UK Business Investment: Long-Run Elasticities and Short-Run Dynamics

From neoclassical theory output, capital stock and the user cost are cointegrated; capital and investment also (multi)cointegrate through the capital accumulation identity. An investment equation is estimated on UK data using a new capital stock series and a long series for the weighted cost of capital. Assuming CES technology, the elasticity of substitution is well-determined and below unity. Over-identifying restrictions are accepted. The long-run parameter is robust to alternative specifications, but single-equation investment relationships may obscure the dynamics. The Johansen method is over-sized, but outperforms a single equation test for excluding the capital accumulation identity from the investment equation.investment, capital stock, identification, multicointegration

Rethinking Models of Evaluation: Sustainability as the Goal of International Cultural Organisations

The purpose and conduct of organisational evaluation is variously defined and understood. With the shift to the ‘new managerialism’ and the steady advance of audit culture in the public sector, evaluation models have proliferated but they are often narrowed to crude measures of impact and performance. They subject people to unhelpful, top-down forms of appraisal and accountability in the interests of transparency and economic efficiency with little respect afforded to the multiple perspectives and divergent goals of the actors involved. There is often a lack of clarity about what is being evaluated and from whose perspective. This paper traces the development of the Cultural Value Model (CVM). It was developed as part of UK-wide research programme aimed at rethinking how we assess the value of cultural activities. The primary objective of the CVM is to provide an analytical and methodological framework for re-conceiving models of evaluation. In particular, it shifts the frame of analysis away from impact to value. Our project aimed to deliver a robust, evidence-based understanding of the changing cultural value of the British Council (BC) and BBC World Service (BBCWS). These publically funded international organisations are an integral part of the UK’s diplomatic infrastructure and subject to stringent accountability measures to satisfy diverse stakeholders. They are experiencing rapid and convulsive change in response to financial, technological and geopolitical forces and their purpose and value is being questioned. In the paper we argue that the CVM, in fostering a more engaged, participatory approach to performance evaluation challenged and even subverted existing practices but with mixed results. In the case of the BC, it generated a high degree of interest and engagement to the extent that it is currently being adopted and integrated into organisational practices. In contrast, the BBCWS were more resistant to innovation believing that their audience ratings and internal reviews suffice. The flexible adaptability of the CVM presents an opportunity for other organisations to move from away from top-down performance and impact assessment towards a more inclusive, reflective and sustainable model of value. However we need to get a better understanding the organisational constraints that obstruct innovation if more participatory models of learning, monitoring and evaluation are to intervene in social and organisational processes and achieve sustainable models of good practice

OLEDs AND E-PAPER. Disruptive Potential for the European Display Industry

DG ENTR and JRC/IPTS of the European Commission have launched a series of studies to analyse prospects of success for European ICT industries with respect to emerging technologies. This report concerns display technologies (Organic Light Emitting Diodes and Electronic Paper - or OLEDs and e-paper for short). It assesses whether these technologies could be disruptive, and how well placed EU firms would be to take advantage of this disruption In general, displays are an increasingly important segment of the ICT sector. Since the 1990s and following the introduction of flat panel displays (FPDs), the global display industry has grown dramatically. The market is now (2009) worth about ¿ 100 billion. Geo-politically, the industry is dominated by Asian suppliers, with European companies relegated to a few vertical niches and parts of the value chain (e.g. research, supply of material and equipment). However, a number of new technologies are entering the market, e.g. OLEDs and electronic paper. Such emerging technologies may provide an opportunity for European enterprises to (re-)enter or strengthen their competitive position. OLEDs are composed of polymers that emit light when a current is passed through them. E-paper, on the other hand, is a portable, reusable storage and display medium, typically thin and flexible. Both OLEDs and e-paper have the potential to disrupt the existing displays market, but it is still too soon to say with certainty whether this will occur and when. Success for OLEDs depends on two key technical advances: first, the operating lifetime, and second, the production process. E-paper has a highly disruptive potential since it opens the door to new applications, largely text-based, not just in ICTs but also in consumer goods, pictures and advertising that could use its key properties. It could also displace display technologies that offer text-reading functions in ICT terminals such as tablet notebooks. There are three discrete segments in the OLED value chain where any discontinuity could offer EU firms the opportunity to play a more significant part in the displays sector: (1) original R&D and IPR for devices and for the manufacturing process and material supply/verification; (2) bulk materials for manufacture and glass; and (3) process equipment:. For the e-paper value chain, we can see that the entry of EU suppliers is perhaps possible across more value chain segments than for OLEDs. Apart from the ones mentioned for OLEDs, there are opportunities to enter into complete devices and content provision. In terms of vertical segments, the point of entry in OLED FPDs for Europe is most likely to be in the mass production of smaller FPDs for mobile handsets. In conclusion, OLEDs and e-paper have the potential to disrupt current displays market and in so doing they may enable EU companies to enter at selected points in the value chain to compete with the Asian ICT industry.JRC.J.4-Information Societ

European leadership in 5G. CEPS Special Report, December 2016

Prepared by Policy Department A at the request of the European Parliament’s Committee on Industry, Research and Energy (ITRE), this report examines the concept for 5G, how it might fit in the future telecommunications landscape, the state of play in R&D in the EU and globally, the possible business models and the role of standards and spectrum policy, to assess the EU’s strategic position

Communal residential laundry washing and drying : can it provide demand-side electrical load flexibility?

Changes in lifestyle have led to increased use and ownership rates of domestic appliances resulting in increasing electrical consumption in the residential sector. An important element of this consumption is due to domestic washing and drying of laundry. Given current and predicted ownership rates, the market for drying facilities is still not fully saturated and electrical demand for these functions will therefore increase. This paper looks at energy loads for laundering in high density housing such as blocks of flats and explores the benefits of communal facilities. Benefits of such facilities include reduced high humidity levels and the mitigation of decreased indoor air quality associated with indoor drying of laundry in individual dwellings. However from the perspective of integrating microgeneration into buildings, communal facilities may facilitate increased flexibility in the electrical demand profile, hence better complementing low carbon and localised energy supplies. In order to investigate the possible effects on the electric demand load profile, this paper presents the scenario of a hypothetical housing block and analyses the effect of moving from washing and drying in individual households to communal facilities. The study includes the effects of appliance energy-efficiency improvements and increased ownership rates. Results obtained show that communal laundering is successful in terms of time-shifting and hence lowering of peak electrical demand but is ineffective in reducing consumption

Evolving Recursive Programs using Non-recursive Scaffolding

Genetic programming has proven capable of evolving solutions to a wide variety of problems. However, the successes have largely been with programs without iteration or recursion; evolving recursive programs has turned out to be particularly challenging. The main obstacle to evolving recursive programs seems to be that they are particularly fragile to the application of search operators: a small change in a correct recursive program generally produces a completely wrong program. In this paper, we present a simple and general method that allows us to pass back and forth from a recursive program to an associated non-recursive program. Finding a recursive program can be reduced to evolving non-recursive programs followed by converting the optimum non-recursive program found to the associated optimum recursive program. This avoids the fragility problem above, as evolution does not search the space of recursive programs. We present promising experimental results on a test-bed of recursive problems