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The purpose of this paper is to describe the transformative impact that 3D technologies rooted in entertainment, e.g. games and virtual worlds, are beginning to have on the business environment for the development of enterprise applications.

This briefing draws on wide, firsthand experience of the policy, research and commercial implications of new digital technologies.

The paper finds that these technologies and the resulting applications have significant potential to increase learning and development, realize productivity gains and boost Return on Investment (ROI) across a wide range of enterprise functions.

The paper provides strategic insights, including case study references on how the widespread adoption of 3D internet technologies by consumers is poised to shape the workplace. Some of the technical, cultural and regulatory challenges are also addressed.

The paper encourages decision makers in organizations to consider how these new technologies can be applied to deliver value. This includes stimulating innovation, personal development, effective meetings, new channels for customer engagement and recruitment.

The paper analyses the challenges of globalization for exchange rate and monetary policy.

It first deals with the implications of globalization for the choice of an appropriate exchange rate regime. Then it discusses different strategic aspects of monetary policy in the light of globalization. Finally, it examines the effect of globalization on inflation and the implications of this for the focus on monetary policy.

The main challenge of globalization for exchange rate policy refers to the choice of an appropriate exchange rate regime. Exchange rate policy is constrained by the financial instability tendency effect of globalization insofar as intermediate exchange rate regimes tend to be very unstable. However, globalization may also create the desire to change the focus of monetary policy. Globalization is sometimes argued to reduce inflationary pressures and therefore to “ease” the job of central banks. However, there are caveats with this conclusion or arguments that are discussed in this paper.

The paper gives an innovative overview of the various challenges of globalization for monetary policy.

The present paper is intended to form an introduction to the ideas of machine translation; it is in no sense a complete account of the work which has been carried out at Birkbeck College and elsewhere and which interested readers can study in more detail in a book which is in course of publication.

There was unfinished business to address in the version of the planner–doer model developed in Thaler and Shefrin (1981). The unfinished business involved identifying and modeling the crucial roles played by temptation and mental accounting in pensions and savings behavior. The present paper has two objectives.

The first objective is to describe the key lessons learned in transitioning from the model in Thaler and Shefrin (1981) to the model in Shefrin and Thaler (1988), a transition which addressed some of the unfinished business. The second objective is to describe as yet unfinished business associated with developing a multicommodity, intertemporal version of the planner–doer framework, incorporating the concepts of temptation and mental accounting, to replace the neoclassical theory of the consumer.

Doing so will provide a theoretical foundation for nudges related to household budgeting, spending, saving, borrowing and investing.

This paper presents the first behavioral theory of the consumer, focusing on the manner in which consumers actually make decisions about budgeting, spending. borrowing and saving. The approach in the paper can be viewed as a behavioral counterpart to the neoclassical theory of the consumer. In contrast to the neoclassical approach, which assumes that consumers set and follow utility maximizing budgets, the empirical evidence indicates that only a small minority of consumers describe themselves as setting and following budgets. The behavioral theory presented here focuses on the heuristic nature of consumers' actual budgeting processes and extends the approach described in Thaler and Shefrin's 1981 seminal paper on self-control. The core of the present paper is a working paper which Shefrin and Thaler began in 1980, and as such represents unfinished business from that time. The first part of this paper describes earlier unfinished business from the 1981 framework that the authors subsequently addressed as they developed the behavioral life cycle hypothesis during the 1980s.