Project acronym 15CBOOKTRADE
Project The 15th-century Book Trade: An Evidence-based Assessment and Visualization of the Distribution, Sale, and Reception of Books in the Renaissance
Researcher (PI) Cristina Dondi
Host Institution (HI) THE CHANCELLOR, MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD
Country United Kingdom
Call Details Consolidator Grant (CoG), SH6, ERC-2013-CoG
Summary The idea that underpins this project is to use the material evidence from thousands of surviving 15th-c. books, as well as unique documentary evidence — the unpublished ledger of a Venetian bookseller in the 1480s which records the sale of 25,000 printed books with their prices — to address four fundamental questions relating to the introduction of printing in the West which have so far eluded scholarship, partly because of lack of evidence, partly because of the lack of effective tools to deal with existing evidence. The book trade differs from other trades operating in the medieval and early modern periods in that the goods traded survive in considerable numbers. Not only do they survive, but many of them bear stratified evidence of their history in the form of marks of ownership, prices, manuscript annotations, binding and decoration styles. A British Academy pilot project conceived by the PI produced a now internationally-used database which gathers together this kind of evidence for thousands of surviving 15th-c. printed books. For the first time, this makes it possible to track the circulation of books, their trade routes and later collecting, across Europe and the USA, and throughout the centuries. The objectives of this project are to examine (1) the distribution and trade-routes, national and international, of 15th-c. printed books, along with the identity of the buyers and users (private, institutional, religious, lay, female, male, and by profession) and their reading practices; (2) the books' contemporary market value; (3) the transmission and dissemination of the texts they contain, their survival and their loss (rebalancing potentially skewed scholarship); and (4) the circulation and re-use of the illustrations they contain. Finally, the project will experiment with the application of scientific visualization techniques to represent, geographically and chronologically, the movement of 15th-c. printed books and of the texts they contain.
Summary
The idea that underpins this project is to use the material evidence from thousands of surviving 15th-c. books, as well as unique documentary evidence — the unpublished ledger of a Venetian bookseller in the 1480s which records the sale of 25,000 printed books with their prices — to address four fundamental questions relating to the introduction of printing in the West which have so far eluded scholarship, partly because of lack of evidence, partly because of the lack of effective tools to deal with existing evidence. The book trade differs from other trades operating in the medieval and early modern periods in that the goods traded survive in considerable numbers. Not only do they survive, but many of them bear stratified evidence of their history in the form of marks of ownership, prices, manuscript annotations, binding and decoration styles. A British Academy pilot project conceived by the PI produced a now internationally-used database which gathers together this kind of evidence for thousands of surviving 15th-c. printed books. For the first time, this makes it possible to track the circulation of books, their trade routes and later collecting, across Europe and the USA, and throughout the centuries. The objectives of this project are to examine (1) the distribution and trade-routes, national and international, of 15th-c. printed books, along with the identity of the buyers and users (private, institutional, religious, lay, female, male, and by profession) and their reading practices; (2) the books' contemporary market value; (3) the transmission and dissemination of the texts they contain, their survival and their loss (rebalancing potentially skewed scholarship); and (4) the circulation and re-use of the illustrations they contain. Finally, the project will experiment with the application of scientific visualization techniques to represent, geographically and chronologically, the movement of 15th-c. printed books and of the texts they contain.
Max ERC Funding
1 999 172 €
Duration
Start date: 2014-04-01, End date: 2019-03-31
Project acronym 3D-REPAIR
Project Spatial organization of DNA repair within the nucleus
Researcher (PI) Evanthia Soutoglou
Host Institution (HI) THE UNIVERSITY OF SUSSEX
Country United Kingdom
Call Details Consolidator Grant (CoG), LS2, ERC-2015-CoG
Summary Faithful repair of double stranded DNA breaks (DSBs) is essential, as they are at the origin of genome instability, chromosomal translocations and cancer. Cells repair DSBs through different pathways, which can be faithful or mutagenic, and the balance between them at a given locus must be tightly regulated to preserve genome integrity. Although, much is known about DSB repair factors, how the choice between pathways is controlled within the nuclear environment is not understood. We have shown that nuclear architecture and non-random genome organization determine the frequency of chromosomal translocations and that pathway choice is dictated by the spatial organization of DNA in the nucleus. Nevertheless, what determines which pathway is activated in response to DSBs at specific genomic locations is not understood. Furthermore, the impact of 3D-genome folding on the kinetics and efficiency of DSB repair is completely unknown.
Here we aim to understand how nuclear compartmentalization, chromatin structure and genome organization impact on the efficiency of detection, signaling and repair of DSBs. We will unravel what determines the DNA repair specificity within distinct nuclear compartments using protein tethering, promiscuous biotinylation and quantitative proteomics. We will determine how DNA repair is orchestrated at different heterochromatin structures using a CRISPR/Cas9-based system that allows, for the first time robust induction of DSBs at specific heterochromatin compartments. Finally, we will investigate the role of 3D-genome folding in the kinetics of DNA repair and pathway choice using single nucleotide resolution DSB-mapping coupled to 3D-topological maps.
This proposal has significant implications for understanding the mechanisms controlling DNA repair within the nuclear environment and will reveal the regions of the genome that are susceptible to genomic instability and help us understand why certain mutations and translocations are recurrent in cancer
Summary
Faithful repair of double stranded DNA breaks (DSBs) is essential, as they are at the origin of genome instability, chromosomal translocations and cancer. Cells repair DSBs through different pathways, which can be faithful or mutagenic, and the balance between them at a given locus must be tightly regulated to preserve genome integrity. Although, much is known about DSB repair factors, how the choice between pathways is controlled within the nuclear environment is not understood. We have shown that nuclear architecture and non-random genome organization determine the frequency of chromosomal translocations and that pathway choice is dictated by the spatial organization of DNA in the nucleus. Nevertheless, what determines which pathway is activated in response to DSBs at specific genomic locations is not understood. Furthermore, the impact of 3D-genome folding on the kinetics and efficiency of DSB repair is completely unknown.
Here we aim to understand how nuclear compartmentalization, chromatin structure and genome organization impact on the efficiency of detection, signaling and repair of DSBs. We will unravel what determines the DNA repair specificity within distinct nuclear compartments using protein tethering, promiscuous biotinylation and quantitative proteomics. We will determine how DNA repair is orchestrated at different heterochromatin structures using a CRISPR/Cas9-based system that allows, for the first time robust induction of DSBs at specific heterochromatin compartments. Finally, we will investigate the role of 3D-genome folding in the kinetics of DNA repair and pathway choice using single nucleotide resolution DSB-mapping coupled to 3D-topological maps.
This proposal has significant implications for understanding the mechanisms controlling DNA repair within the nuclear environment and will reveal the regions of the genome that are susceptible to genomic instability and help us understand why certain mutations and translocations are recurrent in cancer
Max ERC Funding
1 999 750 €
Duration
Start date: 2017-03-01, End date: 2022-02-28
Project acronym ADaPt
Project Adaptation, Dispersals and Phenotype: understanding the roles of climate,
natural selection and energetics in shaping global hunter-gatherer adaptability
Researcher (PI) Jay Stock
Host Institution (HI) THE CHANCELLOR MASTERS AND SCHOLARSOF THE UNIVERSITY OF CAMBRIDGE
Country United Kingdom
Call Details Consolidator Grant (CoG), SH6, ERC-2013-CoG
Summary Relative to other species, humans are characterised by considerable biological diversity despite genetic homogeneity. This diversity is reflected in skeletal variation, but we lack sufficient understanding of the underlying mechanisms to adequately interpret the archaeological record. The proposed research will address problems in our current understanding of the origins of human variation in the past by: 1) documenting and interpreting the pattern of global hunter-gatherer variation relative to genetic phylogenies and climatic variation; 2) testing the relationship between environmental and skeletal variation among genetically related hunter-gatherers from different environments; 3) examining the adaptability of living humans to different environments, through the study of energetic expenditure and life history trade-offs associated with locomotion; and 4) investigating the relationship between muscle and skeletal variation associated with locomotion in diverse environments. This will be achieved by linking: a) detailed study of the global pattern of hunter-gatherer variation in the Late Pleistocene and Holocene with; b) ground-breaking experimental research which tests the relationship between energetic stress, muscle function, and bone variation in living humans. The first component tests the correspondence between skeletal variation and both genetic and climatic history, to infer mechanisms driving variation. The second component integrates this skeletal variation with experimental studies of living humans to, for the first time, directly test adaptive implications of skeletal variation observed in the past. ADaPt will provide the first links between prehistoric hunter-gatherer variation and the evolutionary parameters of life history and energetics that may have shaped our success as a species. It will lead to breakthroughs necessary to interpret variation in the archaeological record, relative to human dispersals and adaptation in the past.
Summary
Relative to other species, humans are characterised by considerable biological diversity despite genetic homogeneity. This diversity is reflected in skeletal variation, but we lack sufficient understanding of the underlying mechanisms to adequately interpret the archaeological record. The proposed research will address problems in our current understanding of the origins of human variation in the past by: 1) documenting and interpreting the pattern of global hunter-gatherer variation relative to genetic phylogenies and climatic variation; 2) testing the relationship between environmental and skeletal variation among genetically related hunter-gatherers from different environments; 3) examining the adaptability of living humans to different environments, through the study of energetic expenditure and life history trade-offs associated with locomotion; and 4) investigating the relationship between muscle and skeletal variation associated with locomotion in diverse environments. This will be achieved by linking: a) detailed study of the global pattern of hunter-gatherer variation in the Late Pleistocene and Holocene with; b) ground-breaking experimental research which tests the relationship between energetic stress, muscle function, and bone variation in living humans. The first component tests the correspondence between skeletal variation and both genetic and climatic history, to infer mechanisms driving variation. The second component integrates this skeletal variation with experimental studies of living humans to, for the first time, directly test adaptive implications of skeletal variation observed in the past. ADaPt will provide the first links between prehistoric hunter-gatherer variation and the evolutionary parameters of life history and energetics that may have shaped our success as a species. It will lead to breakthroughs necessary to interpret variation in the archaeological record, relative to human dispersals and adaptation in the past.
Max ERC Funding
1 911 485 €
Duration
Start date: 2014-07-01, End date: 2019-06-30
Project acronym ALZSYN
Project Imaging synaptic contributors to dementia
Researcher (PI) Tara Spires-Jones
Host Institution (HI) THE UNIVERSITY OF EDINBURGH
Country United Kingdom
Call Details Consolidator Grant (CoG), LS5, ERC-2015-CoG
Summary Alzheimer's disease, the most common cause of dementia in older people, is a devastating condition that is becoming a public health crisis as our population ages. Despite great progress recently in Alzheimer’s disease research, we have no disease modifying drugs and a decade with a 99.6% failure rate of clinical trials attempting to treat the disease. This project aims to develop relevant therapeutic targets to restore brain function in Alzheimer’s disease by integrating human and model studies of synapses. It is widely accepted in the field that alterations in amyloid beta initiate the disease process. However the cascade leading from changes in amyloid to widespread tau pathology and neurodegeneration remain unclear. Synapse loss is the strongest pathological correlate of dementia in Alzheimer’s, and mounting evidence suggests that synapse degeneration plays a key role in causing cognitive decline. Here I propose to test the hypothesis that the amyloid cascade begins at the synapse leading to tau pathology, synapse dysfunction and loss, and ultimately neural circuit collapse causing cognitive impairment. The team will use cutting-edge multiphoton and array tomography imaging techniques to test mechanisms downstream of amyloid beta at synapses, and determine whether intervening in the cascade allows recovery of synapse structure and function. Importantly, I will combine studies in robust models of familial Alzheimer’s disease with studies in postmortem human brain to confirm relevance of our mechanistic studies to human disease. Finally, human stem cell derived neurons will be used to test mechanisms and potential therapeutics in neurons expressing the human proteome. Together, these experiments are ground-breaking since they have the potential to further our understanding of how synapses are lost in Alzheimer’s disease and to identify targets for effective therapeutic intervention, which is a critical unmet need in today’s health care system.
Summary
Alzheimer's disease, the most common cause of dementia in older people, is a devastating condition that is becoming a public health crisis as our population ages. Despite great progress recently in Alzheimer’s disease research, we have no disease modifying drugs and a decade with a 99.6% failure rate of clinical trials attempting to treat the disease. This project aims to develop relevant therapeutic targets to restore brain function in Alzheimer’s disease by integrating human and model studies of synapses. It is widely accepted in the field that alterations in amyloid beta initiate the disease process. However the cascade leading from changes in amyloid to widespread tau pathology and neurodegeneration remain unclear. Synapse loss is the strongest pathological correlate of dementia in Alzheimer’s, and mounting evidence suggests that synapse degeneration plays a key role in causing cognitive decline. Here I propose to test the hypothesis that the amyloid cascade begins at the synapse leading to tau pathology, synapse dysfunction and loss, and ultimately neural circuit collapse causing cognitive impairment. The team will use cutting-edge multiphoton and array tomography imaging techniques to test mechanisms downstream of amyloid beta at synapses, and determine whether intervening in the cascade allows recovery of synapse structure and function. Importantly, I will combine studies in robust models of familial Alzheimer’s disease with studies in postmortem human brain to confirm relevance of our mechanistic studies to human disease. Finally, human stem cell derived neurons will be used to test mechanisms and potential therapeutics in neurons expressing the human proteome. Together, these experiments are ground-breaking since they have the potential to further our understanding of how synapses are lost in Alzheimer’s disease and to identify targets for effective therapeutic intervention, which is a critical unmet need in today’s health care system.
Max ERC Funding
2 000 000 €
Duration
Start date: 2016-11-01, End date: 2021-10-31
Project acronym BPI
Project Bayesian Peer Influence: Group Beliefs, Polarisation and Segregation
Researcher (PI) Gilat Levy
Host Institution (HI) LONDON SCHOOL OF ECONOMICS AND POLITICAL SCIENCE
Country United Kingdom
Call Details Consolidator Grant (CoG), SH1, ERC-2015-CoG
Summary "The objective of this research agenda is to provide a new framework to model and analyze dynamics of group beliefs, in order to study phenomena such as group polarization, segregation and inter-group discrimination. We introduce a simple new heuristic, the Bayesian Peer Influence heuristic (BPI), which is based on rational foundations and captures how individuals are influenced by others' beliefs. We will explore the theoretical properties of this heuristic, and apply the model to analyze the implications of belief dynamics on social interactions.
Understanding the formation and evolution of beliefs in groups is an important aspect of many economic applications, such as labour market discrimination. The beliefs that different groups of people have about members of other groups should be central to any theory or empirical investigation of this topic. At the same time, economic models of segregation and discrimination typically do not focus on the evolution and dynamics of group beliefs that allow for such phenomena. There is therefore a need for new tools of analysis for incorporating the dynamics of group beliefs; this is particularly important in order to understand the full implications of policy interventions which often intend to ""educate the public''. The BPI fills this gap in the literature by offering a tractable and natural heuristic for group communication.
Our aim is to study the theoretical properties of the BPI, as well as its applications to the dynamics of group behavior. Our plan is to: (i) Analyze rational learning from others’ beliefs and characterise the BPI. (ii) Use the BPI to account for cognitive biases in information processing. (iii) Use the BPI to analyze the diffusion of beliefs in social networks. (iv) Apply the BPI to understand the relation between belief polarization, segregation in education and labour market discrimination. (v) Apply the BPI to understand the relation between belief polarization and political outcomes."
Summary
"The objective of this research agenda is to provide a new framework to model and analyze dynamics of group beliefs, in order to study phenomena such as group polarization, segregation and inter-group discrimination. We introduce a simple new heuristic, the Bayesian Peer Influence heuristic (BPI), which is based on rational foundations and captures how individuals are influenced by others' beliefs. We will explore the theoretical properties of this heuristic, and apply the model to analyze the implications of belief dynamics on social interactions.
Understanding the formation and evolution of beliefs in groups is an important aspect of many economic applications, such as labour market discrimination. The beliefs that different groups of people have about members of other groups should be central to any theory or empirical investigation of this topic. At the same time, economic models of segregation and discrimination typically do not focus on the evolution and dynamics of group beliefs that allow for such phenomena. There is therefore a need for new tools of analysis for incorporating the dynamics of group beliefs; this is particularly important in order to understand the full implications of policy interventions which often intend to ""educate the public''. The BPI fills this gap in the literature by offering a tractable and natural heuristic for group communication.
Our aim is to study the theoretical properties of the BPI, as well as its applications to the dynamics of group behavior. Our plan is to: (i) Analyze rational learning from others’ beliefs and characterise the BPI. (ii) Use the BPI to account for cognitive biases in information processing. (iii) Use the BPI to analyze the diffusion of beliefs in social networks. (iv) Apply the BPI to understand the relation between belief polarization, segregation in education and labour market discrimination. (v) Apply the BPI to understand the relation between belief polarization and political outcomes."
Max ERC Funding
1 662 942 €
Duration
Start date: 2016-08-01, End date: 2021-07-31
Project acronym ComparingCopperbelt
Project Comparing the Copperbelt: Political Culture and Knowledge Production in Central Africa
Researcher (PI) Miles Larmer
Host Institution (HI) THE CHANCELLOR, MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD
Country United Kingdom
Call Details Consolidator Grant (CoG), SH6, ERC-2015-CoG
Summary This project provides the first comparative historical analysis – local, national and transnational - of the Central African copperbelt. This globally strategic mineral region is central to the history of two nation-states (Zambia and Democratic Republic of Congo (DRC)), as well as wider debates about the role of mineral wealth in development. The project has three interrelated and comparative objectives. First, it will examine the copperbelt as a single region divided by a (post-)colonial border, across which flowed minerals, peoples, and ideas about the relationship between them. Political economy created the circumstances in which distinct political cultures of mining communities developed, but this also involved a process of imagination, drawing on ‘modern’ notions such as national development, but also morally framed ideas about the societies and land from which minerals are extracted. The project will explain the relationship between minerals and African polities, economies, societies and ideas. Second, it will analyse how ‘top-down’ knowledge production processes of Anglo-American and Belgian academies shaped understanding of these societies. Explaining how social scientists imagined and constructed copperbelt society will enable a new understanding of the relationship between mining societies and academic knowledge production. Third, it will explore the interaction between these intellectual constructions and the copperbelt’s political culture, exploring the interchange between academic and popular perceptions. This project will investigate the hypothesis that the resultant understanding of this region is the result of a long unequal interaction of definition and determination between western observers and African participants that has only a partial relationship to the reality of mineral extraction, filtered as it has been through successive sedimentations of imagining and representation laid down over nearly a century of urban life in central Africa.
Summary
This project provides the first comparative historical analysis – local, national and transnational - of the Central African copperbelt. This globally strategic mineral region is central to the history of two nation-states (Zambia and Democratic Republic of Congo (DRC)), as well as wider debates about the role of mineral wealth in development. The project has three interrelated and comparative objectives. First, it will examine the copperbelt as a single region divided by a (post-)colonial border, across which flowed minerals, peoples, and ideas about the relationship between them. Political economy created the circumstances in which distinct political cultures of mining communities developed, but this also involved a process of imagination, drawing on ‘modern’ notions such as national development, but also morally framed ideas about the societies and land from which minerals are extracted. The project will explain the relationship between minerals and African polities, economies, societies and ideas. Second, it will analyse how ‘top-down’ knowledge production processes of Anglo-American and Belgian academies shaped understanding of these societies. Explaining how social scientists imagined and constructed copperbelt society will enable a new understanding of the relationship between mining societies and academic knowledge production. Third, it will explore the interaction between these intellectual constructions and the copperbelt’s political culture, exploring the interchange between academic and popular perceptions. This project will investigate the hypothesis that the resultant understanding of this region is the result of a long unequal interaction of definition and determination between western observers and African participants that has only a partial relationship to the reality of mineral extraction, filtered as it has been through successive sedimentations of imagining and representation laid down over nearly a century of urban life in central Africa.
Max ERC Funding
1 599 661 €
Duration
Start date: 2016-07-01, End date: 2021-09-30
Project acronym COTCA
Project Cultures of Occupation in Twentieth-century Asia
Researcher (PI) Jeremy Edmund Taylor
Host Institution (HI) THE UNIVERSITY OF NOTTINGHAM
Country United Kingdom
Call Details Consolidator Grant (CoG), SH6, ERC-2015-CoG
Summary How has foreign occupation shaped culture? What has been the lasting cultural legacy of foreign occupation in those societies where it represented the usual state of affairs for much of the modern era? These are key questions which, in light of ongoing cases of occupation around the world, remain crucial in the 21st century. Cultures of Occupation in Twentieth-century Asia (COTCA) will answer these questions by analysing how occupation―be it under colonial, wartime or Cold War powers―gave rise to unique visual, auditory and spatial regimes in East and Southeast Asia. The core objective of this important project is to produce a paradigm shift in the study of occupation, and to challenge the 'collaboration'/'resistance' dichotomy which has defined the field thus far. It will adopt a transnational, intertextual and comparative approach to the study of cultural expression produced under occupation from the 1930s to the 1970s. It will also break new methodological ground by drawing on and contributing to recent developments in visual, auditory and spatial history as a means of highlighting intersections and cultural convergences across different types of occupation. By doing so, COTCA will, for the first time, determine what occupation looked, sounded and felt like in twentieth-century Asia. The COTCA team will consist of the PI, 2 postdoctoral researchers and 3 PhD students, and will run along 3 streams: (i) Representations of occupation; (ii) sounds of occupation; and (iii) spaces of occupation. Case studies based on hitherto rarely examined examples will be undertaken in each stream. These include: A visual history of Japanese-occupied China; soundscapes of the US naval bases in the Philippines; and, spaces of occupation in late-colonial Malaya. COTCA will also build a Digital Archive which will enable researchers to trace the development of narratives, tropes and motifs common to 'occupation' cultural expression in Asia across national and temporal borders.
Summary
How has foreign occupation shaped culture? What has been the lasting cultural legacy of foreign occupation in those societies where it represented the usual state of affairs for much of the modern era? These are key questions which, in light of ongoing cases of occupation around the world, remain crucial in the 21st century. Cultures of Occupation in Twentieth-century Asia (COTCA) will answer these questions by analysing how occupation―be it under colonial, wartime or Cold War powers―gave rise to unique visual, auditory and spatial regimes in East and Southeast Asia. The core objective of this important project is to produce a paradigm shift in the study of occupation, and to challenge the 'collaboration'/'resistance' dichotomy which has defined the field thus far. It will adopt a transnational, intertextual and comparative approach to the study of cultural expression produced under occupation from the 1930s to the 1970s. It will also break new methodological ground by drawing on and contributing to recent developments in visual, auditory and spatial history as a means of highlighting intersections and cultural convergences across different types of occupation. By doing so, COTCA will, for the first time, determine what occupation looked, sounded and felt like in twentieth-century Asia. The COTCA team will consist of the PI, 2 postdoctoral researchers and 3 PhD students, and will run along 3 streams: (i) Representations of occupation; (ii) sounds of occupation; and (iii) spaces of occupation. Case studies based on hitherto rarely examined examples will be undertaken in each stream. These include: A visual history of Japanese-occupied China; soundscapes of the US naval bases in the Philippines; and, spaces of occupation in late-colonial Malaya. COTCA will also build a Digital Archive which will enable researchers to trace the development of narratives, tropes and motifs common to 'occupation' cultural expression in Asia across national and temporal borders.
Max ERC Funding
1 885 268 €
Duration
Start date: 2016-07-01, End date: 2021-06-30
Project acronym DEPP
Project Designing Effective Public Policies
Researcher (PI) Henrik Jacobsen Kleven
Host Institution (HI) LONDON SCHOOL OF ECONOMICS AND POLITICAL SCIENCE
Country United Kingdom
Call Details Consolidator Grant (CoG), SH1, ERC-2015-CoG
Summary This proposal outlines a number of projects in public economics, with links to other fields such as macro, real estate, labor, and gender economics. The projects evolve around several large administrative datasets from the UK and Denmark, and they advance approaches and methodologies that have recently been developed in public economics into new areas. There is a strong public policy focus running through the proposal, including tax policy, transfer policy, family policy, and indirectly monetary policy. The objective is to achieve a comprehensive understanding of how government interventions affect two key markets: the housing market and the labor market.
The project is divided into two themes. The first theme focuses on the housing market and is divided into three subprojects. The first project investigates the effects of mortgage interest rates on leverage and house prices, and it develops a new quasi-experimental method for estimating the elasticity of intertemporal substitution in consumption, a crucial parameter for many public policies. The second and third projects investigate housing market responses to different tax policies, focusing on how such responses are magnified by liquidity constraints and leverage.
The second theme focuses on the labor market and is divided into two subprojects. The first project studies secular changes in gender inequality and the underlying sources of those changes, focusing mainly on the effects of child rearing on gender inequality. The project explores the underlying mechanisms driving child-related inequality, including gender identity norms and family policies. The second project proposes a new way of estimating macro labor supply elasticities that integrates taxes and public expenditures, and it develops a theoretical framework to draw policy implications from those estimations.
Summary
This proposal outlines a number of projects in public economics, with links to other fields such as macro, real estate, labor, and gender economics. The projects evolve around several large administrative datasets from the UK and Denmark, and they advance approaches and methodologies that have recently been developed in public economics into new areas. There is a strong public policy focus running through the proposal, including tax policy, transfer policy, family policy, and indirectly monetary policy. The objective is to achieve a comprehensive understanding of how government interventions affect two key markets: the housing market and the labor market.
The project is divided into two themes. The first theme focuses on the housing market and is divided into three subprojects. The first project investigates the effects of mortgage interest rates on leverage and house prices, and it develops a new quasi-experimental method for estimating the elasticity of intertemporal substitution in consumption, a crucial parameter for many public policies. The second and third projects investigate housing market responses to different tax policies, focusing on how such responses are magnified by liquidity constraints and leverage.
The second theme focuses on the labor market and is divided into two subprojects. The first project studies secular changes in gender inequality and the underlying sources of those changes, focusing mainly on the effects of child rearing on gender inequality. The project explores the underlying mechanisms driving child-related inequality, including gender identity norms and family policies. The second project proposes a new way of estimating macro labor supply elasticities that integrates taxes and public expenditures, and it develops a theoretical framework to draw policy implications from those estimations.
Max ERC Funding
1 294 699 €
Duration
Start date: 2016-06-01, End date: 2021-05-31
Project acronym EDWEL
Project Empirical Demand and Welfare Analysis
Researcher (PI) Debopam Bhattacharya
Host Institution (HI) THE CHANCELLOR MASTERS AND SCHOLARSOF THE UNIVERSITY OF CAMBRIDGE
Country United Kingdom
Call Details Consolidator Grant (CoG), SH1, ERC-2015-CoG
Summary Measurement of consumer welfare is central to economic evaluations. It underlies calculation of price-indices, formulation of tax policies, and environmental and industrial regulation. But existing measurement methods rely on restrictive assumptions about consumer preferences, leading to potentially incorrect conclusions regarding policy-impacts. The proposed project aims to make fundamental contributions to empirical welfare analysis by developing nonparametric approaches, which would avoid such assumptions and thus produce reliable welfare estimates from micro-data. The emphasis will be on welfare-evaluation of price/quality changes in the under-researched but common real-life setting of discrete-choice, e.g., the impact of tuition subsidies for college entrants, fare-hikes for passengers and access to new channels for TV viewers. The project will cover (i) discrete choice with multinomial/ordered/non-exclusive alternatives, (ii) random coefficient choice-models, (iii) settings where one’s choice affects one’s peers’ utilities, and (iv) dynamic choice under uncertainty such as durable-purchase. Welfare analyses in situations (ii)-(iv) are previously unexplored problems and represent ambitious undertakings. Situation (i) has been analyzed only under strong, unsubstantiated assumptions, like quasilinear preferences and extreme valued errors. The key insight driving the project is that welfare calculations require less information than what is needed to identify underlying preference parameters. The project will also develop methods to overcome common data problems like interval-reporting and endogeneity of income. The theoretical results will be complemented by software codes in Stata/R which can be readily used by practitioners. Given the ubiquity of welfare analysis in economic applications and its use in non-academic settings such as merger-analysis, damage calculations, etc., the project is likely to have a substantial impact both in and beyond the academia.
Summary
Measurement of consumer welfare is central to economic evaluations. It underlies calculation of price-indices, formulation of tax policies, and environmental and industrial regulation. But existing measurement methods rely on restrictive assumptions about consumer preferences, leading to potentially incorrect conclusions regarding policy-impacts. The proposed project aims to make fundamental contributions to empirical welfare analysis by developing nonparametric approaches, which would avoid such assumptions and thus produce reliable welfare estimates from micro-data. The emphasis will be on welfare-evaluation of price/quality changes in the under-researched but common real-life setting of discrete-choice, e.g., the impact of tuition subsidies for college entrants, fare-hikes for passengers and access to new channels for TV viewers. The project will cover (i) discrete choice with multinomial/ordered/non-exclusive alternatives, (ii) random coefficient choice-models, (iii) settings where one’s choice affects one’s peers’ utilities, and (iv) dynamic choice under uncertainty such as durable-purchase. Welfare analyses in situations (ii)-(iv) are previously unexplored problems and represent ambitious undertakings. Situation (i) has been analyzed only under strong, unsubstantiated assumptions, like quasilinear preferences and extreme valued errors. The key insight driving the project is that welfare calculations require less information than what is needed to identify underlying preference parameters. The project will also develop methods to overcome common data problems like interval-reporting and endogeneity of income. The theoretical results will be complemented by software codes in Stata/R which can be readily used by practitioners. Given the ubiquity of welfare analysis in economic applications and its use in non-academic settings such as merger-analysis, damage calculations, etc., the project is likely to have a substantial impact both in and beyond the academia.
Max ERC Funding
1 426 418 €
Duration
Start date: 2016-10-01, End date: 2021-09-30
Project acronym Endogenous_Info
Project Financial Decision Making with Endogenous Information Acquisition
Researcher (PI) Marcin Kacperczyk
Host Institution (HI) IMPERIAL COLLEGE OF SCIENCE TECHNOLOGY AND MEDICINE
Country United Kingdom
Call Details Consolidator Grant (CoG), SH1, ERC-2015-CoG
Summary Are financial markets informationally efficient? Are some economic agents more informed than others? What is the impact of such heterogeneity on asset prices? These questions, of great economic significance, have permeated academic and business circles over the last few decades. Despite significant progress on the theoretical and empirical fronts relatively little is known about how information is endogenously acquired and processed in markets by agents with differential access to information and facing heterogeneous opportunities.
Using the novel setting of endogenous information acquisition with non-trivial heterogeneity the project has two goals: (A) to lay out micro foundations for informed trading in investment and corporate settings using the contexts of illegal insider trading and household finance; (B) to investigate macro implications of heterogeneous information for global economic phenomena such as income inequality, organizational design, and market power.
Summary
Are financial markets informationally efficient? Are some economic agents more informed than others? What is the impact of such heterogeneity on asset prices? These questions, of great economic significance, have permeated academic and business circles over the last few decades. Despite significant progress on the theoretical and empirical fronts relatively little is known about how information is endogenously acquired and processed in markets by agents with differential access to information and facing heterogeneous opportunities.
Using the novel setting of endogenous information acquisition with non-trivial heterogeneity the project has two goals: (A) to lay out micro foundations for informed trading in investment and corporate settings using the contexts of illegal insider trading and household finance; (B) to investigate macro implications of heterogeneous information for global economic phenomena such as income inequality, organizational design, and market power.
Max ERC Funding
1 588 959 €
Duration
Start date: 2016-06-01, End date: 2020-05-31