News: ICT-related News

Why did per capita income divergence occur so dramatically during the 19th Century, rather than at the outset of the Industrial Revolution? How were some countries able to reverse this trend during the globalization of the late 20th Century? To answer these questions, this paper develops a trade-and-growth model that captures the key features of the Industrial Revolution and Great Divergence…

In this paper we introduce NIESIM (Network Information Economics SIMulation), a software for simulating a mobile communications scenario and studying the value of information in the context of mobile network management. The modelling principles and the simulation strategy used to design and develop NIESIM software are introduced, along with simulation results. We consider an application of NIESIM…

We exploit historically-determined variation in local credit markets to identify the impact of bank lending on firm innovation across Russia. We find that deeper credit markets increase firms' use of bank credit, their adoption of new products and technologies, and productivity growth. This relationship is more pronounced in industries further from the technological frontier; more exposed to…

In this paper, we propose a gated deep neural network model to predict implied volatility surfaces. Conventional financial conditions and empirical evidence related to the implied volatility are incorporated into the neural network architecture design and calibration including no static arbitrage, boundaries, asymptotic slope and volatility smile. They are also satisfied empirically by the option…

Works of art and culture are sold by many means. These include transactions between dealers and their customers, auctions with open outcry, internet auctions, and even, occasionally, sealed bid auctions. However, the standard procedure for establishing art valuations for the most expensive works is still most commonly the English auction, where prices ascend in open bidding. This paper describes…