In this paper, we present a simple distributed algorithm for resource allocation which simultaneously approximates the optimum value for a large class of objective functions. In particular, we consider the class of canonical utility functions U that are symmetric, non-decreasing, concave, and satisfy U (0) = 0. Our distributed algorithm is based on primal-dual updates. We prove that this algorithm is an O(log ρ)-approximation for all canonical utility functions simultaneously, i.e. without any knowledge of U . The algorithm needs at most O(log 2 ρ) iterations. Here n is the number of flows, m is the number of edges, R is the ratio between the maximum capacity and the minimum capacity of the edges in the network, and ρ is max {n, m, R}.We extend this result to multi-path routing, and also to a natural pricing mechanism that results in a simple and practical protocol for bandwidth allocation in a network. When the protocol reaches equilibrium, the allocated bandwidths are the same as when the distributed algorithm converges; hence the protocol is also an O(log ρ) approximation for all canonical utility functions.

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This study analyzes the relationship between information asymmetry and dividend policy in an emerging market, Korea. We adopt several proxies for information asymmetry, such as the Glosten–Harris and Hasbrouk–Foster–Viswanathan models, drawn from market microstructure literature. This study finds a negative relationship between information asymmetry and dividend yields, which appears to be particularly strong when firms have difficulty raising external capital because they have high systematic risk, financial constraints, or low stock liquidity. This result, based on an analysis using market microstructure variables that provide direct measures of information asymmetry, suggests that the pecking order theory holds for the Korean stock market and that information asymmetry is a strong determinant of dividend policy decisions in an emerging market.

Abstract-This letter analyzes a class of neighbor discovery algorithms in ad hoc networks using directional antennas for both reception and transmission. We consider synchronized and random sector -timeslot assignment strategies and compare their behaviors. Analytic results validated by simulation clearly show the latency benefits of the synchronized sector assignment over the random assignment.