Markets are Dead, Long Live Markets

Researchers have long proposed using economic approaches to resource allocation in computer systems. However, few of these proposals became operational, let alone commercial. Questions persist about the economic approach regarding its assumptions, value, applicability, and relevance to system design. The goal of this paper is to answer these questions. We find that market-based resource allocation is useful, and more importantly, that mechanism design and system design should be integrated to produce systems that are both economically and computationally efficient.Comment: Fix rotation of figure

A Systematic Review and Meta-Analysis of Practices Exposing Humans to Avian Influenza Viruses, Their Prevalence, and Rationale

Almost all human infections by avian influenza viruses (AIVs) are transmitted from poultry. A systematic review was conducted to identify practices associated with human infections, their prevalence, and rationale. Observational studies were identified through database searches. Meta-analysis produced combined odds ratio estimates. The prevalence of practices and rationales for their adoptions were reported. Of the 48,217 records initially identified, 65 articles were included. Direct and indirect exposures to poultry were associated with infection for all investigated viral subtypes and settings. For the most frequently reported practices, association with infection seemed stronger in markets than households, for sick and dead than healthy poultry, and for H7N9 than H5N1. Practices were often described in general terms and their frequency and intensity of contact were not provided. The prevalence of practices was highly variable across studies, and no studies comprehensively explored reasons behind the adoption of practices. Combining epidemiological and targeted anthropological studies would increase the spectrum and detail of practices that could be investigated and should aim to provide insights into the rationale(s) for their existence. A better understanding of these rationales may help to design more realistic and acceptable preventive public health measures and messages

Can Asset Markets Be Manipulated? A Field Experiment With Racetrack Betting

To test whether naturally occurring markets can be strategically manipulated, $500 and$1,000 bets were made, then canceled, at horse racing tracks. The net effects of these costless temporary bets give clues about how market participants react to information large bets might contain. The bets moved odds on horses visibly (compared to matched‐pair control horses with similar prebet odds) and had a slight tendency to draw money toward the horse that was temporarily bet, but the net effect was close to zero and statistically insignificant. The results suggest that some bettors inferred information from bets and others did not, and their reactions roughly canceled out

Hazard Analysis of Critical Control Points Assessment as a Tool to Respond to Emerging Infectious Disease Outbreaks

Highly pathogenic avian influenza virus (HPAI) strain H5N1 has had direct and indirect economic impacts arising from direct mortality and control programmes in over 50 countries reporting poultry outbreaks. HPAI H5N1 is now reported as the most widespread and expensive zoonotic disease recorded and continues to pose a global health threat. The aim of this research was to assess the potential of utilising Hazard Analysis of Critical Control Points (HACCP) assessments in providing a framework for a rapid response to emerging infectious disease outbreaks. This novel approach applies a scientific process, widely used in food production systems, to assess risks related to a specific emerging health threat within a known zoonotic disease hotspot. We conducted a HACCP assessment for HPAI viruses within Vietnam’s domestic poultry trade and relate our findings to the existing literature. Our HACCP assessment identified poultry flock isolation, transportation, slaughter, preparation and consumption as critical control points for Vietnam’s domestic poultry trade. Introduction of the preventative measures highlighted through this HACCP evaluation would reduce the risks posed by HPAI viruses and pressure on the national economy. We conclude that this HACCP assessment provides compelling evidence for the future potential that HACCP analyses could play in initiating a rapid response to emerging infectious diseases

Yugoslavia is dead: long live the Yugosphere good news from the Western Balkans

This paper by Tim Judah, a journalist and writer who has covered the former Yugoslavia and the Balkans for many years and whose knowledge of the region is second to none, is the first in the LSEE Papers series. The paper takes a fresh look at a region known mainly as a source of 'bad news'. Tim Judah worked on this paper and the concept of a 'Yugosphere' while with LSEE as a Senior Visiting Fellow in 2009. The existence or emergence of a Yugosphere in the Western Balkans has already become a contentious issue and has made headlines across the region

Hedge Funds: Risk and Return

Constructing a data base that is relatively free of bias, this paper provides measures of the returns of hedge fund s as well as the distinctly non-normal characteristics of the data. We provide risk-adjusted measures of performance as well as tests of the degree to which hedge funds live up to their claim of market neutrality. We also examine the substantial attrition of hedge funds and analyze the determinants of hedge fund survival as well as perform tests of return persistence. Finally, we examine the claims of the managers of “funds of funds” that they can form portfolios of “the best” hedge funds and that such funds provide useful instruments for individual investors. We conclude that hedge funds are far riskier and provide much lower returns than is commonly supposed.

Securitizations Are Dead - Long Live Securitizations?

After the financial markets slumped worldwide in 2008, securitizations were seen as a major cause of the conflagration. The securitization market dried up because this financial instrument was no longer trusted. At the time, no one thought securitizations had any future as a financial innovation. However, just three years after the financial meltdown, the securitization market in the US has made a recovery, despite its continued systemic risks. There is still no unified regulatory framework nor binding transparency. Hardly anything has been learnt from the financial crisis of 2008.securitization, financial market crisis, ratings

China's Competitive Threat to Latin America: An Analysis for 1990-2002

This paper explores China's competitive threat to Latin America in trade in manufactures. The direct threat in exports to third country markets appears small: LAC's trade structure is largely complementary to that of China. In bilateral trade, several LAC countries are increasing primary and resource-based exports to China. However, the pattern of trade, with LAC specializing increasingly in resource-based products and China in manufactures, seems worrying. Given cumulative capability building, China's success in increasingly technology-based products with strong learning externalities can place it on a higher growth path than specialisation in 'simpler' goods, as in LAC. China may thus affect LAC's technological upgrading in exports and industrial production. The issue is not so much current competition as the 'spaces' open for LAC in the emerging technology-based world.

Southern California fisheries monitoring summary for 1993 and 1994

The southern California Monitoring and Management Units collectively gathered 803 discrete samples of 7,329 marine finfishes and invertebrates from local commercial fish markets or authorized fish transporters in 1993. Nineteen different species were sampled and biological information recorded for future summarization and use in formulating fisheries management strategies and decisions. Increased sampling efforts in 1994 resulted in 801 samples of 14,566 marine finfish and invertebrates representing 44 different species. Fisheries trends and threats to local fishing opportunities were identified. Results of Marine Recreational Fishery Statistics Survey interviews were also incorporated for a more complete overview of species targeted by both the sport and commercial industries. (26pp.