Information Systems Frontiers (ISF) has crossed its first decade. We would like to thank all the Advisory Editors, the Executive Editors, the special issue editors and the various referees from across the world and of course Springer, the publishers, who have made this journal a success. In this last issue of 2012, ISF brings to you, nine articles which span the various topics at the frontiers of information systems. The lead article by Nobel Laureate, Arrow (2012) is a thought piece on economic theory and the financial crisis. In this article, Profesor Arrrow probes the role of the market in allocating resources. He suggests that the failure of markets for various kinds of derivative securities to perform properly is an essential element of the current financial crisis. Financial crises are not a new phenomenon and have been recognized by economists from John Stuart Mill (1848) onwards. Professor Arrow starts with the neoclassical general equilibrium framework, and seeks to identify a possible point at which it fails to supply a coherent theory of securities markets and so might possibly lead to some understanding of the repeated crises of the financial system underlying the development of capitalism. The article also touches upon one of the most important innovations in economic theory in the last 50 years–asymmetric information and points out that the presence of asymmetric information creates difficulties with the allocation of risks through the market. Professor Arrow argues that information is of the utmost importance in making economic decisions, especially when it comes to securities or other assets whose value depends on events that are yet unknown. Finally Professor Arrow discusses the issues of inefficient incentives and their impact on the financial crisis and concludes with some policy implications. The second article by Professors Zo et al. (2012) focuses on end-to-end reliability of service oriented applications. The paper focuses on reliability issues associated with applications developed within service oriented architecture. It develops a measure for deriving end-to-end application reliability. It further develops a model to help select appropriate services for tasks in the business process which accommodate the redundant and overlapping functionality of available services and planned redundancy in task support. A genetic algorithm approach is adopted to select promising services to assemble the application using endto-end reliability as the criterion of interest. The paper concludes with an application to a real-world business process. Professors Chunlin Li and Layuan Li develop an efficient resource allocation for maximizing benefit of users and resource providers in ad hoc grid environment (2012). The paper proposes an efficient resource allocation scheme for grid computing marketplace where ad hoc grid user agents can buy usage of memory and CPU from grid resource providers. The agents goal is to obtain optimized quality of service to accomplish their tasks on time within a given budget, and achieve profit maximization. The paper combines perspectives of adhoc grid users as well as resource providers. Simulations are conducted to compare the performance of the algorithms with related work. The fourth article, FAST: Fundamental Analysis Support for Financial Statements: Using semantics for trading recommendations (2012) is by Professors Alejandro Rodriguez-Gonzalez, Ricardo Colomo-Palacios & Fernando Guldris-Iglesias, Juan Miguel Gomez-Berbis and Angel Garcia-Crespo. The authors present a real trading system that has been developed using semantic technologies. These enable the definition of schemes that can be used for storing financial information, which, in turn, can be easily accessed and queried. Additionally, they incorporate R. Ramesh :H. R. Rao (*) SUNY Buffalo, Buffalo, NY, USA e-mail: mgmtrao@gmail.com
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