本論文包含台灣壽險業資產配置國際化及匯率避險兩個主題。首先，探討台灣壽險業積極向主管機關申請核准提高國外資產配置比率，與美國投資人偏好投資自己國家資產不一致的現象，是台灣壽險業資產配置不得不的策略，或是國際化的迷思? 以25家壽險公司2004 年至2008年財務資料實證結果發現，國外資產納入投資組合對壽險業投資績效有利。如果將樣本公司依據所有權區分為本資公司與外資公司，資料顯示，本資公司國際資產配置較為積極，惟其報酬績效與外資公司差異並不顯著。研究亦發現，2008年美國次貸風暴顯著負向影響台灣壽險公司國外投資報酬，即提高國外資產配置雖可提高報酬，惟匯率風險、信用風險及系統風險暴露亦相對提高，建議壽險公司於追球較高報酬同時，應同時加強風險管理。另實證亦發現，資產規模愈大公司之投資報酬率相對較遜，建議於追求保費市占率成長時，應重視投資報酬績效的實質提升。 第二部分探討2004年至 2008年台灣壽險業國外投資匯率風險管理策略對投資績效影響。以整體產業觀察，匯率避險對投資報酬率有正面效果；本資公司避險策略相較外資公司積極，報酬率亦相對較優；股票上市公司有財報揭露股價波動之壓力，經理人有較強誘因採取避險策略，投資報酬率相較優於股票未上市公司，惟差異並不顯著。實證結果支持Glen and Jorion (1993) and Campbell et al. (2010)避險可以降低匯率風險提升投資報酬績效之研究結論，2006年實施之34號會計公報，顯著影響本資公司與上市公司之避險行為。 / In this study, we study two essays on international asset allocation and the currency hedging problem for Taiwan life insurer industry. In the first essay, we investigate the high percentage of foreign investments placed by Taiwan life insurers and how this phenomenon is at odds with the bias for investing at home common among American investors. The holdings of 25 Taiwan life insurance companies, between the years 2004 and 2008, are scrutinized with a view towards evaluating home bias and its financial impact. We find that foreign investment has proven profitable for the life insurance industry. However, if the life insurance industry is divided into two categories according to its ownership structure, i.e., domestic-owned and foreign-owned companies, and that while the performance of investments made by domestic-owned life insurers differs from that of foreign-owned life insurers, the difference is insignificant. We also found that global financial turmoil in 2008 had a massively negative impact on the foreign investments of Taiwan life insurance companies and firm size and return on investment is negative correlated, suggesting that life insurers should focus on enhancing investment performance and risk management. In the second essay, we examine the currency hedging strategy and its impact on the performance of Taiwan life insurance industry investments from 2004 to 2008. We find that currency hedging strategies have yielded positive results, overall, for the industry. However, if the life insurance industry is divided into two categories according to its ownership structure, i.e., domestic-owned and foreign-owned companies, the results show that the currency hedging strategies employed by the domestic-owned companies enjoy advantages over those of foreign-owned firms. If the sample is further divided into those publicly listed on the TAIEX and others, our results show that a hedging strategy has positive effects on listed company. Our findings support the work in Glen and Jorion (1993) and Campbell et al. (2010), which reveal that hedging strategies improve foreign investment returns and can reduce currency risks in comparison to non-hedging strategies. Our empirical results indicate that SFAS No. 34 has a significant effect on currency hedging behavior among domestically owned and listed companies.

本研究建構一社會網路互動下的新凱因斯動態隨機一般均衡模型，探討效用基礎下波茲曼分配背後的網路結構，以及，社會網路對新凱因斯動態隨機一般均衡模型參數的影響。根據本論文模擬結果，效用基礎下波茲曼分配背後所隱含的社會網路結構呈現局部區域性連結拓璞，此結論與熱力學對波茲曼分配中粒子互動方式的假設相同，然而，區域性連結之網路結構（如環狀網）並非目前實證研究所觀察到的網路型態（如冪分布網路或高群集係數之小世界網路），故吾人是否得以直接利用效用基礎下波茲曼分配來描述社會上人與人之間的互動現象必需更忱慎考量之。另外，社會網路互動也將使新凱因斯動態隨機一般均衡模型之參數估計產生偏誤，依本研究估計結果觀之，只要加入社會互動，總合需求曲線中實質利率之參數估計將為正號，即實質利率對產出缺口的影響為負向影響，也就是文獻上的投資儲蓄迷思(IS puzzle)，若進一步觀察社會網路結構對該實證迷思的影響則可發現當社會網路群聚程度越高時，該估計偏誤將越嚴重。 / We construct a social network-based New Keynesian DSGE (Dynamic Stochastic General Equilibrium) Model to investigate the underlying social network structure derived from the performance-based Boltzmann-Gibbs model, and thus interpret the process that social network structures affect the estimation bias in the New Keynesian DSGE framework. According to our simulation results, the underlying social network structure derived from the performance-based Boltzmann-Gibbs model should be local. This finding is consistent with the study of thermodynamics, which the Boltzmann-Gibbs distribution is based upon, i.e. the local interaction. However, it contradicts not only the purpose of combining the performance-based Boltzmann-Gibbs machine and New Keynesian DSGE model, but also empirical studies of social network structures in the real world. Accordingly, maybe we have to consider further whether the performance-based Boltzmann-Gibbs machine is a suitable tool for calibrating social interaction under the stylized New Keynesian DSGE framework. Furthermore, if we embedded interaction behavior in the stylized New Keynesian model, the so-called “IS Puzzle” can be consequently observed. We also realized that “IS Puzzle” is connected with network structures. The more clustering the network structure is, the more significant “IS Puzzle” would be.

Three-dimensional (3D) laser scanners are becoming increasingly more affordable and user-friendly, making 3D-modeling tools more widely available to researchers in various countries and disciplines. In archaeology, 3D-modeling has the particular advantages of facilitating the documentation and analysis of objects that are fragile, rare, and often difficult to access. We have previously shown that 3D-modeling is a highly useful tool for shape analysis of archaeological bone material, due to the high measurement accuracy inherent in the latest generation of 3D laser scanners (Sholts et al. 2010; 2011). In this work, we explore the utility of 3D-modeling as a tool for Viking Age artefact analysis. To test the usefulness of 3D-modeling when analyzing artefacts with a very complex morphology, we chose highly ornate Viking Age baroque shaped brooches as study objects. These baroque shaped brooches constitute a group of dress ornaments mainly encountered in eastern Viking Age Scandinavia. Due to their large cast and/or attached bosses they obtain an almost baroque appearance, hence their name (cf. Jansson 1984: p. 81). They appear in two major versions, i.e. circular or equal armed, and in two kinds of material, i.e. silver- and copper-based alloys. Because of the position of bronze brooches in burial contexts, it appears they were used to fasten the cape or shawl in the female dress (cf. Jansson 1984: p. 75ff., Aagård 1984: p. 96ff.; Neiß 2006, figs. 3, 4; Capelle 1962: p. 106). For the present work a recently excavated brooch from Denmark was analyzed, together with three Russian brooches with nearly iconic status in the field of Viking Age studies. In the three case studies, we investigated possible uses of 3D-modeling for artefact analysis, artefact reconstruction, and tool mark and motif analysis. Exploring the usefulness of 3D-modeling for these purposes allowed us to draw conclusions regarding how 3D-analysis can be best incorporated into future artefact analysis. In addition, the case studies allowed us to gain new insights about the baroque shaped brooches and their uses. / <p>Forskningsfinansiärer: Helge Ax:son Johnsons stiftelse, Svenska institutet (Visby-programmet), Kungliga vitterhets historie och antikvitets akademin (Montelius minnesfond); Svenska fornminnesforeningen</p> / 3D-laserskanning som verktyg vid vikingatidsstudier

Na última década diversos algoritmos baseados em busca foram desenvolvidos para a geração de níveis em diferentes tipos de jogos. O espaço de busca para geração de níveis geralmente possui restrições, uma vez que a mecânica de um jogo define regras de factibilidade para os níveis. Em alguns métodos, a avaliação de factibilidade requer uma simulação com um agente inteligente que controla o jogo. Esse processo de avaliação geralmente possui ruído, causado por componentes aleatórios no simulador ou na estratégia do agente. Diversos trabalhos têm utilizado simulação como forma de avaliação de conteúdo, no entanto, nenhum deles discutiu profundamente a presença de ruído neste tipo de abordagem. Assim, esse trabalho apresenta um algoritmo genético capaz de gerar níveis factíveis que são avaliados por um agente inteligente em uma simulação ruidosa. O algoritmo foi aplicado a jogos de quebra-cabeças baseados em física com a mecânica do Angry Birds. Uma representação dos níveis em forma de indivíduos é introduzida, a qual permite que o algoritmo genético os evolua com características diferenciadas. O ruído na função de aptidão é tratado por uma nova abordagem, baseada em uma sistema de cache, que auxilia o algoritmo genético a encontrar boas soluções candidatas. Três conjuntos de experimentos foram realizados para avaliar o algoritmo. O primeiro compara o método de cache proposto com outros métodos de redução de ruído da literatura. O segundo mede a expressividade do algoritmo genético considerando as características estruturais dos níveis gerados. O último avalia os níveis gerados considerando aspectos de design (como dificuldade, imersão e diversão), os quais são medidos por meio de questionários respondidos por jogadores humanos via Internet. Os resultados mostraram que o algoritmo genético foi capaz de gerar níveis distintos que são tão imersíveis quanto níveis produzidos manualmente. Além disso, a abordagem de cache lidou apropriadamente com o ruído nos cálculos de aptidão, permitindo uma correta evolução elitista. / In the last decade several search-based algorithms have been developed for generating levels in different types of games. The search space for level generation is typically constrained once the game mechanics define feasibility rules for the levels. In some methods, evaluating level feasibility requires a simulation with an intelligent agent which plays the game. This evaluation process usually has noise, caused by random components in the simulator or in the agent strategy. Several works have used a simulation for content evaluation, however, none of them have deeply discussed the presence of noise in this kind of approach. Thus, this paper presents a genetic algorithm capable of generating feasible levels that are evaluated by an intelligent agent in a noisy simulation. The algorithm was applied to physics-based puzzle games with the Angry Birds mechanics. A level representation in the form of individuals is introduced, which allows the genetic algorithm to evolve them with distinct characteristics. The fitness function noise is handled by a new approach, based on a cache system, which helps the genetic algorithm finding good candidate solutions. Three sets of experiments were conducted to evaluate the algorithm. The first one compares the proposed cache approach with other noise reduction methods of the literature. The second one measures the expressivity of the genetic algorithm considering the structural characteristics of the levels. The last one evaluates design aspects (such as difficulty, immersion and fun) of the generated levels using questionnaires answered by human players via Internet. Results showed the genetic algorithm was capable of generating distinct levels that are as immersive as levels manually designed. Moreover, the cache approach handled properly the noise in the fitness calculations, allowing a correct elitist evolution.

The thesis consists of four chapters. The introductory chapter clarifies different notions of rationality used by economists and gives a summary of the remainder of the thesis. Chapter 2 proposes an explanation for the common empirical observation of the coexistence of infrequently-changing regular price ceilings and promotion-like price patterns. The results derive from enriching an otherwise standard, albeit stylized, general equilibrium model with two elements. First, the consumer-producer interaction is modeled in the spirit of the price dispersion literature, by introducing oligopolistic markets, consumer search costs and heterogeneity. Second, consumers are assumed to be boundedly-rational: In order to incorporate new information about the general price level, they have to incur a small cognitive cost. The decision whether to re-optimize or act according to the obsolete knowledge about prices is itself a result of optimization. It is shown that in this economy, individual retail prices are capped below the monopoly price, but are otherwise flexible. Moreover, they have the following three properties: 1) An individual price has a positive probability of being equal to the ceiling. 2) Prices have a tendency to fall below the ceiling and then be reset back to the cap value. 3) The ceiling remains constant for extended time intervals even when the mean rate of inflation is positive. Properties 1) and 2) can be associated with promotions and properties 1) and 3) imply the emergence of nominal price rigidity. The results do not rely on any type of direct costs of price adjustment. Instead, price stickiness derives from frictions on the consumers’ side of the market, in line with the results of several managerial surveys. It is shown that the developed theory, compared to the classic menu costs-based approach, does better in matching the stylized facts about the reaction of individual prices to inflation. In terms of quantitative assessment, the model, when calibrated to realistic parameter values, produces median price ceiling durations that match values reported in empirical studies.<p><p>The starting point of the essay in Chapter 3 is the observation that the baseline New-Keynesian model, which relies solely on the notion of infrequent price adjustment, cannot account for the observed degree of inflation sluggishness. Therefore, it is a common practice among macro- modelers to introduce an ad hoc additional source of persistence to their models, by assuming that price setters, when adjusting a price of their product, do not set it equal to its unobserved individual optimal level, but instead catch up with the optimal price only gradually. In the paper, a model of incomplete adjustment is built which allows for explicitly testing whether price-setters adjust to the shocks to the unobserved optimal price only gradually and, if so, measure the speed of the catching up process. According to the author, a similar test has not been performed before. It is found that new prices do not generally match their estimated optimal level. However, only in some sectors, e.g. for some industrial goods and services, prices adjust to this level gradually, which should add to the aggregate inflation sluggishness. In other sectors, particularly food, price-setters seem to overreact to shocks, with new prices overshooting the optimal level. These sectors are likely to contribute to decreasing the aggregate inflation sluggishness. Overall, these findings are consistent with the view that price-setters are boundedly-rational. However, they do not provide clear-cut support for the existence of an additional source of inflation persistence due to gradual individual price adjustment. Instead, they suggest that general equilibrium macroeconomic models may need to include at least two types of production sectors, characterized by a contrasting behavior of price-setters. An additional finding stemming from this work is that the idiosyncratic component of the optimal individual price is well approximated by a random walk. This is in line with the assumptions maintained in most of the theoretical literature. <p><p>Chapter 4 of the thesis has been co-authored by Julia Lendvai. In this paper a full-fledged production economy model with Kahneman and Tversky’s Prospect Theory features is constructed. The agents’ objective function is assumed to be a weighted sum of the usual utility over consumption and leisure and the utility over relative changes of agents’ wealth. It is also assumed that agents are loss-averse: They are more sensitive to wealth losses than to gains. Apart from the changes in the utility, the model is set-up in a standard Real Business Cycle framework. The authors study prices of stocks and risk-free bonds in this economy. Their work shows that under plausible parameterizations of the objective function, the model is able to explain a wide set of unconditional asset return moments, including the mean return on risk-free bonds, equity premium and the Sharpe Ratio. When the degree of loss aversion in the model is additionally assumed to be state-dependent, the model also produces countercyclical risk premia. This helps it match an array of conditional moments and in particular the predictability pattern of stock returns. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

This master’s thesis describes the design and implementation of the application that created the basis set pieces "puzzle" according to the shape of the folded edges of the original image. This application is developed using Matlab. The work also describes how to create a database of actual pieces of the puzzle composite photo image. Closer was also focused on finding the characteristic section points, their segmentation and appropriate description. There is dismantled procedure for selecting the types of symptoms and their extraction. On the basis of suitably described pieces of segmented parts is designed and implemented the algorithm of comparing and grouping into clusters. Using the proposed method of visualization is then displayed in the resulting composite picture puzzle.

This master’s thesis describes the design and implementation of the application that created the basis set pieces "puzzle" according to the shape of the folded edges of the original image. This application is developed using Matlab. The work also describes how to create a database of actual pieces of the puzzle composite photo image. Closer was also focused on finding the characteristic section points, their segmentation and appropriate description. There is dismantled procedure for selecting the types of symptoms and their extraction. On the basis of suitably described pieces of segmented parts is designed and implemented the algorithm of comparing and grouping into clusters. Using the proposed method of visualization is then displayed in the resulting composite picture puzzle.

Det finns begränsad tillgång till pussel för personer med synfel (inklusive blinda personer). För att undersöka behovet av potentiella användare i 3D kartpussel och identifiera deras preferenser, behov och krav, användes en kvalitativ metod som på engelska kallas ”participatory design”. Projektet utfördes i Kreta och alla deltagare kom från ön. Då Icke-standardiserade subjekt användes i forskningsprojektet användes lämpliga tillgängliga metoder och kommunikationsvägar för att anpassa studien för denna grupp. Stor vikt lades ner på bakgrundsstudier, inklusive intervjuer med experter och undersökning av befintligt material inom detta ämne.  För att underlätta förståelsen av konceptet och skapa en gemensam referensram för alla deltagare gjordes funktionella 3D prototyper av  kartpussel föreställande Kreta. Prototyperna gjordes i trä, antingen tall eller MDF. Därefter organiserades fokusgrupper och intervjuer. I fokusgrupperna deltog vuxna och barn med synnedsättning. Aktiviteterna var scenariokreation, utvärdering av användarvänlighet och en enkätundersökning som fylldes in av de som kunde (personer med tillräckligt god syn).  Data som samlades analyserades med hjälp av kvalitativa och kvantitativa metoder. Resultatet av testerna visade potentiella användarvänlighetsproblem för prototyperna, de flesta relaterade till synskadade individers erfarenheter av linkande produkter. Dessutom identifierades deltagarnas preferenser och behov angående temat, storlek, material, typ av samband och andra faktorer av pusslet.  Resultaten visar att osäkerhet eller brist på bekräftelse huruvida pusselbitarna var lagda rätt eller fel var den största svårigheten bland deltagare med synnedsättning. Den mest populära metoden för låsning av pusselbitarna bland de med synnedsättning var ”fit in a frame” och ”magnets”. Majoriteten av deltagarna uppmuntrade att lägga till färger på pusslet och markera olika städer. Sex av åtta deltagare var intresserade av att köpa pussel liknande det som de testat. Av 22 icke synskadade personer svarade nio av dem att det är möjligt att de skulle köpa pusslet och elva svarade att det är väldigt möjligt att de skulle köpa tredimensionella pussel. Mer än hälften såg färger som ett tilläggselement på pusslet. De två mest populära låsningsmetoderna var ”loose contact” och ”fit in a frame”. Angående materialvalet, togs trä emot väl av både synskadade och icke-synskadade testpersoner. Träprototyper  var dock det enda tillgängliga under testet. Deltagare gav flera förslag angående temat, storlek och extra egenskaper för produkten. Det resulterade i att många idéer genererades under ”workshopen”. Utfall, problem och begränsningar relaterade till de använda metoderna diskuterades och rekommendationer för framtida studier gjordes. / There are a limited number of puzzles accessible to visually impaired people (including the blind population) and also limited 3D map-puzzles available in the market. In order to explore the interest of potential users in 3D map-puzzles and identify their preferences, needs and demands, a participatory design approach was adopted. The project took place in Crete and all participants came from the local population. Because of the non-standard population included in this research project (visually impaired people) accessible methods and means of communication had to be selected. Therefore an extensive background research was performed, including interviews with experts and a thorough study of existing knowledge and previous research in related fields.  Aiming to facilitate understanding of the concept and to provide a common point of reference for all participants, functional prototypes of a 3D map-puzzle of the island of Crete were developed and manufactured. Prototypes were made of wood, either Pine or MDF. Subsequently, focus group and interview sessions were organized. Visually impaired and sighted, adults and children, participated in these sessions which included usability testing of the prototypes, scenario creation and a questionnaire (for the sighted participants). Data collected in the conducted sessions were analyzed using qualitative and quantitative methods. The results revealed usability problems of the prototypes and provided signs of potential problems, most of them related to the use of similar products by visually impaired individuals. Additionally, preferences and needs of the participants about the theme, the size, the material, the type of connection and other elements of the puzzle, were identified. According to the findings, the most severe problem, occurring when visually impaired participants tried to assemble the puzzle, was the uncertainty or “lack of confirmation” whether pieces were assembled in the right way or not. The most popular connection types among visually impaired participants were “fit in a frame” and “magnet”. Additionally, the majority of visually impaired participants were in favor of adding colors on the puzzle and marks for the different cities. Regarding buying interest, six out of eight visually impaired participants stated that they would buy a puzzle like the one they tested. Out of the twenty-two sighted participants, nine answered that it is “possible” and eleven answered that it is “highly possible” to buy a 3D map-puzzle. More than half of the sighted participants selected colors as an additional element on the puzzle while the two most popular connection types were “loose contact” and “fit in a frame”. Regarding the material of the puzzle, wood was well accepted by both sighted and visually impaired participants. However, only prototypes made from wood were available to the participants.  Additionally, participants made various suggestions regarding the theme, the size and additional elements of a 3D puzzle. As a result, many ideas were produced during the sessions. Eventually, outcomes, problems and limitations related to the methods used during the study were discussed and recommendations for future work were made.

Det finns begränsad tillgång till pussel för personer med synfel (inklusive blinda personer). För att undersöka behovet av potentiella användare i 3D kartpussel och identifiera deras preferenser, behov och krav, användes en kvalitativ metod som på engelska kallas ”participatory design”. Projektet utfördes i Kreta och alla deltagare kom från ön. Då Icke-standardiserade subjekt användes i forskningsprojektet användes lämpliga tillgängliga metoder och kommunikationsvägar för att anpassa studien för denna grupp. Stor vikt lades ner på bakgrundsstudier, inklusive intervjuer med experter och undersökning av befintligt material inom detta ämne.  För att underlätta förståelsen av konceptet och skapa en gemensam referensram för alla deltagare gjordes funktionella 3D prototyper av  kartpussel föreställande Kreta. Prototyperna gjordes i trä, antingen tall eller MDF. Därefter organiserades fokusgrupper och intervjuer. I fokusgrupperna deltog vuxna och barn med synnedsättning. Aktiviteterna var scenariokreation, utvärdering av användarvänlighet och en enkätundersökning som fylldes in av de som kunde (personer med tillräckligt god syn).  Data som samlades analyserades med hjälp av kvalitativa och kvantitativa metoder. Resultatet av testerna visade potentiella användarvänlighetsproblem för prototyperna, de flesta relaterade till synskadade individers erfarenheter av linkande produkter. Dessutom identifierades deltagarnas preferenser och behov angående temat, storlek, material, typ av samband och andra faktorer av pusslet.  Resultaten visar att osäkerhet eller brist på bekräftelse huruvida pusselbitarna var lagda rätt eller fel var den största svårigheten bland deltagare med synnedsättning. Den mest populära metoden för låsning av pusselbitarna bland de med synnedsättning var ”fit in a frame” och ”magnets”. Majoriteten av deltagarna uppmuntrade att lägga till färger på pusslet och markera olika städer. Sex av åtta deltagare var intresserade av att köpa pussel liknande det som de testat. Av 22 icke synskadade personer svarade nio av dem att det är möjligt att de skulle köpa pusslet och elva svarade att det är väldigt möjligt att de skulle köpa tredimensionella pussel. Mer än hälften såg färger som ett tilläggselement på pusslet. De två mest populära låsningsmetoderna var ”loose contact” och ”fit in a frame”. Angående materialvalet, togs trä emot väl av både synskadade och icke-synskadade testpersoner. Träprototyper  var dock det enda tillgängliga under testet. Deltagare gav flera förslag angående temat, storlek och extra egenskaper för produkten. Det resulterade i att många idéer genererades under ”workshopen”. Utfall, problem och begränsningar relaterade till de använda metoderna diskuterades och rekommendationer för framtida studier gjordes. / There are a limited number of puzzles accessible to visually impaired people (including the blind population) and also limited 3D map-puzzles available in the market. In order to explore the interest of potential users in 3D map-puzzles and identify their preferences, needs and demands, a participatory design approach was adopted. The project took place in Crete and all participants came from the local population. Because of the non-standard population included in this research project (visually impaired people) accessible methods and means of communication had to be selected. Therefore an extensive background research was performed, including interviews with experts and a thorough study of existing knowledge and previous research in related fields.  Aiming to facilitate understanding of the concept and to provide a common point of reference for all participants, functional prototypes of a 3D map-puzzle of the island of Crete were developed and manufactured. Prototypes were made of wood, either Pine or MDF. Subsequently, focus group and interview sessions were organized. Visually impaired and sighted, adults and children, participated in these sessions which included usability testing of the prototypes, scenario creation and a questionnaire (for the sighted participants). Data collected in the conducted sessions were analyzed using qualitative and quantitative methods. The results revealed usability problems of the prototypes and provided signs of potential problems, most of them related to the use of similar products by visually impaired individuals. Additionally, preferences and needs of the participants about the theme, the size, the material, the type of connection and other elements of the puzzle, were identified. According to the findings, the most severe problem, occurring when visually impaired participants tried to assemble the puzzle, was the uncertainty or “lack of confirmation” whether pieces were assembled in the right way or not. The most popular connection types among visually impaired participants were “fit in a frame” and “magnet”. Additionally, the majority of visually impaired participants were in favor of adding colors on the puzzle and marks for the different cities. Regarding buying interest, six out of eight visually impaired participants stated that they would buy a puzzle like the one they tested. Out of the twenty-two sighted participants, nine answered that it is “possible” and eleven answered that it is “highly possible” to buy a 3D map-puzzle. More than half of the sighted participants selected colors as an additional element on the puzzle while the two most popular connection types were “loose contact” and “fit in a frame”. Regarding the material of the puzzle, wood was well accepted by both sighted and visually impaired participants. However, only prototypes made from wood were available to the participants.  Additionally, participants made various suggestions regarding the theme, the size and additional elements of a 3D puzzle. As a result, many ideas were produced during the sessions. Eventually, outcomes, problems and limitations related to the methods used during the study were discussed and recommendations for future work were made.

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