.stanford.edu

Abdulmalik Fatimah Binta, Udoekanem Namnso Bassey

The goal of any real estate investor is to maximize return. This can be achieved through the generation of rental income. Thus, it is pertinent that the nature and characteristics of rental value are understood by investors to enhance real estate market penetration. This study examined commercial real estate rental variation in Ilorin, Nigeria, with specific focus on commercial complexes. For data collection, the study area was delineated into three commercial zones. Primary data for the study were collected from occupiers of commercial complexes and property valuers operating within these areas through structured questionnaire, based on purposive sampling technique. The study utilised an analysis of variance (ANOVA) technique to analyse the variation in rental values of commercial complexes in the study area. Results of data analysis revealed a statistically significant variation in rental values of commercial complexes in the study area (F ꞊ 16.70809, p ≤ 0.05) and an increasing trend of the rental values over the years under study as indicated by the rental index. This variation is perceived to be caused by the safety and quality of location, building visibility and lease term (RII ꞊ 0.97, 0.93 and 0.88, respectively). The study recommends that real estate investors should consider these factors when investing in commercial complexes across the commercial zones in Ilorin.

MB Hendrie Anto, Faaza Fakhrunnas, Yunice Karina Tumewang

Purpose ― This study aims to assess the home financing credit risk performed by Islamic banks in Indonesia. Methods ― A panel dynamic analysis is adopted to measure the bad loan performance before and during the Covid-19 pandemic. The observation period started from January 2016 to September 2020 with 1,881 observation periods of monthly panel data from the province level. Findings ― The study finds a difference in bad loan performance before and during the Covid-19 pandemic. Before this pandemic, inflation has a positive and significant influence on non-performing financing in real estate, rental business, and company service. However, during the Covid-19 pandemic, a substantial and positive effect of inflation is found on the bad loan for personal flat and apartment ownership. On the other hand, a significant and negative impact of inflation is found on the bad home loan for personal business shop ownership. Implication ― This analysis could trigger the government to provide financial assistance for those affected by the Covid-19 crisis. In addition to that, an Islamic bank is also expected to give financing allowances for them by providing an option of debt restructuration and rescheduling. Originality ― This paper analyses the Islamic bank’s credit risk performance for home financing before and during the Covid-19 pandemic. This issue has not been presented in the literature to the best of our knowledge.

Robert Simons, Yan Xiao, Aaron Evenchik et al.

The tragedy of the sudden collapse of the 2021 Champlain Towers condominium building in Surfside, Florida raises issues of civil liability and throws into doubt the sustainability of the current model of condominium association governance. This case study evaluates the potential causes of the collapse, and reactions of various parties including the consulting engineering company, city regulators, condominium association board, outside property manager, original builder, and unit owners themselves. By conducting a comprehensive literature review, this paper is aimed to find out the reasons, frequency and liability of building collapse, as well as the roles condominium governance, financial modeling, poverty, or statutory language play in the tragedy. Some advice for further improvements to improve board sustainability is given to original developers, contractors, engineers, and insurance carriers. The current model of condominium management has blind spots and appears to be unsustainable. One suggestion to fix the problem is to require that insurance be obtained to insure the liability of condominium associations, including for this type of tragedy. That would create a financial risk/incentive for the insurance company to ensure adequate management and upkeep. The insurance company should also set board member expertise qualifications, insurance premiums, need for outside expertise, required inspections/maintenance, and replacement reserves that are required to maintain that coverage.

Shah J Miah

With the advancement in the marketing channel, the use of e-commerce has increased tremendously therefore the basic objective of this study is to analyze the impact of business analytics and decision support systems on e-commerce in small and medium enterprises. Small and medium enterprises are becoming a priority for economies as by implementing some policies and regulations these businesses could encourage gain development on an international level. The objective of this study is to analyze the impact of business analytics and decision support systems on e-commerce in small and medium enterprises that investigate the relationship between business analytics and decision support systems in e-commerce businesses. To evaluate the impact of both on e-commerce the, descriptive analysis approach is adopted that reviews the research of different scholars who adopted different plans and strategies to predict the relationship between e-commerce and business analytics. The study contributes to the literature by examining the impact of business analytics in SMEs and provides a comprehensive understanding of its relationship with the decision support system. After analyzing the impact of business analytics and decision support system in SMEs, the research also highlights some limitations and provide future recommendations that are helpful to overcome these limitations.