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PDF Ebook Virtual Reality For Social Phobia and Agoraphobia Treatment

Virtual reality is a technology that creates new definition of Human Computer Interaction (HCI). HCI involves relation between human and technology, especially computer technology. Human acts as the user of computer technology. User Interface (UI) helps user to interact with computer system. UI development relates to display technology development. Before Graphical User Interface (GUI) exists, user interacts with the computer by typing command. For example, when users want to delete a file, they have to type the delete command and the file name. When GUI is introduced, it opens the new possibility for UI diversity. Direct manipulation is one of the interactions between user and computer system that emerges because of GUI. Direct manipulation uses a representation of reality that can be manipulated [20]. For example, one of the reality representations that are widely known is Recycle Bin icon featured in Windows Desktop. If users want to delete a file, they can drag the image or icon that represents the file and drop it to the Recycle Bin. Direct manipulation interface provides dynamic interaction between user and two-dimensional (2D) objects of interest [21].

Unlike regular direct manipulation, Virtual Reality (VR) presents three dimensional (3D) graphical representation of real environment for users to interact with as if the user is actually in the environment [19][21][20]. Users can freely wander through the Virtual Environment (VE) space. Therefore VE, which is 3D computer generated environment, offers moveable views onto 3D spaces. VR gives impression of involvement in a VE rather than external observation of such environment. VR is multi-sensory experience since it involves 3D stereoscopic display, tracker, and sound. Hence VR is able to make an immersive computer generated world, which creates feel of presence to the user. It means that the cognitive aspect becomes important.

In the literature, sometimes presence has different meaning. There is a definition of presence that can differentiate between immersion and presence. [1] Immersion is an objective description of the VR system such as display resolution. Presence is a subjective phenomenon such as sensation of being in a virtual environment (VE). There is also a definition of presence that is described empirically. Based on this definition, presence is categorized into two types as follow:
• Subjective presence. It is a chance that person assesses himself of herself to physically present in the VE.
• Objective presence. It is a chance that person is able to complete his or her task successfully. It relates to the ability of VE to work.

Presence is caused by several factors, such as vividness, interactivity, and user characteristic. [1] Vividness refers the capacity of a technology to generate a sensorially rich environment. It relates to the content of VE. Interactivity is the ability of users to take part in modifying the form and content of VE in a real time. User characteristic means that different person when being faced with the same VE can feel different level of presence because each person has different individuality.

Ebook Credit Card Securitization And Regulatory Arbitrage

Between 1980 and 2002, the average annual growth rate of consumer credit (93% of which is in the form of credit card receivables) was over 12% (Federal Reserve statistics reported in Deutsche Banc Alex. Brown 2002). Growth rates prior to 1987 averaged upwards of 15%. After 1987, securitization became integral to credit card industry growth. Citicorp led the sector through the capital crunch of the early 1990s, increasing its credit card accounts 42% between 1990 and 1992 by securitizing nearly two-thirds of its $33 billion portfolio (Card Industry Directory). Securitization helped restore the consumer finance sector to double-digit growth in 1993 and pushed growth to 18% in 1994 and 22% in 1995. By 1996, securitized credit card receivables exceeded $180 billion, at which time credit cards comprised 48.4% of the non-mortgage ABS market. By 2001, credit card securitization had grown to $339.1 billion. In 2001, credit cards accounted for 28.2% of the non-mortgage ABS market (Bond Market Association 2003), and securitized credit cards amounted to about half of all consumer credit.

It is well known that credit card banks have been among the most intensive and innovative users of new market-oriented tools for financing their loans. Credit card bank reliance on these innovations has been an entirely private matter. Unlike the mortgage market, there are no government-sponsored agencies (GSEs) purchasing credit card receivables.

Ebook Risk Horizon and Rebalancing Horizon in Portfolio Risk Measurement

In 2007, the Basel Committee on Banking Supervision proposed a new measure of market risk known as the incremental risk charge, or IRC; the proposal was updated in January 2009 and is expected to take effect in 2010. The IRC is incremental to the current Basel standard for market risk, which is based on a 99% value-at-risk (VaR) measured over a ten-day horizon. The standard VaR measure was designed to capture the risk in short-term fluctuations of highly liquid securities; but, over time, banks have come to include less liquid assets in their trading books.

The IRC arose in response to this changing composition of bank portfolios and as part of a broader attempt to equalize capital charges for similar risks held in banking and trading books. The proposal is detailed in reports of the Basel Committee ([4, 5]); for perspectives from the industry, see Duncan et al. [16], Sebton et al. [31], and Smillie and Epperlein [32]. For general background on risk capital, see, e.g., Crouhy, Galai, and Mark [11] and McNeil, Frey, and Embrechts [28].

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