LIGHTest: Lightweight Infrastrucutre for Global and Heterogeneous Trust Management

The EU-funded LIGHTest project is developing a global trust infrastructure that enables an easy and efficient verification process of electronic transactions, even if the involved instances belong to different trust domains. LIGHTest builds on the available internet Domain Name System (DNS) infrastructure. This paper gives an overview on the LIGHTest project, its reference architecture and variety of application fields

Risk Management Lessons from Madoff Fraud

In December 2008, as the nancial and economic crisis continued on its devastating course, a new scandal erupted. After the 1998's failure of Long-Term Capital Management, Madoff's fraud once again discredits the hedge funds industry. This scandal is however of a dierent kind. Indeed, Madoff's rm is not a standard hedge fund but a developed Ponzi scheme. By explaining Madoff's system and exploring the reasons for its collapse, this paper draws risk management lessons from this fraud, especially for operational risk management. Present day risk management processes have partially failed to prevent the Madoff scandal. This paper presents the issues for risk capital requirements raised by the collapse of the Madoff scheme. Implications for due diligence processes, including the use of quantitative replication to assess the credibility of the performance of a hedge fund, are also considered. Finally, consideration is given to the regulatory and standardizing approaches of the hedge fund industry as a response to frauds similar to that of Madoff.Madoff fraud, Ponzi scheme, operational risk, due diligence, supervision, hedge funds, bull spread strategy, split strike conversion

Politicisation and economic governance design

The functional pressures shaping policy design may be disrupted in salient policies and politicised contexts, according to recent postfunctionalist/new intergovernmentalist theories. We contrast these expectations with those derived from liberal intergovernmentalism and neofunctionalism by analysing the reforms of the European Union economic governance. Its Council-centred enforcement, which has been a dominant feature until the euro crisis, despite noncompliance, does not sit comfortably with traditional theories but can be explained by policy salience and implementation uncertainties. Instead, the emphasis that traditional approaches assign to noncompliance, commitment problems, threats of exclusion and veto, issue linkages, path dependencies and supranational decision-making, allows to adequately account for the overall direction of reforms toward more tightening and delegation, notwithstanding the pooled enforcement in recent ancillary measures. Postfunctionalist theories overall fall short in highly politicised contexts, exactly where they should do most of the explaining. We conclude discussing politicisation as a strategic elite response

The spirit of mathematical modeling – a philosophical study on the occasion of 50 years of mathematical modeling education

We mark the 50th anniversary of mathematical modeling education by reviving the term the spirit of mathematical modeling (SoMM), which idealistically reflects core aspects of mathematical modeling. The basis of our analysis is the notion of bildung, which is an educational philosophy that strives for harmonizing heart, mind, social life and culture. We built SoMM on five descriptions of mathematical modeling: two research studies from the 1970s, two studies about the work of professional modelers, and one about an environmental school project. We captured SoMM as a collection of aspects at the micro, meso and macro level: at the micro level, we found aspects such as agency, anticipating, scrutiny and critique as part of SoMM; at the meso level, we found collaborating, consulting and navigating social norms; and at the macro level, interdisciplinarity, relevance and social justice. Through the lens of bildung-based educational philosophies, we see that instruction and assessment traditions have transposed mathematical modeling into ‘teachable’ practices that drift away from SoMM. We recommend focusing more on fostering mathematical modeling and to assess students through alternative formats (e.g., group projects)

Ontology (Science)

Increasingly, in data-intensive areas of the life sciences, experimental results are being described in algorithmically useful ways with the help of ontologies. Such ontologies are authored and maintained by scientists to support the retrieval, integration and analysis of their data. The proposition to be defended here is that ontologies of this type – the Gene Ontology (GO) being the most conspicuous example – are a _part of science_. Initial evidence for the truth of this proposition (which some will find self-evident) is the increasing recognition of the importance of empirically-based methods of evaluation to the ontology develop¬ment work being undertaken in support of scientific research. Ontologies created by scientists must, of course, be associated with implementations satisfying the requirements of software engineering. But the ontologies are not themselves engineering artifacts, and to conceive them as such brings grievous consequences. Rather, ontologies such as the GO are in different respects comparable to scientific theories, to scientific databases, and to scientific journal publications. Such a view implies a new conception of what is involved in the author¬ing, maintenance and application of ontologies in scientific contexts, and therewith also a new approach to the evaluation of ontologies and to the training of ontologists

Transportation, Cooperation and Harmonization: GATS as a Gateway to Integrating the UN Seaborne Cargo Regimes into the WTO

This paper seeks to analyze how the World Trade Organization (WTO) may cooperate with the United Nations (UN) to unify sea-borne cargo regimes. Beginning with the current dilemma of uni-form maritime transport regime, the paper explores the relation-ship between the UN and the WTO. In light of the successful precedent of the incorporation of the UN intellectual property re-gime into the WTO, this paper probes into the feasibility that the UN and the WTO may interactively unify a maritime transport regime by reference to selected previous treaties, which include UN-administrated treaties. This paper argues the WTO-based sea transport negotiations do not start from a zero basis so that it can be traced backwards to negotiating the General Agreement on Trade in Services (GATS). Having scrutinized the progress and regress in the negotiations so far under the WTO framework, this paper stresses the potential role of an annex on sea transport to the GATS so as to address the issue of harmonization

Harmonizing and combining existing land cover and land use datasets for cropland area monitoring at the African continental scale

Mapping cropland areas is of great interest in diverse fields, from crop monitoring to climate change and food security. Recognizing the value of a reliable and harmonized crop mask that entirely covers the African continent, the objectives of this study were to (i) consolidate the best existing land cover/land use datasets, (ii) adopt the Land Cover Classification System (LCCS) for harmonization and (iii) assess the final product. Ten datasets were compared and combined through an expert-based approach to create the derived map of cropland areas at 250m covering the whole of Africa. The resulting cropland mask was compared with two recent cropland extent maps at 1km: one derived from MODIS and one derived from five existing products. The accuracy of the three products was assessed against a validation sample of 3591 pixels of 1km² regularly distributed over Africa and interpreted using high resolution images, which were collected using the agriculture.geo.wiki.org tool. The comparison of the resulting crop mask with existing products shows that it has a greater agreement with the expert validation dataset, in particular for cropland above 30%.JRC.H.4-Monitoring Agricultural Resource