Greater Expectations?

Physically Unclonable Functions (PUFs) are key tools in the construction of lightweight authentication and key exchange protocols. So far, all existing PUF-based authentication protocols follow the same paradigm: A resource-constrained prover, holding a PUF, wants to authenticate to a resource-rich verifier, who has access to a database of pre-measured PUF challenge-response pairs (CRPs). In this paper we consider application scenarios where all previous PUF-based authentication schemes fail to work: The verifier is resource-constrained (and holds a PUF), while the prover is resource-rich (and holds a CRP-database). We construct the first and efficient PUF-based authentication protocol for this setting, which we call converse PUF-based authentication. We provide an extensive security analysis against passive adversaries, show that a minor modification also allows for authenticated key exchange and propose a concrete instantiation using controlled Arbiter PUFs

Survey Expectations

This paper focuses on survey expectations and discusses their uses for testing and modeling of expectations.Alternative models of expectations formation are reviewed and the importance of allowing for heterogeneity of expectations is emphasized. A weak form of the rational expectations hypothesis which focuses on average expectationsrather than individual expectations is advanced. Other models of expectations formation, such as the adaptive expectations hypothesis, are briefly discussed. Testable implications of rational and extrapolative models of expectationsare reviewed and the importance of the loss function for the interpretation of the test results is discussed. The paper thenprovides an account of the various surveys of expectations, reviews alternative methods of quantifying the qualitative surveys, and discusses the use of aggregate and individual survey responses in the analysis of expectations and for forecasting

Mythical Expectations

According to the conventional account, economists have relied on three types of expectations: static (contained in the original Keynesian Phillips curve); adaptive (introduced by Milton Friedman’s in the course of his Monetarist counter-revolution) and rational (part of Robert Lucas’s natural rate New Classical counter revolution). This chapter argues that there is a fourth expectational type: the myths associated with these natural rate counter revolutions. ISBN: 978140394959

Expectations

“Expectations” is the Twenty-Second Henry Thornton Lecture, given by the author at the Department of Banking and Finance, City University Business School, London, England, on November 28, 2000.Monetary policy - United States ; Inflation (Finance) ; Rational expectations (Economic theory) ; Financial markets

Survey Expectations

This paper focuses on survey expectations and discusses their uses for testing and modeling of expectations. Alternative models of expectations formation are reviewed and the importance of allowing for heterogeneity of expectations is emphasized. A weak form of the rational expectations hypothesis which focuses on average expectations rather than individual expectations is advanced. Other models of expectations formation, such as the adaptive expectations hypothesis, are briefly discussed. Testable implications of rational and extrapolative models of expectations are reviewed and the importance of the loss function for the interpretation of the test results is discussed. The paper then provides an account of the various surveys of expectations, reviews alternative methods of quantifying the qualitative surveys, and discusses the use of aggregate and individual survey responses in the analysis of expectations and for forecasting.models of expectations formation, survey data, heterogeneity, tests of rational expectations

Expectations and promises

Discusses the Chancery Division judgment in Thorner v Curtis on a claim by an unpaid farm worker, who was led to expect that he would inherit the farm. Examines whether proprietary estoppel could be proved even if the deceased landowner made no express promise. Reviews case law on proprietary estoppel

Inferential Expectations

We propose that the formation of beliefs be treated as statistical hypothesis tests, and we label such beliefs inferential expectations. If a belief is overturned through the build-up of evidence, agents are assumed to switch to the rational expectation. Rational expectations are shown to be a special (limiting) case of inferential expectations, with the test size a becoming a metric for rationality. When inferential expectations are built into a Dornbusch-style model of the exchange rate, regression tests of Uncovered Interest Parity and the rational expectations version of the term structure both display downward bias in the slope coefficient. We present the results of an experiment that supports inferential expectations.expectations; macroeconomics; rationality; uncovered interest parity; term structure; exchange rate

Random G-expectations

We construct a time-consistent sublinear expectation in the setting of volatility uncertainty. This mapping extends Peng's G-expectation by allowing the range of the volatility uncertainty to be stochastic. Our construction is purely probabilistic and based on an optimal control formulation with path-dependent control sets.Comment: Published in at http://dx.doi.org/10.1214/12-AAP885 the Annals of Applied Probability (http://www.imstat.org/aap/) by the Institute of Mathematical Statistics (http://www.imstat.org