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Public sector agencies perform the critical task of implementing the redistributive role of the State by acting as the leading provider of critical public services that many rely on. In recent years, public agencies have been increasingly…
A general framework is given to analyze the falsifiability of economic models based on a sample of their observable components. It is shown that, when the restrictions implied by the economic theory are insufficient to identify the unknown…
The development and deployment of interstellar missions will without doubt require orders of magnitude more resources than needed for current or past megaprojects (Apollo, Iter, LHC,...). Question is how enough resources for such…
Big data has ushered in a new wave of predictive power using machine learning models. In this work, we assess what {\it big} means in the context of typical materials-science machine-learning problems. This concerns not only data volume,…
The world is changing at an ever-increasing pace. And it has changed in a much more fundamental way than one would think, primarily because it has become more connected and interdependent than in our entire history. Every new product, every…
A major gap exists between the conceptual suggestion of how much a nation should invest in science, innovation, and technology, and the practical implementation of what is done. We identify 4 critical challenges that must be address in…
In our model, private actors with interbank cash flows similar to, but nore general than (Carmona, Fouque, Sun, 2013) borrow from the outside economy at a certain interest rate, controlled by the central bank, and invest in risky assets.…
Machine learning is increasingly being embedded into government digital platforms, but public-sector constraints make it difficult to build ML systems that are accurate, auditable, and operationally sustainable. In practice, teams face not…
The Ward et al. (2016) Plos-One paper is an important, heavily-cited paper in the decoupling literature. The authors present evidence of 1990-2015 growth in material and energy consumption and GDP at a world level, and for selected…
Since the 1960s, the question whether markets are efficient or not is controversially discussed. One reason for the difficulty to overcome the controversy is the lack of a universal, but also precise, quantitative definition of efficiency…
With the rapid growth in the volume of data sets, models, and devices in the domain of deep learning, there is increasing attention on large-scale distributed deep learning. In contrast to traditional distributed deep learning, the…
During the Great Recession, Democrats in the United States argued that government spending could be utilized to "grease the wheels" of the economy in order to create wealth and to increase employment; Republicans, on the other hand,…
In economic literature, economic complexity is typically approximated on the basis of an economy's gross export structure. However, in times of ever increasingly integrated global value chains, gross exports may convey an inaccurate image…
Emerging new applications demand the current Internet to provide new functionalities. Although many future Internet architectures and protocols have been proposed to fulfill such needs, ISPs have been reluctant to deploy many of these…
The 2008 global financial crisis marked the beginning of a decade dominated by fiscal austerity policies in much of the developed world. This paper presents a qualitative narrative review of an extensive collection of academic literature to…
Gross Domestic Product(GDP) is a widely used measurement of economic growth representing the market value of all final goods and services produced by a country within a given time. In this paper we question the assumption that GDP measures…
This paper studies the topic of cost-efficiency in incomplete markets. A payoff is called cost-efficient if it achieves a given probability distribution at some given investment horizon with a minimum initial budget. Extensive literature…
The UK anti-fraud charity Fraud Advisory Panel (FAP) in their review of 2016 estimates business costs of fraud at 144 billion, and its individual counterpart at 9.7 billion. Banking, insurance, manufacturing, and government are the most…
Network analysis of inter-industry payment flows reveals structural economic relationships invisible to traditional bilateral measurement approaches, with significant implications for real-time economic monitoring. Analysing 532,346 UK…
Most explanations of economic growth are based on knowledge spillovers, where the development of some technologies facilitates the enhancement of others. Empirical studies show that these spillovers can have a heterogeneous and rather…