Universite Catholique de Louvain

Displaying 1-40 of 120 results

  • White Papers // Jun 2012

    Spectral Estimation of Conditional Random Graph Models for Large-Scale Network Data

    Generative models for graphs have been typically committed to strong prior assumptions concerning the form of the modeled distributions. Moreover, the vast majority of currently available models are either only suitable for characterizing some particular network properties (such as degree distribution or clustering coefficient), or they are aimed at estimating...

    Provided By Universite Catholique de Louvain

  • White Papers // Jan 2012

    Cryptanalysis of the CHES 2009/2010 Random Delay Countermeasure

    Inserting random delays in cryptographic implementations is often used as a countermeasure against side-channel attacks. Most previous works on the topic focus on improving the statistical distribution of these delays. For example, efficient random delay generation algorithms have been proposed at CHES 2009/2010. These solutions increase security against attacks that...

    Provided By Universite Catholique de Louvain

  • White Papers // Jan 2012

    Yet Another Ultralightweight Authentication Protocol That Is Broken

    Eghdamian and Samsudin published at ICIEIS 2011 an ultralight-weight mutual authentication protocol that requires few bitwise operations. The simplicity of the design makes the protocol very suitable to low-cost RFID tags. However, the authors demonstrate in this paper that the long-term key shared by the reader and the tag can...

    Provided By Universite Catholique de Louvain

  • White Papers // Jan 2012

    The Paths Towards IPv6 Multihoming

    Multihoming, the practice of connecting to multiple providers, is becoming highly popular. Due to the growth of the BGP routing tables in the Internet, the way to get multihomed in IPv6 is required to allow route aggregation in order to preserve the scalability of the interdomain routing system. After several...

    Provided By Universite Catholique de Louvain

  • White Papers // Nov 2011

    Untangling RFID Privacy Models

    This paper investigates privacy in Radio Frequency IDentification (RFID) systems. They survey the eight most well-known RFID privacy models. They examine their advantages and drawbacks, and provide a comprehensive comparison of these models. The first conclusion is that none of these models is complete, and the association of all their...

    Provided By Universite Catholique de Louvain

  • White Papers // Nov 2011

    Elliptic Curve Cryptography in JavaScript

    The authors document their development of a library for elliptic curve cryptography in JavaScript. They discuss design choices and investigate optimizations at various levels, from integer multiplication and field selection to various fixed-based EC point multiplication techniques. Relying on a small volume of public precomputed data, their code provides a...

    Provided By Universite Catholique de Louvain

  • White Papers // Nov 2011

    An Optimal Key Enumeration Algorithm and its Application to Side-Channel Attacks

    Methods for enumerating cryptographic keys based on partial information obtained on key bytes are important tools in cryptanalysis. This paper discusses two contributions related to the practical application and algorithmic improvement of such tools. As a result, cryptographic key sizes for such ciphers typically range between 80 and 128 bits....

    Provided By Universite Catholique de Louvain

  • White Papers // Jun 2011

    Efficient Methods for Exploiting Faults Induced at AES Middle Rounds

    Faults occurred during the operations in a hardware device cause many problems such as performance deterioration, unreliable output, etc. If a fault occurs in a cryptographic hardware device, the effect can be even serious because an adversary may exploit it to find the secret information stored in the device. More...

    Provided By Universite Catholique de Louvain

  • White Papers // Jun 2011

    Traffic Engineering for Multiple Spanning Tree Protocol in Large Data Centers

    The size of the capacity of data centers have been growing significantly during the last years. Most data centers rely on switched Ethernet networks. A drawback of the Ethernet technology is that it relies on the spanning tree protocol (or variants of it) to select the links that are used...

    Provided By Universite Catholique de Louvain

  • White Papers // Jun 2011

    Univariate Side Channel Attacks and Leakage Modeling

    Differential power analysis is a powerful cryptanalytic technique that exploits information leaking from physical implementations of cryptographic algorithms. During the two last decades numerous variations of the original principle have been published. In particular, the univariate case, where a single instantaneous leakage is exploited, has attracted much research effort. In...

    Provided By Universite Catholique de Louvain

  • White Papers // May 2011

    Rectangular Patch Antenna Performances Improvement Employing Slotted Rectangular Shaped for WLAN Applications

    Recently, there has been a growing demand of microwave, and wireless communication systems in various applications resulting in an interest to improve antenna performances. Modern communication systems and instruments such as Wireless Local Area Networks (WLAN), mobile handsets require lightweight, small size and low cost. The selection of microstrip antenna...

    Provided By Universite Catholique de Louvain

  • White Papers // Mar 2011

    Generic Side-Channel Distinguishers: Improvements and Limitations

    Mutual Information Analysis (MIA) is a generic side-channel distinguisher. Its goal is to allow key recoveries against any type of implementation, under minimum assumptions on the underlying hardware. Such distinguishers are particularly interesting in view of recent technological advances. Indeed, the traditional leakage models used in side-channel attacks, based on...

    Provided By Universite Catholique de Louvain

  • White Papers // Feb 2011

    IP Geolocation Databases: Unreliable?

    The most widely used technique for IP geolocation consists in building a database to keep the mapping between IP blocks and a geographic location. Several databases are available and are frequently used by many services and web sites in the Internet. Contrary to widespread belief, geolocation databases are far from...

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2010

    How Stochasticity And Emergencies Disrupt The Surgical Schedule

    In health care system, the operating theatre is recognized as having an important role, notably in terms of generated income and cost. Its management, and in particular its scheduling, is thus a critical activity, and has been the subject of many studies. However, the stochasticity of the operating theatre environment...

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2010

    Voting Over Piece-wise Linear Tax Methods

    The authors analyze the problem of choosing the most appropriate method for apportioning taxes in a democracy. They consider a simple theoretical model of taxation and restrict their attention to piece-wise linear tax methods, which are almost ubiquitous in advanced democracies world-wide. They show that if they allow agents to...

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2010

    Stability And Fairness In Models With A Multiple Membership

    This paper studies a model of coalition formation for the joint production (and finance) of public projects, in which agents may belong to multiple coalitions. The authors show that, if projects are divisible, there always exists a stable (secession-proof) structure, i.e., a structure in which no coalition would reject a...

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2010

    Product Innovation And Market Acquisition Of Firms

    The paper explores the incentives for an incumbent firm to acquire an entrant willing to sell a product innovation, rather than openly compete with this entrant and, in case of acquisition, the incentives to sell simultaneously the existing products and the new one, rather than specializing on a single variant....

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2010

    Bargaining And Delay In Patent Licensing

    The authors consider a model of licensing of a non-drastic innovation in which the patent holder (an outside innovator) negotiates either up-front fixed fees or per-unit royal-ties with two firms producing horizontally differentiated brands and competing ? la Cournot. They investigate how licensing schemes (fixed fee or per-unit royalty) and...

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2010

    Unions' Relative Concerns And Strikes In Wage Bargaining

    The authors consider a model of wage determination with private information in a duopoly. They investigate the effects of unions having relative concerns on the negotiated wage and the strike activity. They show that an increase of unions' relative concerns has an ambiguous effect on the strike activity. They have...

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2010

    Fair Allocation Of Indivisible Goods Among Two Agents

    One must allocate a finite set of indivisible goods among two agents without monetary compensation. The authors impose Pareto-efficiency, anonymity, a weak notion of no-envy, a welfare lower bound based on each agent's ranking of the sets of goods, and a monotonicity property relative to changes in agents' preferences. They...

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2010

    The Economics Of Airport Noise: How To Manage Markets For Noise Licenses

    Noise-induced pollution constitutes a hot and topical societal problem for all major airports. This paper discusses various issues in the implementation of a market for noise licenses as a solution to solve the noise externality between the residents located around airports and the aircrafts moving in and to airports. The...

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2010

    Dynamic Joint Investments In Supply Chains Under Information Asymmetry

    Supply chain management involves the selection, coordination and motivation of independently operated suppliers. However the central planner's perspective in operations management translates poorly to vertically separated chains, where suppliers may have rational myopic reasons to object to full in-formation sharing and centralized decision rights. Particular problems occur when a downstream...

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2010

    A Theory Of Soft Capture

    In this paper, the authors propose a model for regulatory capture that is based on information transmission and asymmetric information. In a three-tier model, a regulator is charged by a political principal to provide a signal for the type of a regulated firm. Only the firm can observe his type...

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2010

    Influence Networks

    Some behaviors, ideas or technologies spread and become persistent in society, whereas others vanish. This paper analyzes the role of social influence in determining such distinct collective outcomes. Agents are assumed to acquire information from others through certain sampling process that generates an influence network, and they use simple rules...

    Provided By Universite Catholique de Louvain

  • White Papers // Nov 2010

    Success: Talent, Intelligence Or Beauty ?

    The authors analyze the Celebrity 100 annual list of the world's most "Powerful celebrities" compiled and published by Forbes Magazine. The lists provide an interesting collection of people that includes their earnings and the perception of citizens concerning the attributes that made them become celebrities. They analyze the relationship between...

    Provided By Universite Catholique de Louvain

  • White Papers // Nov 2010

    Property Rights With Biological Spillovers: When Hardin Meets Meade

    In an overlapping generations setup the authors address the issue of the optimal number of property rights to allocate over a natural resource when the goal is to maximize the stock of the natural resource at the steady state. They assume that the effect of the property rights regime on...

    Provided By Universite Catholique de Louvain

  • White Papers // Nov 2010

    Optimal Pricing And Capacity Choice For A Public Service Under Risk Of Interruption

    The authors develop rules for pricing and capacity choice for an interruptible service that recognize the interdependence between consumers' perceptions of system reliability and their market behavior. Consumers post ex ante demands, based on their expectations on aggregate demand. Posted demands are met if ex post supply capacity is sufficient....

    Provided By Universite Catholique de Louvain

  • White Papers // Nov 2010

    Lower Bounds Rule!

    The authors propose two axioms that introduce lower bounds into resource monotonicity requirements for rules for the problem of adjudicating conflicting claims suppose the amount to divide increases. The first axiom requires that two claimants whose lower bound changes equally experience an equal change in awards. The second axiom requires...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2010

    Fixed-charge Transportation On A Path: Optimization, LP Formulations And Separation

    The fixed-charge transportation problem is an interesting problem in its own right. This paper further motivates its study by showing that it is both a special case and a strong relaxation of the big-bucket multi-item lot-sizing problem. The authors then provide a polyhedral analysis of the polynomially solvable special case...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2010

    Measuring The Variability In Supply Chains With The Peakedness

    This paper introduces a novel way to measure the variability of order flows in supply chains, the peakedness. The peakedness can be used to measure the variability assuming the order flow is a general point process. The authors show basic properties of the peakedness, and demonstrate its computation from real-time...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2010

    Adaptation And Mitigation In Long-term Climate Policies

    The paper analytically explores the optimal policy mix between mitigation and environmental adaptation against climate change at a macroeconomic level. The constructed economic-environmental model is formulated as a social planner problem with the adaptation and abatement investments as separate decision variables. The authors prove the existence of a unique steady...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2010

    Innovation, Antidumping And Retaliation

    The authors study the effect of contingency trade policy in a multi-country oligopoly model with and without R&D opportunities. They show that firms benefit from unilateral protection but initiate AntiDumping (AD) only against the targets domiciled in substantially smaller countries. Also, AD filings are more likely when firms face R&D...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2010

    Mixing Sets Linked By Bidirected Paths

    Recently there has been considerable research on simple mixed-integer sets, called mixing sets, and closely related sets arising in incapacitated and constant capacity lot-sizing. This in turn has led to study of more general sets, called network-dual sets, for which it is possible to derive extended formulations whose projection gives...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2010

    The Benefits Of Cooperation Under Uncertainty: The Case Of Climate Change

    This paper presents an analysis of the behavior of countries defining their climate policies in an uncertain context. The analysis is made using the S-CWS model, a stochastic version of an integrated assessment growth model. The model includes a stochastic definition of the climate sensitivity parameter. The authors show that...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2010

    Competitively Neutral Universal Service Obligations

    Universal service obligations impose specific costs on the universal service provider. The measure of these costs and their financing has been studied along two complementary lines of reasoning: is the universal service obligation sustainable? Who should bear its costs? Most often, a two-step procedure is put forward. In a first...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2010

    Digital Piracy : Theory

    This paper reviews recent theoretical contributions on digital piracy. It starts by elaborating on the reasons for intellectual property protection, by reporting a few facts about copyright protection, and by examining reasons to become a digital pirate. Next, it provides an exploration of the consequences of digital piracy, using a...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2010

    Family Policies : What Does The Standard Endogenous Fertility Model Tell Us ?

    Very few studies have explored the optimality properties of the "standard model" of fertility where parents must determine their optimal trade-off between quality and quantity. The present paper works to fill that gap and find three main results. First, when there exist positive externalities in the accumulation of human capital,...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2010

    The Optimal Trade-off Between Quality And Quantity With Uncertain Child Survival

    The present paper investigates a standard model of endogenous fertility when child survival to adulthood is uncertain. In this framework, the author first shows that facing the risk their children die before reaching adulthood; parents don't always formulate a precautionary demand for children. Indeed, there exists a non-empty set of...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2010

    Tradable Pollution Permits In Dynamic General Equilibrium: Can Optimality And Acceptability Be Reconciled?

    In this paper the authors study the optimal growth path and its decentralization in a two-sector overlapping generations model with pollution. One sector (power generation) is polluting and the other (final good) is not. Pollution is regulated by tradable emission permits. The issue is whether the optimal growth path can...

    Provided By Universite Catholique de Louvain

  • White Papers // Sep 2010

    A Coalitional Procedure Leading To A Family Of Bankruptcy Rules

    The authors provide a general coalitional procedure that characterizes a family of rules for bankruptcy problems inspired by the Talmud. A bankruptcy problem refers to a situation in which one has to distribute, among a group of agents, a perfectly divisible commodity whose available amount is not enough to cover...

    Provided By Universite Catholique de Louvain

  • White Papers // Aug 2009

    When Compromised Readers Meet RFID: Extended Version

    RFID-based access control solutions for mobile environments, e.g. ticketing systems for sport events, commonly rely on readers that are not continuously connected to the back-end system. The readers must so be able to perform their tasks even in offline mode, what commonly requires the management by the readers of sensitive...

    Provided By Universite Catholique de Louvain

  • White Papers // Jul 2009

    An Efficient Distance Bounding RFID Authentication Protocol: Balancing False-Acceptance Rate and Memory Requirement

    The Mafia fraud consists in an adversary transparently relaying the physical layer signal during an authentication process between a verifier and a remote legitimate prover. This attack is a major concern for certain RFID systems, especially for payment related applications. Previously proposed protocols that thwart the Mafia fraud treat relaying...

    Provided By Universite Catholique de Louvain

  • White Papers // Aug 2009

    When Compromised Readers Meet RFID

    RFID-based access control solutions for mobile environments, e.g. ticketing systems for sport events, commonly rely on readers that are not continuously connected to the back-end system. The readers must so be able to perform their tasks even in offline mode, what commonly requires the management by the readers of sensitive...

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2010

    How Stochasticity And Emergencies Disrupt The Surgical Schedule

    In health care system, the operating theatre is recognized as having an important role, notably in terms of generated income and cost. Its management, and in particular its scheduling, is thus a critical activity, and has been the subject of many studies. However, the stochasticity of the operating theatre environment...

    Provided By Universite Catholique de Louvain

  • White Papers // Jan 2010

    Efficiency Of Coordinate Descent Methods On Huge-scale Optimization Problems

    In this paper the authors propose new methods for solving huge-scale optimization problems. For problems of this size, even the simplest full-dimensional vector operations are very expensive. Hence, they propose to apply an optimization technique based on random partial update of decision variables. For these methods, they prove the global...

    Provided By Universite Catholique de Louvain

  • White Papers // Jan 2010

    Degree Of Coordination In Market-coupling And Counter-trading

    Cross-border trade remains a contentious issue in the restructuring of the European electricity market. Difficulties stem from the lack of a common market design, the separation between energy and transmission markets and the insufficient coordination between Transmission System Operators (TSOs). This paper analyzes the cross-border trade problem through a set...

    Provided By Universite Catholique de Louvain

  • White Papers // Mar 2010

    Nested Potentials And Robust Equilibria

    This paper introduces the notion of nested best response potentials for complete information games. It is shown that a unique maximizer of such a potential is a Nash equilibrium that is robust to incomplete information in the sense of Kajii and Morris (1997, mimeo). This paper provides a new sufficient...

    Provided By Universite Catholique de Louvain

  • White Papers // Feb 2010

    Design Of A Network Of Reusable Logistic Containers

    In this paper, the authors consider the management of the return flows of empty logistic containers that accumulate at the customer's sites. These containers must be brought back to the factories in order to sustain future expeditions. They consider a network composed of several factories and several customers in which...

    Provided By Universite Catholique de Louvain

  • White Papers // Feb 2010

    The Stability Of The Roommate Problem Revisited

    The lack of stability in some matching problems suggests that alternative solution concepts to the core might be a step towards furthering the understanding of matching market performance. The authors propose absorbing sets as a solution for the class of roommate problems with strict preferences. This solution, which always exists,...

    Provided By Universite Catholique de Louvain

  • White Papers // Feb 2010

    Equivalent Income And The Economic Evaluation Of Health Care

    The economic evaluation of health care deals with priority-setting among various health actions and with the scope of public -as opposed to private-provision of medical insurance or health care. The authors argue that the economic evaluation of health care (cost-benefit analysis) should respect individual preferences and should incorporate distributional considerations....

    Provided By Universite Catholique de Louvain

  • White Papers // Jan 2010

    Liquidity Risks On Power Exchanges

    Financial derivatives are important hedging tool for asset's manager. Electricity is by its very nature the most volatile commodity, which creates big incentive to share the risk among the market participants through financial contracts. But, even if volume of derivatives contracts traded on Power Exchanges has been growing since the...

    Provided By Universite Catholique de Louvain

  • White Papers // Jan 2010

    Cores Of Games With Positive Externalities

    This paper introduces a core concept, called the ?-core, in the primitive framework of a strategic game. For a certain class of strategic games, it is a weaker concept than the strong Nash equilibrium, but in general stronger than the conventional ?- and ?- cores. The authors argue that the...

    Provided By Universite Catholique de Louvain

  • White Papers // Jan 2010

    Split-panel Jackknife Estimation Of Fixed-effect Models

    The authors propose a jackknife for reducing the order of the bias of maximum likelihood estimates of nonlinear dynamic fixed-effect panel models. The split-panel jackknife estimators are asymptotically normal, centered at the true value, with variance equal to that of the MLE under asymptotic where T is allowed to grow...

    Provided By Universite Catholique de Louvain

  • White Papers // Nov 2009

    Product Differentiation And Vertical Integration In Presence Of Double Marginalization

    In this paper, the authors present a model of endogenous vertical integration and horizontal differentiation. There exist two output brands and two versions of the input. The only mean for output differentiation is the input version used in output production. Firms may choose to vertically integrate to produce internally the...

    Provided By Universite Catholique de Louvain

  • White Papers // Nov 2009

    Transfer Pricing Rules, OECD Guidelines, And Market Distortions

    The authors study the impact of transfer pricing rules on sales prices, firms' organizational structure, and consumers' utility within a two-country monopolistic competition model featuring source-based profit taxes that differ across countries. Firms can either become multinationals, i.e., they serve the foreign market through a fully controlled affiliate; or they...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2009

    A Comparison Of Optimal Tax Policies When Compensation Or Responsibility Matter

    This paper examines optimal redistribution in a model with high and low-skilled individuals with heterogeneous tastes for labor, that either work or not. With such double heterogeneity, traditional Welfarist criteria including Utilitarianism fail to take the compensation-responsibility trade-off into account. As a response, several other criteria have been proposed in...

    Provided By Universite Catholique de Louvain

  • White Papers // Sep 2009

    A Note On Price Competition In Product Differentiation Models

    The authors define a two-variant model of product differentiation which, depending on the number of consumers preferring one variant to the other, provides equilibrium prices reflecting the natural valuation of these variants by the market. They have provided in this paper a simple model of product differentiation allowing a natural...

    Provided By Universite Catholique de Louvain

  • White Papers // Sep 2009

    Regulating Quality

    The authors show in a simple model of entry with sunk cost, that a regulator prefers limiting the output, or capacity, of the incumbent firm rather than imposing a "Minimum Quality Standard" in order to help the entrant to provide high quality. As a by-product, the analysis makes a contribution...

    Provided By Universite Catholique de Louvain

  • White Papers // Jul 2009

    Antidumping Protection Hurts Exporters : Firm-level Evidence From France

    Firms protected by antidumping measures do not unequivocally benefit from them. Antidumping protection benefits non-exporters active on the protected market by raising their domestic sales, but hurts exporters of similar products as the protected ones. Export sales of protected firms fall by almost 8% compared to a relevant control group...

    Provided By Universite Catholique de Louvain

  • White Papers // Sep 2009

    Multi-assets Real Options

    Real options present a wide topic in investment literature nowadays. However, despite big advances in the single asset investment pricing, the theory is miser of informations about problems involving more than one asset. The authors show in this paper that using dynamic programming, one can find an analytic trigger for...

    Provided By Universite Catholique de Louvain

  • White Papers // Aug 2009

    Entry Accomodation Under Multiple Commitment Stategoes : Judo Economics Revisited

    The authors consider a stage-game where the entrant may simultaneously commit to its product's quality and the level of its production capacity before price competition takes place. They show that capacity limitation is more effective than quality reduction as a way to induce entry accommodation: the entrant tends to rely...

    Provided By Universite Catholique de Louvain

  • White Papers // Aug 2009

    Competition Among The Big And The Small

    Armchair evidence shows that many industries are made of a few big commercial or manufacturing firms, which are able to affect the market outcome, and of a myriad of small family-run businesses with very few employees, each of which has a negligible impact on the market. Examples can be found...

    Provided By Universite Catholique de Louvain

  • White Papers // Aug 2009

    On The Impact Of Trade On Industrial Structures : The Role Of Entry Cost Heterogeneity

    This paper investigates the impacts of progressive trade openness, technological externalities, and heterogeneity of individuals on the formation of entrepreneurship in a two-country occupation choice model. The authors show that trade opening gives rise to a non-monotonic process of international specialization, in which the share of entrepreneurial firms in the...

    Provided By Universite Catholique de Louvain

  • White Papers // Jul 2009

    Retirement As A Hedge

    This paper explores the effect of letting individuals choose their retirement age in a world of uncertainty where there exist both Defined Benefit (DB) and Defined Contribution (DC) pension plans. The paper shows that giving individuals the flexibility to determine when to retire is an important tool for them when...

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2009

    Neighborhood Effects On Unemployment ? A Test ? La Altonji

    This paper is to test for the influence of neighborhood deprivation on individual unemployment probability in the case of Lyon (France). The authors estimate a bivariate probit model of unemployment and location in a deprived neighborhood. The identification strategy is twofold. First, they instrument neighborhood type by the gender composition...

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2009

    Stock Prices, Anticipations And Investment In General Equilibrium

    The authors propose an objective for the firm in a model of production economies extending over time under uncertainty and with incomplete markets. They derive the objective of the firm from the assumption of initial-shareholders efficiency. To predict the impact on the stock price, she uses a state price process,...

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2009

    Market Coverage And The Nature Of Product Differentiation : A Note

    In this paper, the authors analyze the equilibrium outcomes of pricing games with product differentiation in relation with the extent of market coverage. It is a received idea in the IO literature that the horizontal and vertical models of product differentiation are almost formally equivalent. They show that this idea...

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2009

    Optimal Education And Pensions In An Endogenous Growth Model

    It is well known that, in OLG economies with life-cycle saving and exogenous growth, competitive equilibria will in general fail to achieve optimality and may even be dynamically inefficient. This is a consequence of individuals accumulating amounts of physical capital that differ from the level which would maximize welfare along...

    Provided By Universite Catholique de Louvain

  • White Papers // Dec 2009

    The Taxation Of Savings In Overlapping Generations Economies With Unbacked Risky Assets

    This paper establishes, in the context of the Diamond (1965) overlapping generations economy with production, that the risk that savings in unbacked assets (like fiat money or public debt) become worthless implies that, not only the first-best steady state, but even the best steady state attainable with those saving instruments...

    Provided By Universite Catholique de Louvain

  • White Papers // Nov 2009

    The Principle Of Mutual Recognition - A Source Of Divergence ?

    Governments set numerous norms to protect consumers. Two countries may achieve the same level of protection of their consumers through different specifications. The adaptation costs induced by these differences create barriers to trade. The principle of mutual recognition addresses the problem by ensuring that products lawfully manufactured in one country...

    Provided By Universite Catholique de Louvain

  • White Papers // Nov 2009

    Sustainability, Optimality, And Viability In The Ramsey Model

    The Ramsey model of economic growth is revisited from the point of view of viability. A viable state is a state from which there exists at least one trajectory that remains in the set of constraints of minimal consumption and positive wealth. Viability is presented with a constraint of minimal...

    Provided By Universite Catholique de Louvain

  • White Papers // Mar 2011

    Generic Side-Channel Distinguishers: Improvements and Limitations

    Mutual Information Analysis (MIA) is a generic side-channel distinguisher. Its goal is to allow key recoveries against any type of implementation, under minimum assumptions on the underlying hardware. Such distinguishers are particularly interesting in view of recent technological advances. Indeed, the traditional leakage models used in side-channel attacks, based on...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2010

    Competitively Neutral Universal Service Obligations

    Universal service obligations impose specific costs on the universal service provider. The measure of these costs and their financing has been studied along two complementary lines of reasoning: is the universal service obligation sustainable? Who should bear its costs? Most often, a two-step procedure is put forward. In a first...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2010

    Digital Piracy : Theory

    This paper reviews recent theoretical contributions on digital piracy. It starts by elaborating on the reasons for intellectual property protection, by reporting a few facts about copyright protection, and by examining reasons to become a digital pirate. Next, it provides an exploration of the consequences of digital piracy, using a...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2010

    Family Policies : What Does The Standard Endogenous Fertility Model Tell Us ?

    Very few studies have explored the optimality properties of the "standard model" of fertility where parents must determine their optimal trade-off between quality and quantity. The present paper works to fill that gap and find three main results. First, when there exist positive externalities in the accumulation of human capital,...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2010

    The Optimal Trade-off Between Quality And Quantity With Uncertain Child Survival

    The present paper investigates a standard model of endogenous fertility when child survival to adulthood is uncertain. In this framework, the author first shows that facing the risk their children die before reaching adulthood; parents don't always formulate a precautionary demand for children. Indeed, there exists a non-empty set of...

    Provided By Universite Catholique de Louvain

  • White Papers // Oct 2010

    Tradable Pollution Permits In Dynamic General Equilibrium: Can Optimality And Acceptability Be Reconciled?

    In this paper the authors study the optimal growth path and its decentralization in a two-sector overlapping generations model with pollution. One sector (power generation) is polluting and the other (final good) is not. Pollution is regulated by tradable emission permits. The issue is whether the optimal growth path can...

    Provided By Universite Catholique de Louvain

  • White Papers // Jun 2009

    Fertility, Human Capital Accumulation, And The Pension System

    This paper provides a unified treatment of externalities associated with fertility and human capital accumulation within pas-as-you-go pension systems. It considers an overlapping generation's model in which every generation consists of high earners and low earners with the proportion of types being determined endogenously. The number of children is deterministically...

    Provided By Universite Catholique de Louvain

  • White Papers // Sep 2010

    Market Coupling And The Organization Of Counter-trading: Separating Energy And Transmission Again?

    The horizontal integration of the energy market and the organization of transmission services remain two open issues in the restructured European electricity sector. The coupling of the French, Belgian and Dutch electricity markets (the trilateral market) in November 2006 was a real success that the inclusion of Germany to the...

    Provided By Universite Catholique de Louvain

  • White Papers // Aug 2010

    Nonparametric Frontier Estimation From Noisy Data

    A new nonparametric estimator of production frontiers is defined and studied when the data set of production units is contaminated by measurement error. The measurement error is assumed to be an additive normal random variable on the input variable, but its variance is unknown. The estimator is a modification of...

    Provided By Universite Catholique de Louvain