Modeling economic systems as locally-constructive sequential games

Real-world economies are open-ended dynamic systems consisting of heterogeneous interacting participants. Human participants are decision-makers who strategically take into account the past actions and potential future actions of other participants. All participants are forced to be locally constructive, meaning their actions at any given time must be based on their local states; and participant actions at any given time affect future local states. Taken together, these essential properties imply real-world economies are locally-constructive sequential games. This paper discusses a modeling approach, Agent-based Computational Economics, that permits researchers to study economic systems from this point of view. ACE modeling principles and objectives are first concisely presented and explained. The remainder of the paper then highlights challenging issues and edgier explorations that ACE researchers are currently pursuing

Private damages actions under EU competition policy : an exploration of the ongoing sea change in respect of such actions concerning articles 101 and 102 TFEU infringements

The EU has an established history of public enforcement concerning antitrust infringements under what are now Articles 101 and 102 of the Treaty of the Functioning of the European Union (TFEU). Yet, until recently, this has not been true in respect of private compensatory damages actions in relation to the said Articles. Hence, these actions are now seen as reinforcing the existing deterrent provided by pubic enforcement fines. This paper focuses upon the ongoing sea change that aims to enable and encourage compensatory damages claims in relation to harm caused by breaches of 101 and 102 TFEU. It reveals that both the Court of Justice of the European Union (CJEU) and the European Commission have played pioneering roles in advancing this sea change. It further asserts that, although the rulings of the CJEU have created a hybrid architecture that makes possible private actions in relation to the said breaches under Member state procedural laws before national courts, the architecture itself is problematic as it fails to guarantee that Member states’ procedural rules have a high degree of uniformity, thereby failing to guarantee a regulatory level playing field across the Union concerning the said damages actions. Moreover, not only is the architecture problematic, but it needed further development in respect of rules and requirements in several key areas, such as the right of evidential disclosure, the limitation period issue, collective redress and the quantification of harm, so as to facilitate and encourage claims. The Commission was aware of these concerns, and this paper explores its response. The issues could have been addressed by the establishment of a set of EU procedural rules which national courts would apply in the said actions but the Commission decided upon a different way forward. Working with the said hybrid architecture, and through the vehicle of the 2014 Directive on certain rules governing actions for damages under national law for infringements of the competition law provisions of the Member States and of the European Union, the Commission has amended and created rules and requirements which will form part of member states’ domestic procedural law - and therefore will be applied by national courts – in order to establish a more level regulatory playing field across the Union which should facilitate and encourage private compensatory damages actions for harm caused by EU antitrust breaches. Of course, a more level playing field means that differences will still remain. Moreover, it will be some time before the success of the Directive can be gauged, and further measures may be required in the future

Intergenerational mobility in Australia

Combining four surveys conducted over a forty year period, I calculate intergenerational earnings elasticities for Australia, using predicted earnings in parents' occupations as a proxy for actual parental earnings. In the most recent survey, the elasticity of sons' wages with respect to fathers' wages is around 0.2. Comparing this estimate with earlier surveys, I find little evidence that intergenerational mobility in Australia has significantly risen or fallen over time. Applying the same methodology to United States data, I find that Australian society exhibits more intergenerational mobility than the United States. My method appears to slightly overstate the degree of intergenerational mobility; if the true intergenerational earnings elasticity in the United States is 0.4–0.6 (as recent studies have suggested), then the intergenerational earnings elasticity in Australia is probably around 0.2–0.3

Culture as history: envisioning change across and beyond "eastern" and "western" civilizations in the May Fourth era

This essay examines an influential debate that took place during China’sMay Fourth era (circa 1915–1927) concerning the character of ‘‘Eastern’’ and ‘‘Western’’ civilizations. In this debate, both moderates and radicals wrestle with a growing awareness that cultures have not only a spatial existence but also a historical career, which has encouraged the development of certain institutions and attitudes and discouraged others. Spatial terms mark not only the places where knowledge circulates, but also the particular pasts-and thus futures-toward which Chinese thinkers align themselves. This way of figuring ‘‘East’’ and ‘‘West’’ enables May Fourth thinkers to do more than sort civilizational characteristics into categories of the inevitably universal and the irredeemably particular, as many commentators have assumed. It also facilitates the travel of cultural products and practices across the spatial as well as temporal boundaries originally seen to contain them

Ultraviolet blocking greenhouse polythene covers for insect pest control on organic crops: May 2003 - September 2004

This report reviews the development work carried out within the ‘UV Blocking Polythene Trial’ on the organic farm at the Welsh College of Horticulture during the period May 2003 to September 2004. Two tunnels were erected in 2003, one covered in UV blocking ‘Sterilite’ film and the other in the non-UV blocking ‘Super Strength 600’. The salad/brassicas crops grown during the first season under the UV blocking film showed significantly less pest attack (both winged and non-winged pests). Less aphids were present and their ‘flight behaviour’ was greatly reduced under the UV blocking film. The crops under the UV blocking film also appeared to establish quicker and reached a greater final size. Two more tunnels were erected in spring 2004 and covered in identical films. All four tunnels were then cropped with tomatoes, peppers and cucumbers. The level of pests in all crops/tunnels was generally very low during the season and there was no apparent significant difference in pests under the two different films. Blue and yellow sticky traps caught noticeably more insects under the non-UV blocking film and this highlighted either a greater population level, and/or an increased level of flight activity under that film. The report draws conclusions from the trials and makes recommendations for the 2005 research