University of Cambridge

Displaying 1-40 of 195 results

  • White Papers // Dec 2013

    Security of Two-Way Quantum Key Distribution

    Quantum key distribution protocols typically make use of a one-way quantum channel to distribute a shared secret string to two distant users. However, protocols exploiting a two-way quantum channel have been proposed as an alternative route to the same goal, with the potential advantage of outperforming one-way protocols. Here, the...

    Provided By University of Cambridge

  • White Papers // Jun 2012

    Measuring the Cost of Cybercrime

    In this paper, the authors present what they believe to be the first systematic study of the costs of cybercrime. It was prepared in response to a request from the UK Ministry of Defence following scepticism that previous studies had hyped the problem. For each of the main categories of...

    Provided By University of Cambridge

  • White Papers // Jun 2012

    Error and Attack Vulnerability of Temporal Networks

    The study of real-world communication systems via complex network models has greatly expanded the people understanding on how information flows, even in completely decentralized architectures such as mobile wireless networks. Nonetheless, static network models cannot capture the time-varying aspects and, therefore, various temporal metrics have been introduced. In this paper,...

    Provided By University of Cambridge

  • White Papers // May 2012

    The Seven Deadly Sins of Cloud Computing Research

    Research into distributed parallelism on "The cloud" has surged lately. As the research agenda and methodology in this area are being established, the authors observe a tendency towards certain common simplifications and shortcuts employed by researchers, which they provocatively term "Sins". They believe that these sins, in some cases, are...

    Provided By University of Cambridge

  • White Papers // Mar 2012

    STOP: Socio-Temporal Opportunistic Patching of Short Range Mobile Malware

    Mobile phones are integral to everyday life with emails, social networking, online banking and other applications; however, the wealth of private information accessible increases economic incentives for attackers. Compared with fixed networks, mobile malware can replicate through both long range messaging and short range radio technologies; the former can be...

    Provided By University of Cambridge

  • White Papers // Feb 2012

    CHERI: A Research Platform Deconflating Hardware Virtualization and Protection

    Contemporary CPU architectures conflate virtualization and protection, imposing virtualization-related performance, programmability, and debuggability penalties on software requiring fine-grained protection. First observed in micro-kernel research, these problems are increasingly apparent in recent attempts to mitigate software vulnerabilities through application compartmentalisation. Capability Hardware Enhanced RISC Instructions (CHERI) extend RISC ISAs to support...

    Provided By University of Cambridge

  • White Papers // Jan 2012

    Physical Layer Impact Upon Packet Errors

    The authors postulate a future for optical networks where data is more susceptible to errors than has been the case to date. This paper builds upon a previous study that highlighted content-dependent error in Gigabit Ethernet. In this paper, they explain their previous non-uniformity results in terms of interactions between...

    Provided By University of Cambridge

  • White Papers // Jan 2012

    Empirical Evaluation of Hybrid Opportunistic Networks

    In this paper, the authors study the utility of opportunistic communication systems with the co-existence of network infrastructure using three real experimental deployments. They study how some important performance metrics change with varying degrees of infrastructure and mobile nodes willing to participate in the opportunistic forwarding. In doing so, they...

    Provided By University of Cambridge

  • White Papers // Jan 2012

    Distributed Multicast Grouping for Publish/Subscribe Over Mobile Ad Hoc Networks

    Event broker grids that deploy the publish/subscribe communication paradigm extend the capabilities of seamless messaging in heterogeneous network environments. In order to support such mixed network environments, the authors integrate publish/subscribe semantics with multicast routing in mobile ad hoc networks. Dynamic construction of an event dissemination structure to route events...

    Provided By University of Cambridge

  • White Papers // Oct 2011

    Evaluating Temporal Robustness of Mobile Networks

    The application of complex network models to communication systems has led to several important results: nonetheless, previous research has often neglected to take into account their temporal properties, which in many real scenarios play a pivotal role. At the same time, network robustness has come extensively under scrutiny. Understanding whether...

    Provided By University of Cambridge

  • White Papers // Aug 2011

    Opportunism Vs. Cooperation: Comparing Forwarding Strategies in Multihop Wireless Networks With Random Fading

    A wide range of forwarding strategies have been developed for multi-hop wireless networks, considering the broadcast nature of the wireless medium and the presence of random fading that results in time-varying and unreliable transmission quality. Two recently proposed strategies are opportunistic forwarding, which exploits relay diversity by opportunistically selecting an...

    Provided By University of Cambridge

  • White Papers // Jun 2011

    On the Effectiveness of an Opportunistic Traffic Management System for Vehicular Networks

    Road congestion results in a huge waste of time and productivity for millions of people. A possible way to deal with this problem is to have transportation authorities distribute traffic information to drivers, which in turn can decide (or be aided by a navigator) to route around congested areas. Such...

    Provided By University of Cambridge

  • White Papers // May 2011

    Network Clustering Via Spectral Projections

    This paper proposes a novel non-parametric technique for clustering networks based on their structure. Many topological measures have been introduced in the literature to characterize topological properties of networks. These measures provide meaningful information about the structural properties of a network, but many networks share similar values of a given...

    Provided By University of Cambridge

  • White Papers // May 2011

    Activity Based Sector Synchronisation: Efficient Transfer of Disk-State for WAN Live Migration

    Live migration of virtual machines is now commonplace but the issue of synchronising storage remains an obstacle to wide-area migration between datacentres. The authors discuss the range of possible designs for synchronising disk images and argue that they have to be adaptive at the sector level to efficiently transfer disk-state...

    Provided By University of Cambridge

  • White Papers // May 2011

    Free Lunch: Exploiting Renewable Energy for Computing

    This paper argues for "Free Lunch", a computation architecture that exploits otherwise wasted renewable energy by co-locating data-centres with these remote energy sources, connecting them over a dedicated network, and providing a software framework that supports the seamless execution and migration of virtual machines in the platform according to power...

    Provided By University of Cambridge

  • White Papers // May 2011

    The Process Of Negotiating Settlements At FERC

    Interstate gas pipelines and their customers presently settle about 90% of the rate cases set for hearing before the Federal Energy Regulatory Commission (FERC). This paper sets out the process by which this is achieved, illustrating with the 12 rate cases from 2008 and 2009. In contrast to many other...

    Provided By University of Cambridge

  • White Papers // May 2011

    Can New Nuclear Power Plants Be Project Financed?

    This paper considers the prospects for financing a wave of new Nuclear Power Plants (NPP) using project financing, which is used widely in large capital intensive infrastructure investments, including the power and gas sectors, but has not previously been used for nuclear power. It argues that the first few NPPs...

    Provided By University of Cambridge

  • White Papers // May 2011

    Security-Oriented Formal Techniques

    Security of software systems is a critical issue in a world where Information Technology is becoming more and more pervasive. The number of services for everyday life that are provided via electronic networks is rapidly increasing, as witnessed by the longer and longer list of words with the prefix "e",...

    Provided By University of Cambridge

  • White Papers // Apr 2011

    Beyond The DSGE Straightjacket

    Academic macroeconomics and the research department of central banks have come to be dominated by Dynamic, Stochastic, General Equilibrium (DSGE) models based on micro-foundations of optimising representative agents with rational expectations. The authors argue that the dominance of this particular sort of DSGE and the resistance of some in the...

    Provided By University of Cambridge

  • White Papers // Apr 2011

    On Identification Of Bayesian DSGE Models

    In recent years there has been increasing concern about the identification of parameters in Dynamic Stochastic General Equilibrium (DSGE) models. Given the structure of DSGE models it may be difficult to determine whether a parameter is identified. For the researcher using Bayesian methods, a lack of identification may not be...

    Provided By University of Cambridge

  • White Papers // Apr 2011

    The Economics Of Energy (And Electricity) Demand

    Economic drivers, technologies and demand side management are keys in understanding the long-term trends of both energy and more specifically electricity consumption. This paper discusses some of the important economics foundations of energy demand in general, and electricity in particular. First, the authors look at the macro-economic context of energy....

    Provided By University of Cambridge

  • White Papers // Mar 2011

    Reconfigurable Data Processing for Clouds

    Reconfigurable computing for some time has had the potential to make a huge impact on mainstream high performance computing. The authors now have very large capacity FPGAs which contain many highly parallel fine grain parallel processing power, and the ability to define high bandwidth custom memory hierarchies offers a compelling...

    Provided By University of Cambridge

  • White Papers // Mar 2011

    Measuring User Activity on an Online Location-Based Social Network

    While in recent years online social networks have been largely shaping user experience on the Web, only in the last year there has been a soaring increase of novel location-based social applications. By allowing users to check-in at places and share their location with friends, these social platforms provide a...

    Provided By University of Cambridge

  • White Papers // Mar 2011

    Integrating Short-Term Demand Response Into Long-Term Investment Planning

    Planning models have been used for many years to optimize generation investments in electric power systems. More recently, these models have been extended in order to treat demand-side management on an equal footing. This paper stresses the importance of integrating short-term demand response to time-varying prices into those investment models....

    Provided By University of Cambridge

  • White Papers // Mar 2011

    War Signals: A Theory Of Trade, Trust And Conflict

    The authors construct a dynamic theory of civil conflict hinging on inter-ethnic trust and trade. The model economy is inhabitated by two ethnic groups. Inter-ethnic trade requires imperfectly observed bilateral investments and one group has to form beliefs on the average propensity to trade of the other group. Since conflict...

    Provided By University of Cambridge

  • White Papers // Mar 2011

    CIEL: A Universal Execution Engine for Distributed Data-Flow Computing

    This paper introduces CIEL, a universal execution engine for distributed data-flow programs. Like previous execution engines, CIEL masks the complexity of distributed programming. Unlike those systems, a CIEL job can make data-dependent control-flow decisions, which enables it to compute iterative and recursive algorithms. The authors have also developed Skywriting, a...

    Provided By University of Cambridge

  • White Papers // Mar 2011

    Distributive Politics And Electoral Incentives: Evidence From Seven US State Legislatures

    The authors study the effect of electoral incentives on the allocation of public services across legislative districts. They develop a model in which elections encourage individual legislators to cater to parochial interests and thus aggravate the common pool problem. Using unique data from seven US states, they study how the...

    Provided By University of Cambridge

  • White Papers // Mar 2011

    Dynamics Of Evolution In The Global Fuel-Ethanol Industry

    The authors employ a value chain analysis approach to examine the forces shaping the industry structure, entry and inter-firm governance modes. Forty largest global and regional companies in the ethanol manufacturing stage have been classified according to their pre-entry industry of origin. Firms with pre-entry history in feedstock supply have...

    Provided By University of Cambridge

  • White Papers // Mar 2011

    Group Decision-Making: An Economic Analysis Of Social Influence And Individual Difference In Experimental Juries

    In a jury decision-making, individuals must compromise in order to reach a group consensus. If individuals compromise for non-rational reasons, such as a preference for conformity or due to erroneous information, then the final decision of the group may be biased. This paper presents original experimental data which shows that...

    Provided By University of Cambridge

  • White Papers // Mar 2011

    Strategic Eurasian Natural Gas Model For Energy Security

    The mathematical formulation of a large-scale equilibrium natural gas simulation model is presented. Although large-scale natural gas models have been developed and used for energy security and policy analysis quite extensively (e.g., Holz (2007), Egging et al. (2008), Holz et al. (2009) and Lise et al. (2008)), this model differs...

    Provided By University of Cambridge

  • White Papers // Mar 2011

    Reforming Small Power Systems Under Political Volatility: The Case Of Nepal

    This paper assesses the electricity sector reforms across small power systems while citing Nepal as an example. The on-going political instability and increasing electricity demand make power sector reform in Nepal and similar small systems a more complex process. As international reform experiences provide plenty of lessons to learn; raising...

    Provided By University of Cambridge

  • White Papers // Feb 2011

    Monetary Policy, Capital Inflows, And The Housing Boom

    The authors estimate an open economy VAR model to quantify the effect of monetary policy and capital inflows shocks on the US housing market. The shocks are identified with sign restrictions derived from a standard DSGE model. They find that monetary policy shocks have a limited effect on house prices...

    Provided By University of Cambridge

  • White Papers // Feb 2011

    Payment Matters? - An Exploratory Study Into The Pre-Payment Electricity Metering

    In this paper the authors look at the role of pre-payment (in the context of prepayment metering) for household electricity consumption. Using a matching approach, they find that households paying their electricity upfront tend to consume no less electricity than households paying ex post. This is despite facing a higher...

    Provided By University of Cambridge

  • White Papers // Feb 2011

    Liquidity Constraints And High Electricity Use

    It is a well established fact that electricity use increases with income. What is less well known is that - despite the positive correlation between electricity use and income - a significant portion of low-income households consume very large amounts of electricity. In this paper, the authors make a first...

    Provided By University of Cambridge

  • White Papers // Feb 2011

    Civil War And Human Development: Impacts Of Finance And Financial Infrastructure

    In this paper interactions between finance, development and armed conflict are explored to demonstrate that financial factors are crucial in sustaining conflict-underdevelopment feedback loops. Military expenditure drains resources, financial instability leads to conflict (and vice versa), war retards the development of financial institutions/infrastructure, and interactions between finance and conflict are...

    Provided By University of Cambridge

  • White Papers // Feb 2011

    Reforming The Power Sector In Transition: Do Institutions Matter?

    This paper quantitatively explores high-level links between power sector reforms and wider institutional reforms in the economy for a set of 27 diverse countries in rapid political and economic transition since 1990. Panel-data econometrics based on bias corrected dynamic fixed effect analysis (LSDVC) is performed to assess the impact of...

    Provided By University of Cambridge

  • White Papers // Jan 2011

    Principal Components Instrumental Variable Estimation

    Instrumental variable estimators can be severely biased in finite samples when the degree of over-identification is high or when the instruments are weakly correlated with the endogenous regressors. This paper proposes an estimator based on the use of the principal components of the instruments as a means of dealing with...

    Provided By University of Cambridge

  • White Papers // Jan 2011

    Tests For Convergence Clubs

    In many applications common in testing for convergence the number of cross-sectional units is large and the number of time periods are few. In these situations tests which are founded upon an omnibus null hypothesis are characterised by a number of problems. In this paper the authors consider a broad...

    Provided By University of Cambridge

  • White Papers // Jan 2011

    Robust Growth Determinants

    This paper investigates the robustness of determinants of economic growth in the presence of model uncertainty, parameter heterogeneity and outliers. The robust model averaging approach introduced in the paper uses a flexible and parsimonious mixture modeling that allows for fat-tailed errors compared to the normal benchmark case. Applying robust model...

    Provided By University of Cambridge

  • White Papers // Jan 2011

    Commodity Price Volatility And The Sources Of Growth

    This paper studies the impact of the level and volatility of commodity terms of trade on economic growth, as well as on the three main growth channels: Total factor productivity, physical capital accumulation, and human capital acquisition. The authors argue that volatility, rather than abundance per se, drives the "Resource...

    Provided By University of Cambridge

  • White Papers // Jun 2009

    Understanding Victims: Six Principles for Systems Security

    The success of many attacks on computer systems can be traced back to the security engineers not understanding the psychology of the system users they meant to protect. It examined a variety of scams and "Short Cons" that were investigated, documented and recreated for the BBC TV programme The Real...

    Provided By University of Cambridge

  • White Papers // Jun 2010

    Supplying Synthetic Crude Oil From Canadian Oil Sands: A Comparative Study Of The Costs And CO2 Emissions Of Mining And In-situ Recovery

    High crude oil prices and the eventual decline of conventional oil production raise the issue of alternative fuels such as non-conventional oil. The paper describes a simple probabilistic model of the costs of Synthetic Crude Oil (SCO) produced from Canadian oil sands. Synthetic crude oil is obtained by upgrading bitumen...

    Provided By University of Cambridge

  • White Papers // Jan 2010

    Dominance And Innovation

    Do dominant or less dominant firms innovate more? Theoretically it has been shown that within an asymmetric mixed strategy game of a patent race, the less dominant firm invests more than the dominant firm. But the empirical data on patent races is divided. In this paper, the authors argue that...

    Provided By University of Cambridge

  • White Papers // Jan 2010

    Communication And Marketing Of Services By Religious Organizations In India

    Marketing communication is a vital strategic tool for religious organizations to achieve competitive differentiation. The determinants of religious organizations' use of direct and indirect communication channels offers valuable insights into their modus operandi. This paper uses novel primary survey data on 568 Hindu, Muslim, Christian, Sikh and Jain organizations spread...

    Provided By University of Cambridge

  • White Papers // Jan 2010

    UK Renewable Energy Policy Since Privatisation

    The aim of this paper is to look at the UK's renewable energy policy in the context of its overall decarbonisation and energy policies. This will allow the authors to explore the precise nature of the 'Failure' of UK renewables policy and to suggest policy changes which might be appropriate...

    Provided By University of Cambridge

  • White Papers // Jan 2010

    The Economic Effects Of Electricity Deregulation: An Empricial Analysis Of Indian States

    As developing countries seek to improve their economic prospects, electricity reform has been widely viewed as a central part of this effort. While the focus of most research to date has been at economy or utility level; there has been much less research on regional outcomes. India presents a unique...

    Provided By University of Cambridge

  • White Papers // Dec 2009

    Electricity Liberalisation In The European Union: A Progress Report

    It is around 5 years since the author's colleague, Tooraj Jamasb, and the author reviewed the EU's progress with electricity reform (Jamasb and Pollitt, 2005). At that time many countries were still struggling to implement elements of the EU wide policy on signed up to. In this short update paper...

    Provided By University of Cambridge

  • White Papers // Nov 2009

    Monthly And Quarterly GDP Estimates For Interwar Britain

    The authors derive monthly and quarterly series of UK GDP for the inter-war period from a set of indicators that were constructed at the time. They proceed to illustrate how the new data can contribute to the understanding of the economic history of the UK in the 1930s and have...

    Provided By University of Cambridge

  • White Papers // Mar 2010

    The Restructuring And Privatisation Of The Peruvian Electricity Distribution Market

    This paper attempts to assess the social welfare impact of the restructuring and privatisation of the electricity market in Peru. The target companies, Electrolima and Electro Sur Medio, account for 64 per cent of the total distribution market and 100 per cent of the privatised distribution companies respectively. Actual and...

    Provided By University of Cambridge

  • White Papers // Apr 2010

    The Supply Function Equilibrium And Its Policy Implications For Wholesale Electricity Auctions

    The supply function equilibrium provides a game-theoretic model of strategic bidding in oligopolistic wholesale electricity auctions. This paper presents an intuitive account of current understanding and shows how welfare losses depend on the number of firms in the market and their asymmetry. Previous results and general recommendations for divisible-good/multi-unit auctions...

    Provided By University of Cambridge

  • White Papers // Mar 2011

    CIEL: A Universal Execution Engine for Distributed Data-Flow Computing

    This paper introduces CIEL, a universal execution engine for distributed data-flow programs. Like previous execution engines, CIEL masks the complexity of distributed programming. Unlike those systems, a CIEL job can make data-dependent control-flow decisions, which enables it to compute iterative and recursive algorithms. The authors have also developed Skywriting, a...

    Provided By University of Cambridge

  • White Papers // May 2011

    The Process Of Negotiating Settlements At FERC

    Interstate gas pipelines and their customers presently settle about 90% of the rate cases set for hearing before the Federal Energy Regulatory Commission (FERC). This paper sets out the process by which this is achieved, illustrating with the 12 rate cases from 2008 and 2009. In contrast to many other...

    Provided By University of Cambridge

  • White Papers // Jan 2011

    Planning Electricity Transmission To Accommodate Renewables: Using Two-stage Programming To Evaluate Flexibility And The Cost Of Disregarding Uncertainty

    The authors develop a stochastic two-stage optimisation model that captures the multistage nature of electricity transmission planning under uncertainty and apply it to a stylised representation of the Great Britain (GB) network. In the model, a proactive transmission planner makes investment decisions in two time periods, each time followed by...

    Provided By University of Cambridge

  • White Papers // Mar 2011

    Integrating Short-Term Demand Response Into Long-Term Investment Planning

    Planning models have been used for many years to optimize generation investments in electric power systems. More recently, these models have been extended in order to treat demand-side management on an equal footing. This paper stresses the importance of integrating short-term demand response to time-varying prices into those investment models....

    Provided By University of Cambridge

  • White Papers // Apr 2011

    On Identification Of Bayesian DSGE Models

    In recent years there has been increasing concern about the identification of parameters in Dynamic Stochastic General Equilibrium (DSGE) models. Given the structure of DSGE models it may be difficult to determine whether a parameter is identified. For the researcher using Bayesian methods, a lack of identification may not be...

    Provided By University of Cambridge

  • White Papers // Mar 2011

    Distributive Politics And Electoral Incentives: Evidence From Seven US State Legislatures

    The authors study the effect of electoral incentives on the allocation of public services across legislative districts. They develop a model in which elections encourage individual legislators to cater to parochial interests and thus aggravate the common pool problem. Using unique data from seven US states, they study how the...

    Provided By University of Cambridge

  • White Papers // Mar 2011

    Dynamics Of Evolution In The Global Fuel-Ethanol Industry

    The authors employ a value chain analysis approach to examine the forces shaping the industry structure, entry and inter-firm governance modes. Forty largest global and regional companies in the ethanol manufacturing stage have been classified according to their pre-entry industry of origin. Firms with pre-entry history in feedstock supply have...

    Provided By University of Cambridge

  • White Papers // Mar 2011

    Group Decision-Making: An Economic Analysis Of Social Influence And Individual Difference In Experimental Juries

    In a jury decision-making, individuals must compromise in order to reach a group consensus. If individuals compromise for non-rational reasons, such as a preference for conformity or due to erroneous information, then the final decision of the group may be biased. This paper presents original experimental data which shows that...

    Provided By University of Cambridge

  • White Papers // Feb 2011

    Civil War And Human Development: Impacts Of Finance And Financial Infrastructure

    In this paper interactions between finance, development and armed conflict are explored to demonstrate that financial factors are crucial in sustaining conflict-underdevelopment feedback loops. Military expenditure drains resources, financial instability leads to conflict (and vice versa), war retards the development of financial institutions/infrastructure, and interactions between finance and conflict are...

    Provided By University of Cambridge

  • White Papers // Feb 2011

    Reforming The Power Sector In Transition: Do Institutions Matter?

    This paper quantitatively explores high-level links between power sector reforms and wider institutional reforms in the economy for a set of 27 diverse countries in rapid political and economic transition since 1990. Panel-data econometrics based on bias corrected dynamic fixed effect analysis (LSDVC) is performed to assess the impact of...

    Provided By University of Cambridge

  • White Papers // Feb 2011

    Payment Matters? - An Exploratory Study Into The Pre-Payment Electricity Metering

    In this paper the authors look at the role of pre-payment (in the context of prepayment metering) for household electricity consumption. Using a matching approach, they find that households paying their electricity upfront tend to consume no less electricity than households paying ex post. This is despite facing a higher...

    Provided By University of Cambridge

  • White Papers // Feb 2011

    Liquidity Constraints And High Electricity Use

    It is a well established fact that electricity use increases with income. What is less well known is that - despite the positive correlation between electricity use and income - a significant portion of low-income households consume very large amounts of electricity. In this paper, the authors make a first...

    Provided By University of Cambridge

  • White Papers // Jan 2011

    Industrial Relations In Britain Under New Labour, 1997-2010: A Post Mortem

    A revival of trade unions was widely expected when Blair's New Labour government took over from the Conservatives in Britain in 1997. This did not occur. Collective bargaining continued to retreat. The paper discusses the implications of the changing economic context for the government's legal innovations, notably statutory trade union...

    Provided By University of Cambridge

  • White Papers // Jan 2011

    Social Influence And Household Decision-Making: A Behavioural Analysis Of Housing Demand

    Housing markets are subject to many interrelated sources of instability on both a microeconomic and macroeconomic scale. Housing decisions of different individuals will be interdependent, generating non-linearities, discontinuities and feedback effects. This paper focuses in on some behavioural factors that contribute to complexity in housing demand. In particular, the impact...

    Provided By University of Cambridge

  • White Papers // Jan 2011

    Principal Components Instrumental Variable Estimation

    Instrumental variable estimators can be severely biased in finite samples when the degree of over-identification is high or when the instruments are weakly correlated with the endogenous regressors. This paper proposes an estimator based on the use of the principal components of the instruments as a means of dealing with...

    Provided By University of Cambridge

  • White Papers // Jan 2011

    Aggregation In Large Dynamic Panels

    This paper considers the problem of aggregation in the case of large linear dynamic panels, where each micro unit is potentially related to all other micro units, and where micro innovations are allowed to be cross sectionally dependent. Following Pesaran (2003), an optimal aggregate function is derived, and the limiting...

    Provided By University of Cambridge

  • White Papers // Jan 2011

    Robust Growth Determinants

    This paper investigates the robustness of determinants of economic growth in the presence of model uncertainty, parameter heterogeneity and outliers. The robust model averaging approach introduced in the paper uses a flexible and parsimonious mixture modeling that allows for fat-tailed errors compared to the normal benchmark case. Applying robust model...

    Provided By University of Cambridge

  • White Papers // Jan 2011

    Commodity Price Volatility And The Sources Of Growth

    This paper studies the impact of the level and volatility of commodity terms of trade on economic growth, as well as on the three main growth channels: Total factor productivity, physical capital accumulation, and human capital acquisition. The authors argue that volatility, rather than abundance per se, drives the "Resource...

    Provided By University of Cambridge

  • White Papers // Jan 2011

    Tests For Convergence Clubs

    In many applications common in testing for convergence the number of cross-sectional units is large and the number of time periods are few. In these situations tests which are founded upon an omnibus null hypothesis are characterised by a number of problems. In this paper the authors consider a broad...

    Provided By University of Cambridge

  • White Papers // Dec 2010

    Energy Spending And Vulnerable Households

    A sustainable energy policy needs to balance between the reduction of carbon emissions and protection of vulnerable households and avoid a widening of the existing "Energy gap" among the consumers. This paper investigates energy spending for different consumer groups, in particular focusing on vulnerable households. Vulnerable households are more likely...

    Provided By University of Cambridge

  • White Papers // Dec 2010

    Reversal Of Envy

    Studies of compensating discrimination (known in the U.S. as affirmative action) have not accounted for the role of envy. Yet envy affects utility. The author considers the compensating-discrimination policies that individuals acknowledging envy would choose when behind a veil of ignorance. The institutional background for the author's study is India,...

    Provided By University of Cambridge

  • White Papers // Dec 2010

    Paying A Visit: The Dalai Lama Effect On International Trade

    The Chinese government frequently threatens that meetings between its trading partners' officials and the Dalai Lama will be met with animosity and ultimately harms trade ties with China. The authors run a gravity model of exports to China from 159 partner countries between 1991 and 2008 to test to which...

    Provided By University of Cambridge

  • White Papers // Oct 2010

    Workers Of The World, Unite! Franchise Extensions And The Threat Of Revolution In Europe, 1820-1938

    This paper tests the hypothesis that the extension of the voting franchise was caused by the threat of revolution, as suggested by Acemoglu and Robinson [Quarterly Journal of Economics 115, 1167-1199, 2000]. The authors approximate the threat of revolution in a given country by revolutionary events happening in neighboring countries....

    Provided By University of Cambridge

  • White Papers // Nov 2010

    Corruption And Sustainable Development

    This paper studies the relationship between corruption and sustainable development in a sample of 110 countries between 1996 and 2007. Sustainability is measured by growth in genuine wealth per capita. The empirical analysis consistently finds that cross-national measures of perceived and experienced corruption reduce growth in genuine wealth per capita....

    Provided By University of Cambridge

  • White Papers // Sep 2010

    Weather Factors And Performance Of Network Utilities: A Methodology And Application To Electricity Distribution

    In efficiency analysis and incentive regulation of utilities it is desirable to control for the effect of differences in environmental factors, such as the weather and geography, on their performance. This is particularly important in the case of incentive regulation and benchmarking of electricity networks where the results of efficiency...

    Provided By University of Cambridge

  • White Papers // May 2010

    Identification Strategies In Survey Response Using Vignettes

    The use of survey data to study the determination of individual preferences is now firmly rooted in the social sciences. Although the theory and application of revealed preference has been a pivotal component of empirical analysis of individual choice, it is increasingly the case that firms, policy makers, and governments...

    Provided By University of Cambridge

  • White Papers // Feb 2011

    Monetary Policy, Capital Inflows, And The Housing Boom

    The authors estimate an open economy VAR model to quantify the effect of monetary policy and capital inflows shocks on the US housing market. The shocks are identified with sign restrictions derived from a standard DSGE model. They find that monetary policy shocks have a limited effect on house prices...

    Provided By University of Cambridge

  • White Papers // May 2011

    Can New Nuclear Power Plants Be Project Financed?

    This paper considers the prospects for financing a wave of new Nuclear Power Plants (NPP) using project financing, which is used widely in large capital intensive infrastructure investments, including the power and gas sectors, but has not previously been used for nuclear power. It argues that the first few NPPs...

    Provided By University of Cambridge

  • White Papers // Apr 2011

    Beyond The DSGE Straightjacket

    Academic macroeconomics and the research department of central banks have come to be dominated by Dynamic, Stochastic, General Equilibrium (DSGE) models based on micro-foundations of optimising representative agents with rational expectations. The authors argue that the dominance of this particular sort of DSGE and the resistance of some in the...

    Provided By University of Cambridge

  • White Papers // Apr 2011

    The Economics Of Energy (And Electricity) Demand

    Economic drivers, technologies and demand side management are keys in understanding the long-term trends of both energy and more specifically electricity consumption. This paper discusses some of the important economics foundations of energy demand in general, and electricity in particular. First, the authors look at the macro-economic context of energy....

    Provided By University of Cambridge