This dissertation consists of three essays examining the impact of information asymmetries in context of entrepreneurship and finance. Chapter 2, coauthored with Silvana Krasteva and Liad Wagman, focuses on the asymmetries between a firm and its (researcher) employee and studies the problem faced by a (researcher) employee when choosing whether to pursue an innovative idea as part of his employment at a firm or to form a start-up. An idea by its stand-alone value and by the degree of (positive or negative) externality that it may impose on the employing firm’s existing profits if brought to market. The employee has private information about the innovation and his ability to independently develop it. Internal exploration, while allowing the employee to take advantage of any exploration support offered by the firm, reduces the employee’s claim over his idea. We find that external exploration takes place for ideas weakly related to the firm’s existing offerings, with other ideas being explored internally. We show that if the firm increases its support for exploration, it can induce the internal research of a wider range of ideas; however, by doing so, the firm also increases the likelihood of employees departing to pursue independent ventures at a later stage of development. Chapter 3 analyzes the benefits of reducing information asymmetry in the credit markets. In their attempt to make more informed decisions, lenders of- ten use a variety of information contained in a borrower ’s credit report. We find that if a borrower expects his future lenders to base their decisions not only on his repayment history but also on other factors like his income, length of history, etc., then his incentives to repay his present loan are weakened. In this case, he is more likely to strategically default on his loan especially for very high levels of interest rates. However, use of this extra information assists the lender in expeditious screening of the borrowers. Based on our results, we recommend that, in order to minimize defaults, more repayment history based products should be offered by the lenders. Evidence supporting the validity of this recommendation is provided in Chapter 4, coauthored with Vijetha Koppa. Using data from Prosper.com, we analyze the effect of reporting repayment histories to an additional credit bureau on borrowers’ default rates and lenders’ internal rates of return. A differences- in-differences comparison between high risk and low risk borrowers reveals that for high risk borrowers, the default rates were 9 to 11 percentage points greater and the internal rates of return were 13 percentage points lower in the pre-change period.

Thesis (M.S.)--Virginia Polytechnic Institute, 1955. / Vita. Abstract. Includes bibliographical references (leaf 38). Also available via the Internet.

No / It is demonstrated that small marketable gambles that are unattractive to a Standard Risk Averse investor cannot be made attractive even if certain independent background risks that decrease expected marginal utility are added.

Master of Science / Department of Mathematics / Natasha Rozhkovskaya / “Incomplete open cubes” is one of the major projects of the artist Sol Lewitt. It consists of a collection of frame structures and a presentation of their diagrams. Each structure in the project is a cube with some edges removed so that the structure remains three-dimensional and connected Structures are considered to be identical if one can be transformed into another by a space rotation (but not reflection). The list of incomplete cubes consists of 122 structures. In this project, the concept of incomplete cubes was formulated in the language of graph theory. This allowed us to compare the problem posed by the artist with the similar questions of graph theory considered during the last decades. Classification of Incomplete cubes was then refined using the language of combinatorics. The list produced by the artist was then checked to be complete. And lastly, properties of Incomplete cubes in the list were studied.

With the fast growth of online education, factors influential to course completion need to be examined. Statistically, this study explored the relationship between five course status factors identified in the literature and the completion of previously incomplete online courses in a course-based approach. The five factors were about the curricular and completion status of an online course with an initially assigned "Incomplete" grade, including credit hours, required assignments, initially submitted assignments, initially earned points, and duration of incomplete status. The extent of coursework completion was measured by the subsequently completed assignments and subsequently earned points. Online courses (n = 933) offered with the 15 different course titles in an online graduate degree program and assigned an "Incomplete" grade in their registration terms between fall 2001 and fall 2005 were used as the units of data analysis. Multiple regression, logistic regression, descriptive statistics analyses, Chi-square tests, and independent t-tests were used for the statistical analysis. The results showed that there were significant differences (a = .05) in the required assignments, initially submitted assignments, initially earned points, and duration of incomplete status between the courses that were completed eventually and those that remained incomplete. According to the statistically significant results, the set of the five course status variables could explain 93.6% of the variance in the completion measured by the subsequently completed assignments and account for 87% of the variance in the completion measured by the subsequently earned points. The statistically significant results also indicated that the set of the five variables could be used to predict the probability of the coursework completion. Regarding the individual variables, the statistically significant results identified the required assignments and initially submitted assignments as the factors contributing to the explanation of the variance in the coursework completion measured by the subsequently completed assignments; the credit hours, required assignments, initially earned points, and duration of incomplete status as the factors contributing to the explanation of the variance in the coursework completion measured by the subsequently earned points. The required assignments and duration of incomplete status were identified as significant predictors of the completion. / Ph. D.

No / By assuming that all uninsurable risk is permanent, a closed form multi-period, multiple agent and multiple asset incomplete market asset pricing model is presented that allows for jump as well as diffusion risk to personal income.

When defining a structure to fulfill a set of axioms that are similar to those prescribed by Euclid, one must select a set of points and then define what is meant by a line and what is meant by a circle. When properly defined these labels will have properties which are similar to their counterparts in the (complex) plane, the lines and circles which Euclid undoubtedly had in mind. In this manner, the geometer may employ his intuition from the complex plane to prove theorems about other systems. Most "finite geometries" have clearly defined notions of points and lines but fail to define circles. The two notable exceptions are the circles in a finite affine plane and the circles in a Mobius plane. Using the geometry of Euclid as motivation, we strive to develop structures with both lines and circles. The only successful example other than the complex plane is the affine plane over a finite field, where all of Euclid's geometry holds except for any assertions involving order or continuity. To complement the prolific work concerning finite geometries and their lines, we provide a general definition of a circle, or more correctly, of a collection of circles and present some preliminary results concerning the construction of such structures. Our definition includes the circles of an affine plane over a finite field and the circles in a Mobius plane as special cases. We develop a necessary and sufficient condition for circularity, present computational techniques for determining circularity and give varying constructions. We devote a chapter to the use of circular designs in coding theory. It is proven that these structures are not useful in the theory of error-correcting codes, since more efficient codes are known, for example the Reed-Muller codes. However, the theory developed in the earlier chapters does have applications to Cryptology. We present five encryption methods utilizing circular structures.

This research provides improved support for missing data in the relational model and relational database systems. There is a need for a systematic method to represent and interpret missing data values in the relational model. A system that processes missing data needs to enable making reasonable decisions when some data values are unknown. The user must be able to understand query results with respect to these decisions. While a number of approaches have been suggested, none have been completely implemented in a relational database system. This research describes a missing data model that works within the relational model, is implemented in MySQL, and was validated by a user feasibility study.

Thesis advisor: Dubi Kelmer / We prove a second moment formula for incomplete Eisenstein series on the homogeneous space Γ\G with G the orientation preserving isometry group of the real (n + 1)-dimensional hyperbolic space and Γ⊂ G a non-uniform lattice. This result generalizes the classical Rogers' second moment formula for Siegel transform on the space of unimodular lattices. We give two applications of this moment formula. In Chapter 5 we prove a logarithm law for unipotent flows making cusp excursions in a non-compact finite-volume hyperbolic manifold. In Chapter 6 we study the counting problem counting the number of orbits of Γ-translates in an increasing family of generalized sectors in the light cone, and prove a power saving estimate for the error term for a generic Γ-translate with the exponent determined by the largest exceptional pole of corresponding Eisenstein series. When Γ is taken to be the lattice of integral points, we give applications to the primitive lattice points counting problem on the light cone for a generic unimodular lattice coming from SO₀(n+1,1)(ℤ\SO₀(n+1,1). / Thesis (PhD) — Boston College, 2018. / Submitted to: Boston College. Graduate School of Arts and Sciences. / Discipline: Mathematics.

The engineering of complete planning domain descriptions is often very costly because of human error or lack of domain knowledge. Learning complete domain descriptions is also very challenging because many features are irrelevant to achieving the goals and data may be scarce. Given incomplete knowledge of their actions, agents can ignore the incompleteness, plan around it, ask questions of a domain expert, or learn through trial and error. Our agent Goalie learns about the preconditions and effects of its incompletely-specified actions by monitoring the environment state. In conjunction with the plan failure explanations generated by its planner DeFault, Goalie diagnoses past and future action failures. DeFault computes failure explanations for each action and state in the plan and counts the number of incomplete domain interpretations wherein failure will occur. The questionasking strategies employed by our extended Goalie agent using these conjunctive normal form-based plan failure explanations are goal-directed and attempt to approach always successful execution while asking the fewest questions possible. In sum, Goalie: i) interleaves acting, planning, and question-asking; ii) synthesizes plans that avoid execution failure due to ignorance of the domain model; iii) uses these plans to identify relevant (goal-directed) questions; iv) passively learns about the domain model during execution to improve later replanning attempts; v) and employs various targeted (goal-directed) strategies to ask questions (actively learn). Our planner DeFault is the first reason about a domain's incompleteness to avoid potential plan failure. We show that DeFault performs best by counting prime implicants (failure diagnoses) rather than propositional models. Further, we show that by reasoning about incompleteness in planning (as opposed to ignoring it), Goalie fails and replans less often, and executes fewer actions. Finally, we show that goal-directed knowledge acquisition - prioritizing questions based on plan failure diagnoses - leads to fewer questions, lower overall planning and replanning time, and higher success rates than approaches that naively ask many questions or learn by trial and error.