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As Dr. Derman put it in his book “My Life as a Quant: Reflections on Physics and Finance,” “In physics there may one day be a Theory of Everything; in finance and the social sciences, you’re lucky if there is a useable theory of anything.”

Asked to compare her work to physics, one quant, who requested anonymity because her company had not given her permission to talk to reporters, termed the market “a wild beast” that cannot be controlled, and then added: “It’s not like building a bridge. If you’re right more than half the time you’re winning the game.” There are a thousand physicists on Wall Street, she estimated, and many, she said, talk nostalgically about science. “They sold their souls to the devil,” she said, adding, “I haven’t met many quants who said they were in finance because they were in love with finance.” ...

tock options, however, were where this revolution was to have its greatest, and paradigmatic, success. In the 1970s the late Fischer Black of Goldman Sachs, Myron S. Scholes of Stanford and Robert C. Merton of Harvard had figured out how to price and hedge these options in a way that seemed to guarantee profits. The so-called Black-Scholes model has been the quants’ gold standard ever since.

In the old days, Dr. Derman explained, if you thought a stock was going to go up, an option was a good deal. But with Black-Scholes, it doesn’t matter where the stock is going. Assuming that the price of the stock fluctuates randomly from day to day, the model provides a prescription for you to still win by buying and selling the underlying stock and its bonds.

“If you’re a trading desk,” Dr. Derman explained, “you don’t care if it goes up or down; you still have a recipe.” ...

But it gets more complicated than that. For example, markets are not perfectly efficient — prices do not always adjust to right level and people are not perfectly rational. Indeed, Dr. Derman said, the idea of a “right level” is “a bit of a fiction.” As a resu

Let’s look at what happened during the Oscars.

During this year’s broadcast, we used Nielsen’s “Convergence Panel” – a sample of homes in which we measure both television and Internet in the same households — to monitor the people in our panel who were simultaneously following the Oscars on live television and over the Internet. We saw some very impressive numbers. Of course, it’s important to note that the base sizes for this research are small - in the dozens of users, not the hundreds — so we can’t draw truly scientific conclusions from the data. That said, we did observe some interesting directional trends:

* More than 1 in 10 people (11%) watching the Oscars this year did so while logged onto the Internet. This is nearly four times greater than the normal rate of simultaneous usage we observe.
* While there was some expected surfing to places like IMDB for more information on movies, the true winner of the night was Facebook.
* People who used Facebook during the broadcast used it for an average of 76 minutes. This compares to a little more than 30 minutes on average for MySpace, and just a little more than 20 minutes for the major portals.
* People who used Facebook while watching the Oscars watched about 50% more of the broadcast than the average Oscar viewer.

Additionally, we estimate that more than 100,000 messages were sent via Twitter during the broadcast - that’s more than 400 message per minute, or nearly 7 per second.

What were people talking about? From my personal observations of Tweets during the broadcast, it was just what you’d expect if you had a living room filled with thousands of your closest friends.

There are still a lot phones that lack support for Internet browsing or Facebook applications and for mobile users of these devices, messaging is the easiest way to get access to the social-networking site, according to Vesa Lindqvist, development manager for Mobility Services at TeliaSonera Finland, Sonera's parent company.

Using SMS (Short Message Service), users will both be able to update their status and get messages from friends. The "Text Me" service lets users receive messages from friends. The first 20 messages per month are free, and users can buy an additional 50 messages for €1.90 (US$2.40), TeliaSonera said in a statement.

Using SMS and the "Text Your Status" service users can update their status by sending a message to a special number. In this case they are charged €0.79 per SMS, according to TeliaSonera.

The Nielsen survey of users' habits found that 67% of all those going online were spending time at social network and blogging sites.

Interest in the category is growing four times faster than the other top four sectors, said the report.

In the UK one in every six minutes of the average web user is spent at a social site, it found. ...

HOW MANY USE THE TOP SITES?
1) Search - 85.9%
2) Portals/communities - 85.2%
3) PC software - 73.4%
4) Member Communities - 66.8%
5) E-mail - 65.1%

US Consumer spending on Subscription-TV, Broadband, and Mobile Services will be "about the same" for most consumers, but about 15% intend to cut back. As a result, In-Stat estimates that consumer spending across these three segments could see nearly a $5 billion decrease during the next 12 months. Yet In-Stat’s recent survey reveals that broadband service is among the most integral parts of consumers’ lives. Over 66 million consumers across demographic categories are using the Internet while camped out on their sofas watching TV.

“Some male age groups had 40% to 50% of respondents using a PC while watching TV, and about 30% of females under the age of 40 are also using a PC while watching TV,” says Gerry Kaufhold, In-Stat analyst.

If they haven't already, your CEO will join Facebook this year. That's according to a new digital outlook report to be released today by the marketing specialists at Razorfish.

"Executives are responding to social media and the real impact it's having on their brands," said Terri Walter, vice president of emerging media at Razorfish.

While older generations are experimenting more online, younger early-adopters are maturing with regard to online usage. Unfortunately for marketers, that means an increasingly sophisticated, selective, and even-harder-to-reach 18- to-25-year-old consumer.

What happened was something entirely different. When Asustek launched the Eee PC in fall 2007, it sold out the entire 350,000-unit inventory in a few months. Eee PCs weren't bought by people in poor countries but by middle-class consumers in western Europe and the US, people who wanted a second laptop to carry in a handbag for peeking at YouTube or Facebook wherever they were. Soon the major PC brands—Dell, HP, Lenovo—were scrambling to catch up; by fall 2008, nearly every US computermaker had rushed a teensy $400 netbook to market.

All of which is, when you think about it, incredibly weird. Netbooks violate all the laws of the computer hardware business. Traditionally, development trickles down from the high end to the mass market. PC makers target early adopters with new, ultrapowerful features. Years later, those innovations spread to lower-end models.

But Jepsen's design trickled up. In the process of creating a laptop to satisfy the needs of poor people, she revealed something about traditional PC users. They didn't want more out of a laptop—they wanted less. ...

By the end of 2008, Asustek had sold 5 million netbooks, and other brands together had sold 10 million. (Europe in particular has gone mad for netbooks; sales there are eight times higher than in the US.) In a single year, netbooks had become 7 percent of the world's entire laptop market. Next year it will be 12 percent.

"We started inventing technology for the bottom of the pyramid," Jepsen says, "but the top of the pyramid wants it too." This bit of trickle-up innovation, this netbook, might well reshape the computer industry—if it doesn't kill it first.

I wrote this story on a netbook, and if you had peeked over my shoulder, you would have seen precisely two icons on my desktop: the Firefox browser and a trash can. Nothing else.

It turns out that about 95 percent of what I do on a computer can now be accomplished through a browser. I use it for updating Twit

After some very successful tests through 2008 the Norwegian state broadcaster has decided to set up their own BitTorrent tracker and start offering content through this form of distribution on a more regular basis.

The tracker is based on the same OpenTracker software that the Pirate Bay has been using for the last couple of years. But it will only be used to distribute content from the Norwegian Broadcasting Corporation (NRK).

Apple must address several issues in order to turn its recent strong performance into global digital home market leadership

It still does not quite match the established leaders on every metric, and must address the "big screen" challenge sooner or later; a successful connected TV strategy is critical to the company's ability to challenge for overall market leadership

Cisco is the "blind side" competitor that has the potential to transform the digital home industry over the coming decade

Cisco's consumer strategy is ambitious and strongly financed, and while its future value chain positioning is still uncertain, its technology strategy could have a radical long term impact on established market leaders

With the exception of Cisco, the IT industry is poorly positioned to benefit from future consumer market opportunities

PC-centric technology vendors such as HP, Dell and Intel continue to demonstrate poor understanding of consumer markets and value chain dynamics, and weak execution on consumer technology strategies, and Strategy Analytics sees little prospect for improvement in these critical metrics

Nokia is best positioned of the major communications vendors to play a key role in the connected home

The successful integration of the company's Ovi platform with its multimedia device portfolio will be vital to cement Nokia's position as a leader in connected consumer markets

O2 has launched a new initiative called o2 families that hopes to make life easier for busy families always on the go.

The spearhead of the new campaign will be a digital touchscreen photo frame that allows families to manage a diary that can be accessed via your mobile phone when you are out and about.

“We’ve developed the O2 Joggler with today’s busy families in mind. It has been purpose built to help families better organise their lives,” said Alistair Johnston, Marketing Director, Telefónica O2 UK.

Called the o2 Joggler, because family lives are constantly moving as if you are jogging, the core focus of the 7-inch screen, Intel Atom powered device made by Open Peak in the US, will be the o2 Calendar.

Although it doesn't yet support the iCal calendar open standard as used by Google and Apple, it is hoped that users will be happy to punch in their daily wearabouts so any other member of the family can see what's happening when.

Customer-centric design and service increase the value consumers derive from their products and services, and help deliver a high-quality customer experience.

Usability, service and support, therefore, have now assumed critical roles. Our research finds that consumers have very high expectations: networked devices must work together, simply and easily, and there must be comprehensive, one-stop shopping for service and support needs. It's a tall order. But companies must meet that challenge if they expect to compete and achieve high performance in the years ahead.

The number of Livebox sets was up 28 percent, with 7.8 million units sold in Europe as of 31 December 2008. The number of Voice over IP customers grew
36 percent to 6.5 million as of 31 December 2008. Digital and satellite TV subscribers rose to 2.1 million in Europe as of 31 December 2008, with the majority in France), compared with 1.2 million a year earlier, an increase of 66 percent.

The number of Livebox sets was up 28 percent, with 7.8 million units sold in Europe as of 31 December 2008. The number of Voice over IP customers grew
36 percent to 6.5 million as of 31 December 2008. Digital and satellite TV subscribers rose to 2.1 million in Europe as of 31 December 2008, with the majority in France), compared with 1.2 million a year earlier, an increase of 66 percent.

• Wie gehen die Konsumenten heute mit digitalen Medien um? Wie selbstverständlich sind digitale Medien bereits in unserem Leben? Welche Bedeutung kommt der Vernetzung, also der Verbindung digitaler Endgeräte über digitale Netze, momentan in unterschiedlichen Lebensbereichen zu?

• Welche Rolle werden verschiedene Kommunikationsmedien in Zukunft spielen – und zwar im privaten wie auch im beruflichen Umfeld? Wie wird sich der Grad der Digitalisierung und Vernetzung im Leben der Menschen verändern?

• Wie werden sich die technischen Infrastrukturen – Breitbandanschlüsse, Übertragungsgeschwindigkeiten, mobiles und stationäres Internet – entwickeln?

• Für welche Dienste und Anwendungen werden sich die Konsumenten in Zukunft interessieren? Welche Vorstellungen und Bedürfnisse und damit auch Anforderungen an die Gestaltung von Telekommunikationsangeboten haben die Konsumenten?

• Welche Entwicklungen sind international zu beobachten? Wo steht Deutschland im internationalen Vergleich?

• Wie gehen die Konsumenten heute mit digitalen Medien um? Wie selbstverständlich sind digitale Medien bereits in unserem Leben? Welche Bedeutung kommt der Vernetzung, also der Verbindung digitaler Endgeräte über digitale Netze, momentan in unterschiedlichen Lebensbereichen zu?

• Welche Rolle werden verschiedene Kommunikationsmedien in Zukunft spielen – und zwar im privaten wie auch im beruflichen Umfeld? Wie wird sich der Grad der Digitalisierung und Vernetzung im Leben der Menschen verändern?

• Wie werden sich die technischen Infrastrukturen – Breitbandanschlüsse, Übertragungsgeschwindigkeiten, mobiles und stationäres Internet – entwickeln?

• Für welche Dienste und Anwendungen werden sich die Konsumenten in Zukunft interessieren? Welche Vorstellungen und Bedürfnisse und damit auch Anforderungen an die Gestaltung von Telekommunikationsangeboten haben die Konsumenten?

• Welche Entwicklungen sind international zu beobachten? Wo steht Deutschland im internationalen Vergleich?

But now Mr. Bewkes, Time Warner CEO, has a plan to put all cable programming on the web in places such as Hulu, MySpace, Yahoo TV, or even YouTube. Of course, there's a catch. To get it you'll have to prove you subscribe to pay TV through cable, satellite, or telco.

Time Warner CEO Jeff Bewkes
Time Warner CEO Jeff Bewkes

"If you want to watch your favorite TV network or shows through broadband on any device -- PCs or mobile -- you can do it as long as you subscribe to any multichannel provider," Mr. Bewkes told Advertising Age. "It's a natural extension of the existing model."

The initiative, dubbed "TV Everywhere," is intended to be an industrywide effort, and Mr. Bewkes expects to ready a test of it this year. "This is not just for the cable industry," he said. "It's about keeping the health of all these fantastic networks while making them available at no extra charge on the online platform."

But now Mr. Bewkes, Time Warner CEO, has a plan to put all cable programming on the web in places such as Hulu, MySpace, Yahoo TV, or even YouTube. Of course, there's a catch. To get it you'll have to prove you subscribe to pay TV through cable, satellite, or telco.

Time Warner CEO Jeff Bewkes
Time Warner CEO Jeff Bewkes

"If you want to watch your favorite TV network or shows through broadband on any device -- PCs or mobile -- you can do it as long as you subscribe to any multichannel provider," Mr. Bewkes told Advertising Age. "It's a natural extension of the existing model."

The initiative, dubbed "TV Everywhere," is intended to be an industrywide effort, and Mr. Bewkes expects to ready a test of it this year. "This is not just for the cable industry," he said. "It's about keeping the health of all these fantastic networks while making them available at no extra charge on the online platform."

• Ungdommene ser mye på bilder, snakker med folk og er med i forskjellige grupper.
• Hvor utrolig fort det har gått med Facebook i Norge - fra under 3 000 i januar 2007 til over 1,5 millioner i februar 2009.
• Blant de mellom 13-30 er det over 90% som har en profil på Facebook. Alle bruker Facebook, akkurat som med mobil.
• Hva skjer etter Facebook? Jeg tror det skjer like mye de neste 5-6 årene som de foregående.
• Facebook som politisk arena - enklere å organisere andre mennesker ved hjelp av Facebook.
• Høy sosial aktivitet på nettet brukes til å organisere høy sosial aktivitet lokalt.
• Hvordan gruppe nummer tre er på vei inn på Facebook, det jeg kaller “tantene”.
• Online hele tiden på Facebook - enten fra PCen eller mobilen.

• Ungdommene ser mye på bilder, snakker med folk og er med i forskjellige grupper.
• Hvor utrolig fort det har gått med Facebook i Norge - fra under 3 000 i januar 2007 til over 1,5 millioner i februar 2009.
• Blant de mellom 13-30 er det over 90% som har en profil på Facebook. Alle bruker Facebook, akkurat som med mobil.
• Hva skjer etter Facebook? Jeg tror det skjer like mye de neste 5-6 årene som de foregående.
• Facebook som politisk arena - enklere å organisere andre mennesker ved hjelp av Facebook.
• Høy sosial aktivitet på nettet brukes til å organisere høy sosial aktivitet lokalt.
• Hvordan gruppe nummer tre er på vei inn på Facebook, det jeg kaller “tantene”.
• Online hele tiden på Facebook - enten fra PCen eller mobilen.

Marketing director Simon Uwins said: “We went into people’s houses, talked to them about food and food shopping. We went into their kitchens and poked round pantries.”

Unfortunately, Mason now admits, they did not poke around their garages, where they would have found huge freezer chests bulging with stockpiled meat bought on special offer.

“There’s less loyalty in the American market,” said Mason. “A Brit has to hear it a few times before you accept that people make up their mind where to go each week when they check out the special offers round the kitchen table.

Marketing director Simon Uwins said: “We went into people’s houses, talked to them about food and food shopping. We went into their kitchens and poked round pantries.”

Unfortunately, Mason now admits, they did not poke around their garages, where they would have found huge freezer chests bulging with stockpiled meat bought on special offer.

“There’s less loyalty in the American market,” said Mason. “A Brit has to hear it a few times before you accept that people make up their mind where to go each week when they check out the special offers round the kitchen table.

The standing expectation is that consumers who scale down will scale back up when prosperity and credit return. But it is possible that the new, more modest, positively Amsterdamian, consumption pattern will prove sticky. This is what happened in Japan in the 1990s. Consumers gave up free spending ways and never came back. As Tabuchi put in in the New York Times, "free-spending consumers [turned] into misers, making them a dead weight on Japan's economy."

A change of this order takes a full-on anthropological investigation. In the meantime, we may speculate. I think Scitvosky's model might be useful here. He shows how the pleasure of a new purchase devolves into comfort and I wonder if the reverse is also true. Displeasure, as we move to a lower level of consumption, might for some consumers eventually lose its sting and turn to comfort too. Or not.

The question is whether we might habituate to a lower level of spending. I think this can only happen if some of the deeper cultural drivers of the consumer culture fall silent. These would include competitive spending. (This is largely dead among some Millenials.)

The standing expectation is that consumers who scale down will scale back up when prosperity and credit return. But it is possible that the new, more modest, positively Amsterdamian, consumption pattern will prove sticky. This is what happened in Japan in the 1990s. Consumers gave up free spending ways and never came back. As Tabuchi put in in the New York Times, "free-spending consumers [turned] into misers, making them a dead weight on Japan's economy."

A change of this order takes a full-on anthropological investigation. In the meantime, we may speculate. I think Scitvosky's model might be useful here. He shows how the pleasure of a new purchase devolves into comfort and I wonder if the reverse is also true. Displeasure, as we move to a lower level of consumption, might for some consumers eventually lose its sting and turn to comfort too. Or not.

The question is whether we might habituate to a lower level of spending. I think this can only happen if some of the deeper cultural drivers of the consumer culture fall silent. These would include competitive spending. (This is largely dead among some Millenials.)

For all groups, morality in the real world was related to morality in the virtual world. In other words, the more important good moral character in the real world was, the less acceptable morally questionable virtual behaviors were. ...

The frequency of exposure to information technology also had an effect. The more children used the Internet, the more they found invasion of privacy online, videogame violence and online pornography acceptable.

For all groups, morality in the real world was related to morality in the virtual world. In other words, the more important good moral character in the real world was, the less acceptable morally questionable virtual behaviors were. ...

The frequency of exposure to information technology also had an effect. The more children used the Internet, the more they found invasion of privacy online, videogame violence and online pornography acceptable.

Police say an Ohio mother has been charged with child endangering after another driver reported she was breast-feeding and talking on the phone while driving.

The caller told police in suburban Dayton that he spotted the minivan-driving mother dropping off children at a school Thursday morning.

Police say an Ohio mother has been charged with child endangering after another driver reported she was breast-feeding and talking on the phone while driving.

The caller told police in suburban Dayton that he spotted the minivan-driving mother dropping off children at a school Thursday morning.