András Kornai (born 1957 in Budapest) is a mathematical linguist. == Education == Kornai is the son of economist János Kornai. He earned two PhDs with the first being in mathematics in 1983 from Eötvös Loránd University in Budapest, where his advisor was Miklós Ajtai. His second was in linguistics in 1991 from Stanford University, where his advisor was Paul Kiparsky. == Career == He is a professor in the Department of Algebra at the Budapest Institute of Technology, where he works on an open source Hungarian morphological analyzer. He was Chief Scientist at MetaCarta, where he worked on information extraction before the company was acquired by Nokia. Prior to MetaCarta, he was Chief Scientist at Northern Light. He is on the board of the journal Grammars and YourAmigo PLC. His research interests include all mathematical aspects of natural language processing, speech recognition, and OCR. As area editor he was responsible for the Mathematical Linguistics area of the Oxford International Encyclopedia of Linguistics, and his joint work with Geoffrey Pullum, "The X-bar Theory of Phrase Structure", formally reconstructed that then-popular linguistic theory. == Awards and honors == 2009: ACM Distinguished Member == Monographs == Semantics. Springer Nature, 2020. ISBN 978-3-319-65644-1 Mathematical Linguistics. Springer Verlag, in the series Advanced Information and Knowledge Processing, November 2007. ISBN 978-1-84628-985-9 Hardbound, approximately 300 pages. See description. Formal Phonology. In the series Outstanding Dissertations in Linguistics, Garland Publishing, 1994, ISBN 0-8153-1730-1, hardbound, 240 pages Contents, Preface, Introduction (20 pages) On Hungarian Morphology. In the series Linguistica, Hungarian Academy of Sciences, 1994, ISBN 963-8461-73-X, paperbound, 174 pages Contents, Preface, Introduction (10 pages) == Books edited == Oxford International Encyclopedia of Linguistics (Mathematical Linguistics Area Editor under Editor in Chief William Frawley). 4 volumes, Oxford University Press, 2003, ISBN 978-0-19-513977-8. Proceedings of the HLT-NAACL Workshop on the Analysis of Geographic References. Jointly with Beth Sundheim. Association for Computational Linguistics, 2003, ISBN 1-932432-04-3 (WS9), paperbound, vi+81 pages. See related material. Extended Finite State Models of Language (editor). In the series Studies in Natural Language Processing, Cambridge University Press, 1999, ISBN 0-521-63198-X, hardbound, x+278 pages Contents, Introduction (7 pages). == Selected papers == Digital Language Death. PLoS ONE 8(10): e77056, 2012. [1] Hunmorph: open source word analysis (Jointly with V. Tron, Gy. Gyepesi, P. Halacsy, L. Nemeth, and D. Varga). In Proc. ACL 2005 Software Workshop 77-85 [2] Leveraging the open source ispell codebase for minority language analysis (Jointly with P. Halacsy, L. Nemeth, A. Rung, I. Szakadat, and V. Tron). In J. Carson-Berndsen (ed): Proc. SALTMIL 2004 56-59 [3] Explicit Finitism, International Journal of Theoretical Physics 2003/2 301-307 [4] Mathematical Linguistics (Jointly with G.K. Pullum) In W. Frawley (ed): Oxford International Encyclopedia of Linguistics, Oxford University Press 2003, v3 17-20 [5] Optical Character Recognition, In W. Frawley (ed): Oxford International Encyclopedia of Linguistics, Oxford University Press 2003, v3 33-34 [6] How many words are there? Glottometrics 2002/4 61-86 [7] Zipf's law outside the middle range Proc. Sixth Meeting on Mathematics of Language University of Central Florida, 1999 347-356 [8] A Robust, Language-Independent OCR System. (Jointly with Z. Lu, I. Bazzi, J. Makhoul, P. Natarajan, and R. Schwartz) In: Robert J. Mericsko (ed): Proc. 27th AIPR Workshop: Advances in Computer-Assisted Recognition SPIE Proceedings 3584 1999 [9] Quantitative Comparison of Languages. Grammars 1998/2 155-165 [10] The generative power of feature geometry. Annals of Mathematics and Artificial Intelligence 8 1993 37-46 [11] The X-bar Theory of Phrase Structure. (Jointly with G.K. Pullum) Language 66 1990 24-50 [12]
H (company)
H Company, also known simply as H, is a French artificial intelligence startup which develops "action-oriented" artificial intelligence agents for enterprise automation and productivity. In May 2024, H Company closed a record-setting $220 million seed round, at the time the largest AI raise in Europe. In 2026, H Company released Holo 3, the latest generation of its computer-use AI models. The update marked a major advance in agentic AI, enabling agents to navigate any user interface, interpret screens, and complete complex, multi-step tasks across enterprise systems—much like a human user. This breakthrough positioned H Company at the frontier of computer-use autonomy, accelerating the integration of AI in enterprise workflows. == History == H Company was founded in 2023 in Paris by Laurent Sifre, Charles Kantor, and three DeepMind veterans: Daan Wiestra, Karl Tuyls, Julien Perollat. In May 2024, the firm secured what was then the largest European AI seed round, totaling $220 million led by US investors including Eric Schmidt (former Google CEO), Amazon, and backed by Accel, Bpifrance, UiPath, Eurazeo, Xavier Niel, Yuri Milner, Bernard Arnault, Samsung and others. In August 2024, three cofounders (Wiestra, Tuyls, Perollat) left the company over operational disagreements. In November 2024, H launched Runner H, its first agentic-API platform, which combined a large language model (LLM) and a reduced, 2-billion parameter vision-language model (VLM). In May 2025, H Company acquired Mithril Security, and in June 2025 the company widened its offering for agentic models. In June 2025, Gautier Cloix (formerly CEO Palantir France) replaced Charles Kantor as CEO of H Company, aiming to pivot the company towards a "forward deployed engineers" model. In July 2025, H Company introduced Surfer-H-CLI, an open-source, web-native Chrome agent designed for browser-based automation—able to search, scroll, click, and type on behalf of users and controllable via any visual language model (VLM). When paired with its June 2025 open-sourced 3B-parameter Holo-1 model, Surfer-H-CLI achieved 92.2% WebVoyager benchmark accuracy. == Activity == H Company creates enterprise AI models and agents (agentic AI) to automate and optimize complex workflows. H Company specifically designs AI agents called computer use capable of autonomously interfacing with any software (local or cloud-based) to detect and automate repetitive operations. H Company is based in Paris, France, with international offices in London and New York. H Company raised $220 million since its inception. Gautier Cloix is president and CEO of the company. H Company client include the French national lottery FDJ United. In March 2026, H Company released Holo3, a family of artificial intelligence models designed to operate digital systems by interacting directly with user interfaces. Holo3 enables agents ("virtual humanoids") to understand what is displayed in front-end environments—such as web pages, desktop applications, and other graphical user interfaces—and perform actions such as clicking, typing, and navigating across them to complete multi-step tasks. On the OSWorld-Verified benchmark, Holo3 reportedly achieved about 78.9%, surpassing the scores of OpenAI’s GPT‑5.4 and Anthropic’s Claude Opus 4.6 on this specific test, at roughly one-tenth of the inference cost of these proprietary systems. The release has been presented as a significant step toward automating routine digital workflows, allowing organizations to offload repetitive on-screen work, such as data entry and reconciliation across multiple tools, to AI-based agents.
Residuated lattice
In abstract algebra, a residuated lattice is an algebraic structure that is simultaneously a lattice x ≤ y and a monoid x•y that admits operations x\z and z/y, loosely analogous to division or implication, when x•y is viewed as multiplication or conjunction, respectively. Called respectively right and left residuals, these operations coincide when the monoid is commutative. The general concept was introduced by Morgan Ward and Robert P. Dilworth in 1939. Examples, some of which existed prior to the general concept, include Boolean algebras, Heyting algebras, residuated Boolean algebras, relation algebras, and MV-algebras. Residuated semilattices omit the meet operation ∧, for example Kleene algebras and action algebras. == Definition == In mathematics, a residuated lattice is an algebraic structure L = (L, ≤, •, I) such that (i) (L, ≤) is a lattice. (ii) (L, •, I) is a monoid. (iii) For all z there exists for every x a greatest y, and for every y a greatest x, such that x•y ≤ z (the residuation properties). In (iii), the "greatest y", being a function of z and x, is denoted x\z and called the right residual of z by x. Think of it as what remains of z on the right after "dividing" z on the left by x. Dually, the "greatest x" is denoted z/y and called the left residual of z by y. An equivalent, more formal statement of (iii) that uses these operations to name these greatest values is (iii)' for all x, y, z in L, y ≤ x\z ⇔ x•y ≤ z ⇔ x ≤ z/y. As suggested by the notation, the residuals are a form of quotient. More precisely, for a given x in L, the unary operations x• and x\ are respectively the lower and upper adjoints of a Galois connection on L, and dually for the two functions •y and /y. By the same reasoning that applies to any Galois connection, we have yet another definition of the residuals, namely, x•(x\y) ≤ y ≤ x\(x•y), and (y/x)•x ≤ y ≤ (y•x)/x, together with the requirement that x•y be monotone in x and y. (When axiomatized using (iii) or (iii)' monotonicity becomes a theorem and hence not required in the axiomatization.) These give a sense in which the functions x• and x\ are pseudoinverses or adjoints of each other, and likewise for •x and /x. This last definition is purely in terms of inequalities, noting that monotonicity can be axiomatized as x • y ≤ (x∨z) • y and similarly for the other operations and their arguments. Moreover, any inequality x ≤ y can be expressed equivalently as an equation, either x∧y = x or x∨y = y. This along with the equations axiomatizing lattices and monoids then yields a purely equational definition of residuated lattices, provided the requisite operations are adjoined to the signature (L, ≤, •, I) thereby expanding it to (L, ∧, ∨, •, I, /, \). When thus organized, residuated lattices form an equational class or variety, whose homomorphisms respect the residuals as well as the lattice and monoid operations. Note that distributivity x • (y ∨ z) = (x • y) ∨ (x • z) and x•0 = 0 are consequences of these axioms and so do not need to be made part of the definition. This necessary distributivity of • over ∨ does not in general entail distributivity of ∧ over ∨, that is, a residuated lattice need not be a distributive lattice. However distributivity of ∧ over ∨ is entailed when • and ∧ are the same operation, a special case of residuated lattices called a Heyting algebra. Alternative notations for x•y include x◦y, x;y (relation algebra), and x⊗y (linear logic). Alternatives for I include e and 1'. Alternative notations for the residuals are x → y for x\y and y ← x for y/x, suggested by the similarity between residuation and implication in logic, with the multiplication of the monoid understood as a form of conjunction that need not be commutative. When the monoid is commutative the two residuals coincide. When not commutative, the intuitive meaning of the monoid as conjunction and the residuals as implications can be understood as having a temporal quality: x•y means x and then y, x → y means had x (in the past) then y (now), and y ← x means if-ever x (in the future) then y (at that time), as illustrated by the natural language example at the end of the examples. == Examples == One of the original motivations for the study of residuated lattices was the lattice of (two-sided) ideals of a ring. Given a ring R, the ideals of R, denoted Id(R), forms a complete lattice with set intersection acting as the meet operation and "ideal addition" acting as the join operation. The monoid operation • is given by "ideal multiplication", and the element R of Id(R) acts as the identity for this operation. Given two ideals A and B in Id(R), the residuals are given by A / B := { r ∈ R ∣ r B ⊆ A } {\displaystyle A/B:=\{r\in R\mid rB\subseteq A\}} B ∖ A := { r ∈ R ∣ B r ⊆ A } {\displaystyle B\setminus A:=\{r\in R\mid Br\subseteq A\}} It is worth noting that {0}/B and B\{0} are respectively the left and right annihilators of B. This residuation is related to the conductor (or transporter) in commutative algebra written as (A:B)=A/B. One difference in usage is that B need not be an ideal of R: it may just be a subset. Boolean algebras and Heyting algebras are commutative residuated lattices in which x•y = x∧y (whence the unit I is the top element 1 of the algebra) and both residuals x\y and y/x are the same operation, namely implication x → y. The second example is quite general since Heyting algebras include all finite distributive lattices, as well as all chains or total orders, for example the unit interval [0,1] in the real line, or the integers and ± ∞ {\displaystyle \pm \infty } . The structure (Z, min, max, +, 0, −, −) (the integers with subtraction for both residuals) is a commutative residuated lattice such that the unit of the monoid is not the greatest element (indeed there is no least or greatest integer), and the multiplication of the monoid is not the meet operation of the lattice. In this example the inequalities are equalities because − (subtraction) is not merely the adjoint or pseudoinverse of + but the true inverse. Any totally ordered group under addition such as the rationals or the reals can be substituted for the integers in this example. The nonnegative portion of any of these examples is an example provided min and max are interchanged and − is replaced by monus, defined (in this case) so that x-y = 0 when x ≤ y and otherwise is ordinary subtraction. A more general class of examples is given by the Boolean algebra of all binary relations on a set X, namely the power set of X2, made a residuated lattice by taking the monoid multiplication • to be composition of relations and the monoid unit to be the identity relation I on X consisting of all pairs (x,x) for x in X. Given two relations R and S on X, the right residual R\S of S by R is the binary relation such that x(R\S)y holds just when for all z in X, zRx implies zSy (notice the connection with implication). The left residual is the mirror image of this: y(S/R)x holds just when for all z in X, xRz implies ySz. This can be illustrated with the binary relations < and > on {0,1} in which 0 < 1 and 1 > 0 are the only relationships that hold. Then x(>\<)y holds just when x = 1, while x()y holds just when y = 0, showing that residuation of < by > is different depending on whether we residuate on the right or the left. This difference is a consequence of the difference between <•> and >•<, where the only relationships that hold are 0(<•>)0 (since 0<1>0) and 1(>•<)1 (since 1>0<1). Had we chosen ≤ and ≥ instead of < and >, ≥\≤ and ≤/≥ would have been the same because ≤•≥ = ≥•≤, both of which always hold between all x and y (since x≤1≥y and x≥0≤y). The Boolean algebra 2Σ of all formal languages over an alphabet (set) Σ forms a residuated lattice whose monoid multiplication is language concatenation LM and whose monoid unit I is the language {ε} consisting of just the empty string ε. The right residual M\L consists of all words w over Σ such that Mw ⊆ L. The left residual L/M is the same with wM in place of Mw. The residuated lattice of all binary relations on X is finite just when X is finite, and commutative just when X has at most one element. When X is empty the algebra is the degenerate Boolean algebra in which 0 = 1 = I. The residuated lattice of all languages on Σ is commutative just when Σ has at most one letter. It is finite just when Σ is empty, consisting of the two languages 0 (the empty language {}) and the monoid unit I = {ε} = 1. The examples forming a Boolean algebra have special properties treated in the article on residuated Boolean algebras. == Residuated semilattice == A residuated semilattice is defined almost identically for residuated lattices, omitting just the meet operation ∧. Thus it is an algebraic structure L = (L, ∨, •, 1, /, \) satisfying all the residuated lattice equations as specified above except those containing an occurrence of the symbol ∧. The option of defining x ≤ y as x∧y = x is then not available, leaving on
Perceptual computing
Perceptual computing is an application of Zadeh's theory of computing with words on the field of assisting people to make subjective judgments. == Perceptual computer == The perceptual computer – Per-C – an instantiation of perceptual computing – has the architecture that is depicted in Fig. 1 [2]–[6]. It consists of three components: encoder, CWW engine and decoder. Perceptions – words – activate the Per-C and are the Per-C output (along with data); so, it is possible for a human to interact with the Per-C using just a vocabulary. A vocabulary is application (context) dependent, and must be large enough so that it lets the end-user interact with the Per-C in a user-friendly manner. The encoder transforms words into fuzzy sets (FSs) and leads to a codebook – words with their associated FS models. The outputs of the encoder activate a Computing With Words (CWW) engine, whose output is one or more other FSs, which are then mapped by the decoder into a recommendation (subjective judgment) with supporting data. The recommendation may be in the form of a word, group of similar words, rank or class. Although many details are needed in order to implement the Per-C's three components – encoder, decoder and CWW engine – and they are covered in [5], it is when the Per-C is applied to specific applications, that the focus on the methodology becomes clear. Stepping back from those details, the methodology of perceptual computing is: Focus on an application (A). Establish a vocabulary (or vocabularies) for A. Collect interval end-point data from a group of subjects (representative of the subjects who will use the Per-C) for all of the words in the vocabulary. Map the collected word data into word-FOUs by using the Interval Approach [1], [5, Ch. 3]. The result of doing this is the codebook (or codebooks) for A, and completes the design of the encoder of the Per-C. Choose an appropriate CWW engine for A. It will map IT2 FSs into one or more IT2 FSs. Examples of CWW engines are: IF-THEN rules [5, Ch. 6] and Linguistic Weighted Averages [6], [5, Ch. 5]. If an existing CWW engine is available for A, then use its available mathematics to compute its output(s). Otherwise, develop such mathematics for the new kind of CWW engine. The new CWW engine should be constrained so that its output(s) resemble the FOUs in the codebook(s) for A. Map the IT2 FS outputs from the CWW engine into a recommendation at the output of the decoder. If the recommendation is a word, rank or class, then use existing mathematics to accomplish this mapping [5, Ch. 4]. Otherwise, develop such mathematics for the new kind of decoder. == Applications of Per-C == To-date a Per-C has been implemented for the following four applications: (1) investment decision-making, (2) social judgment making, (3) distributed decision making, and (4) hierarchical and distributed decision-making. A specific example of the fourth application is the so-called Journal Publication Judgment Advisor [5, Ch. 10] in which for the first time only words are used at every level of the following hierarchical and distributed decision making process: n reviewers have to provide a subjective recommendation about a journal article that has been sent to them by the Associate Editor, who then has to aggregate the independent recommendations into a final recommendation that is sent to the Editor-in-Chief of the journal. Because it is very problematic to ask reviewers to provide numerical scores for paper-evaluation sub-categories (the two major categories are Technical Merit and Presentation), such as importance, content, depth, style, organization, clarity, references, etc., each reviewer will only be asked to provide a linguistic score for each of these categories. They will not be asked for an overall recommendation about the paper because in the past it is quite common for reviewers who provide the same numerical scores for such categories to give very different publishing recommendations. By leaving a specific recommendation to the associate editor such inconsistencies can hope to be eliminated. How words can be aggregated to reflect each reviewer's recommendation as well as the expertise of each reviewer about the paper's subject matter is done using a linguistic weighted average. Although the journal publication judgment advisor uses reviewers and an associate editor, the word “reviewer” could be replaced by judge, expert, low-level manager, commander, referee, etc., and the term “associate editor” could be replaced by control center, command center, higher-level manager, etc. So, this application has potential wide applicability to many other applications. Recently, a new Per-C based Failure mode and effects analysis (FMEA) methodology was developed, with its application to edible bird's nest farming, in Borneo, has been reported. In addition, application of Per-C based method to educational assessment, for cooperative learning of students has been reported. In summary, the Per-C (whose development has taken more than a decade) is the first complete implementation of Zadeh's CWW paradigm, as applied to assisting people to make subjective judgments.
Squirrel AI
Squirrel Ai Learning is an international educational technology company that specializes in intelligent adaptive learning and was one of the first companies in the world to offer large scale AI-powered adaptive education solutions. == Methodology == Squirrel Ai Learning uses artificial intelligence to tailor lesson plans to each individual student. The company's AI researchers have access to the world's largest student databases, which are used to train the AI algorithms. Squirrel Ai Learning works with teachers to identify the most fine-grained possible concepts ("knowledge points") for a course in order to precisely target learning gaps. For example, middle school mathematics is broken into over 10,000 points such as rational numbers, the properties of a triangle, and the Pythagorean theorem. Each point is linked to related items, forming a "knowledge graph". Each knowledge point is addressed by videos, examples and practice problems. A textbook might address 3,000 points; ALEKS, another adaptive learning platform, uses 1,000. Each student begins with a diagnostic test to identify where to begin their learning. The system continues to refine its graph as more students proceed. Learning is not student-directed. The system decides the order of topics. == History and milestones == Squirrel Ai Learning was founded by Derek Haoyang Li in 2014. In March, 2017, The Squirrel Ai Intelligent Adaptive Learning System (IALS) was launched. IALS utilizes artificial intelligence to customize lessons, practice and evaluations for each individual student. In 2018, Squirrel Ai Learning established a joint research lab of AI adaptive learning with the institute of Automation of the Chinese Academy of Sciences. By 2019, Squirrel Ai Learning had opened 2,000 learning centers in 200 cities and registered over a million students in Asia. In 2019, Squirrel Ai Learning opened a research lab in partnership with Carnegie Mellon University. As of 2019, Squirrel Ai Learning had raised over $180 million in funding and in 2018 it surpassed $1 billion in valuation. In 2020, Squirrel Ai Learning launched the $1 million AAAI Squirrel AI Award for Artificial Intelligence for the Benefit of Humanity in partnership with AAAI. The inaugural award was given to Regina Barzilay for her work developing machine learning models to address drug synthesis and early-stage breast cancer diagnosis. In 2020, Squirrel Ai Learning established strategic partnership with DingTalk, Alibaba Group. As of 2021, Squirrel Ai Learning had served over 60,000 public schools, in over 1200 cities in Asia. Squirrel Ai plans to start offering its services in the United States in 2026. The American arm is separate from the Chinese company to avoid regulatory hurdles. As of January 2026, it had set up an "independent technology platform" in the US. == Recognition == Squirrel Ai Learning has gained recognition both in Asia and internationally including: Squirrel Ai Learning was named one of the World's Top 30 AI application case in the 2018 Synced Machine Intelligence Awards. In June 2019, Squirrel Ai Learning was named as one of the 50 smartest companies in China by MIT technology review. Squirrel Ai Learning won the GITEX 2019 Best Education Technology Award. In 2020, Squirrel Ai Learning won the UNESCO AI Innovation Award. Squirrel Ai Learning was listed in the 2020 CB Insight's AI 100, CB Insights' annual ranking of the 100 most promising AI startups in the world. Squirrel Ai Learning won Edtech Review's Best AI in Education Company of the Year award 2020.
Randonautica
Randonautica (a portmanteau of "random" + "nautica") is an app launched on February 22, 2020 founded by Auburn Salcedo and Joshua Lengfelder. It randomly generates coordinates that encourages the user to explore their local area and report what is found. According to its creators, the app is "an attractor of strange things," letting one choose specific coordinates based on a specific theme. It gained controversy after a report of two teenagers coincidentally finding a corpse while using the application. == Overview == The app, which creators claim to be inspired by chaos theory and Guy Debord's Theory of the Dérive, offers its users three types of coordinates to choose from: an attractor, a void, or an anomaly. The app has a cult following on YouTube and TikTok and there is a subreddit made by the creators for users of the app. == History == 29-year-old circus performer Joshua Lengfelder discovered a bot called Fatum Project in a fringe science chat group on Telegram in January 2019. According to The New York Times, "He absorbed the project’s theories about how random exploration could break people out of their predetermined realities, and how people could influence random outcomes with their minds." Lengfelder then created a Telegram bot using Fatum Project's code, generating coordinates. He then created the subreddit r/randonauts in March. In October, developer Simon Nishi McCorkindale made the bot's webpage. With the help of Auburn Salcedo, chief executive of a TV agency, both created Randonauts LLC. Salcedo became the chief operating officer while Lengfelder was the CEO. The app, called Randonautica, was launched on February 22, 2020. Later the same year the app and back-end got completely overhauled by a new team of developers and got a more visual and friendlier design and logo. In April 2022 Lengfelder exited Randonauts LLC and Auburn Salcedo became CEO. == Reception == The app has as many as 10.8 million users as of July 2020, gaining popularity amid the COVID-19 pandemic in the United States as restrictions have been lightened. Emma Chamberlain made a YouTube video about the app that helped increase its following. i-D reported that the hashtag #randonautica has gained 176.5 million views on TikTok, although it has not marketed itself yet. === Controversy === With the app's popularity, users started reporting coincidences which many find unsettling. The majority of reports were from TikTok and Reddit, as well as Telegram. The most notable controversy involved a group of people heading to a beach in Duwamish Head, Puget Sound, West Seattle per the app, where they found a bag with two dead bodies, a 27-year-old male and a 36-year-old female, as reported by the Seattle Police homicide detectives. In August 2020, police arrested and charged their landlord, Michael Lee Dudley, in connection with the murders. In March 2021, Dudley was denied bail while other people were under suspicion of aiding Dudley in the dismemberment and disposal of the bodies, but no one else had been charged. This has caused speculation that the app has an intended, puzzle-like theme. However, Lengfelder stated that it is "a shocking coincidence." Salcedo called the videos fake, and that "It’s so hard to manage, because people are really taking creative liberties after seeing how much traction the app is getting in that fear factor." In 2022, Michael Dudley was convicted of second degree murder for killing both victims, who were identified as Jessica Lewis and Austin Wenner. He was sentenced to 46 years in prison the following year. In their questions page, Randonautica's creators have said that if the app generates coordinates inside a private property, it is a violation of their terms and conditions to trespass. In addition, Randonautica has also received allegations that the app is used for human trafficking, which its creators have denied, saying that data collected by the app are anonymous. It also ensured that the app is not designed to violate religious customs, saying that "the app is simply a tool. Just as a knife can be used either to prepare dinner or to cut somebody."
Fuzzy pay-off method for real option valuation
The fuzzy pay-off method for real option valuation (FPOM or pay-off method) is a method for valuing real options, developed by Mikael Collan, Robert Fullér, and József Mezei; and published in 2009. It is based on the use of fuzzy logic and fuzzy numbers for the creation of the possible pay-off distribution of a project (real option). The structure of the method is similar to the probability theory based Datar–Mathews method for real option valuation, but the method is not based on probability theory and uses fuzzy numbers and possibility theory in framing the real option valuation problem. == Method == The Fuzzy pay-off method derives the real option value from a pay-off distribution that is created by using three or four cash-flow scenarios (most often created by an expert or a group of experts). The pay-off distribution is created simply by assigning each of the three cash-flow scenarios a corresponding definition with regards to a fuzzy number (triangular fuzzy number for three scenarios and a trapezoidal fuzzy number for four scenarios). This means that the pay-off distribution is created without any simulation whatsoever. This makes the procedure easy and transparent. The scenarios used are a minimum possible scenario (the lowest possible outcome), the maximum possible scenario (the highest possible outcome) and a best estimate (most likely to happen scenario) that is mapped as a fully possible scenario with a full degree of membership in the set of possible outcomes, or in the case of four scenarios used - two best estimate scenarios that are the upper and lower limit of the interval that is assigned a full degree of membership in the set of possible outcomes. The main observations that lie behind the model for deriving the real option value are the following: The fuzzy NPV of a project is (equal to) the pay-off distribution of a project value that is calculated with fuzzy numbers. The mean value of the positive values of the fuzzy NPV is the "possibilistic" mean value of the positive fuzzy NPV values. Real option value, ROV, calculated from the fuzzy NPV is the "possibilistic" mean value of the positive fuzzy NPV values multiplied with the positive area of the fuzzy NPV over the total area of the fuzzy NPV. The real option formula can then be written simply as: R O V = A ( P o s ) A ( P o s ) + A ( N e g ) × E [ A + ] {\displaystyle \mathrm {ROV} ={\frac {A(\mathrm {Pos} )}{A(\mathrm {Pos} )+A(\mathrm {Neg} )}}\times E[A_{+}]} where A(Pos) is the area of the positive part of the fuzzy distribution, A(Neg) is the area of the negative part of the fuzzy distribution, and E[A+] is the mean value of the positive part of the distribution. It can be seen that when the distribution is totally positive, the real options value reduces to the expected (mean) value, E[A+]. As can be seen, the real option value can be derived directly from the fuzzy NPV, without simulation. At the same time, simulation is not an absolutely necessary step in the Datar–Mathews method, so the two methods are not very different in that respect. But what is totally different is that the Datar–Mathews method is based on probability theory and as such has a very different foundation from the pay-off method that is based on possibility theory: the way that the two models treat uncertainty is fundamentally different. == Use of the method == The pay-off method for real option valuation is very easy to use compared to the other real option valuation methods and it can be used with the most commonly used spreadsheet software without any add-ins. The method is useful in analyses for decision making regarding investments that have an uncertain future, and especially so if the underlying data is in the form of cash-flow scenarios. The method is less useful if optimal timing is the objective. The method is flexible and accommodates easily both one-stage investments and multi-stage investments (compound real options). The method has been taken into use in some large international industrial companies for the valuation of research and development projects and portfolios. In these analyses triangular fuzzy numbers are used. Other uses of the method so far are, for example, R&D project valuation IPR valuation, valuation of M&A targets and expected synergies, valuation and optimization of M&A strategies, valuation of area development (construction) projects, valuation of large industrial real investments. The use of the pay-off method is lately taught within the larger framework of real options, for example at the Lappeenranta University of Technology and at the Tampere University of Technology in Finland.