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Quantitative Finance · शब्दावली

Technology treadmill क्या है?

Definition 2.8 The Desk and the Firm · अध्याय 2 — The Proprietary Market-Making Firm

The technology treadmill is the condition of a trading firm whose revenue depends on its technology relative to its competitors’: because they keep investing, it must keep spending at their rate to hold its capture constant, and spending less lowers its capture even if its own systems do not change.

The treadmill: competitors’ technology grows 15% a year and the firm’s depreciates 20%. Spending 35% of its stock holds parity; spending 25% lets relative technology, and capture with it, decay. Model: fm_partner.treadmill.
Figure 2.4. The treadmill: competitors’ technology grows 15% a year and the firm’s depreciates 20%. Spending 35% of its stock holds parity; spending 25% lets relative technology, and capture with it, decay. Model: fm_partner.treadmill.
Profit of the two firms of in a market that does not grow (retention 20%). The lean firm earns more only in the first year; both reach zero, in years 18 and 20. Model: fm_partner.treadmill.
Figure 2.5. Profit of the two firms of Figure 2.4 in a market that does not grow (retention 20%). The lean firm earns more only in the first year; both reach zero, in years 18 and 20. Model: fm_partner.treadmill.
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