Is the Endangered Species Act Endangering Species?

We develop theory and present a suite of theoretically consistent empirical measures to explore the extent to which market intervention inadvertently alters resource allocation in a sequentialmove principal/agent game. We showcase our approach empirically by exploring the extent to which the U.S. Endangered Species Act has altered land development patterns. We report evidence indicating significant acceleration of development directly after each of several events deemed likely to raise fears among owners of habitat land. Our preferred estimate suggests an overall acceleration of land development by roughly one year. We also find from complementary hedonic regression models that habitat parcels declined in value when the habitat map was published, which is consistent with our estimates of the degree of preemption. These results have clear implications for policymakers, who continue to discuss alternative regulatory frameworks for species preservation. More generally, our modeling strategies can be widely applied -- from any particular economic environment that has a sequential-move nature to the narrower case of the political economy of regulation.

Run Time Approximation of Non-blocking Service Rates for Streaming Systems

Stream processing is a compute paradigm that promises safe and efficient parallelism. Modern big-data problems are often well suited for stream processing's throughput-oriented nature. Realization of efficient stream processing requires monitoring and optimization of multiple communications links. Most techniques to optimize these links use queueing network models or network flow models, which require some idea of the actual execution rate of each independent compute kernel within the system. What we want to know is how fast can each kernel process data independent of other communicating kernels. This is known as the "service rate" of the kernel within the queueing literature. Current approaches to divining service rates are static. Modern workloads, however, are often dynamic. Shared cloud systems also present applications with highly dynamic execution environments (multiple users, hardware migration, etc.). It is therefore desirable to continuously re-tune an application during run time (online) in response to changing conditions. Our approach enables online service rate monitoring under most conditions, obviating the need for reliance on steady state predictions for what are probably non-steady state phenomena. First, some of the difficulties associated with online service rate determination are examined. Second, the algorithm to approximate the online non-blocking service rate is described. Lastly, the algorithm is implemented within the open source RaftLib framework for validation using a simple microbenchmark as well as two full streaming applications.Comment: technical repor

Heavy-Tailed Features and Empirical Analysis of the Limit Order Book Volume Profiles in Futures Markets

This paper poses a few fundamental questions regarding the attributes of the volume profile of a Limit Order Books stochastic structure by taking into consideration aspects of intraday and interday statistical features, the impact of different exchange features and the impact of market participants in different asset sectors. This paper aims to address the following questions: 1. Is there statistical evidence that heavy-tailed sub-exponential volume profiles occur at different levels of the Limit Order Book on the bid and ask and if so does this happen on intra or interday time scales ? 2.In futures exchanges, are heavy tail features exchange (CBOT, CME, EUREX, SGX and COMEX) or asset class (government bonds, equities and precious metals) dependent and do they happen on ultra-high (<1sec) or mid-range (1sec -10min) high frequency data? 3.Does the presence of stochastic heavy-tailed volume profile features evolve in a manner that would inform or be indicative of market participant behaviors, such as high frequency algorithmic trading, quote stuffing and price discovery intra-daily? 4. Is there statistical evidence for a need to consider dynamic behavior of the parameters of models for Limit Order Book volume profiles on an intra-daily time scale ? Progress on aspects of each question is obtained via statistically rigorous results to verify the empirical findings for an unprecedentedly large set of futures market LOB data. The data comprises several exchanges, several futures asset classes and all trading days of 2010, using market depth (Type II) order book data to 5 levels on the bid and ask

Power Side Channels in Security ICs: Hardware Countermeasures

Power side-channel attacks are a very effective cryptanalysis technique that can infer secret keys of security ICs by monitoring the power consumption. Since the emergence of practical attacks in the late 90s, they have been a major threat to many cryptographic-equipped devices including smart cards, encrypted FPGA designs, and mobile phones. Designers and manufacturers of cryptographic devices have in response developed various countermeasures for protection. Attacking methods have also evolved to counteract resistant implementations. This paper reviews foundational power analysis attack techniques and examines a variety of hardware design mitigations. The aim is to highlight exposed vulnerabilities in hardware-based countermeasures for future more secure implementations