Project acronym ABEP
Project Asset Bubbles and Economic Policy
Researcher (PI) Jaume Ventura Fontanet
Host Institution (HI) Centre de Recerca en Economia Internacional (CREI)
Country Spain
Call Details Advanced Grant (AdG), SH1, ERC-2009-AdG
Summary Advanced capitalist economies experience large and persistent movements in asset prices that are difficult to justify with economic fundamentals. The internet bubble of the 1990s and the real state market bubble of the 2000s are two recent examples. The predominant view is that these bubbles are a market failure, and are caused by some form of individual irrationality on the part of market participants. This project is based instead on the view that market participants are individually rational, although this does not preclude sometimes collectively sub-optimal outcomes. Bubbles are thus not a source of market failure by themselves but instead arise as a result of a pre-existing market failure, namely, the existence of pockets of dynamically inefficient investments. Under some conditions, bubbles partly solve this problem, increasing market efficiency and welfare. It is also possible however that bubbles do not solve the underlying problem and, in addition, create negative side-effects. The main objective of this project is to develop this view of asset bubbles, and produce an empirically-relevant macroeconomic framework that allows us to address the following questions: (i) What is the relationship between bubbles and financial market frictions? Special emphasis is given to how the globalization of financial markets and the development of new financial products affect the size and effects of bubbles. (ii) What is the relationship between bubbles, economic growth and unemployment? The theory suggests the presence of virtuous and vicious cycles, as economic growth creates the conditions for bubbles to pop up, while bubbles create incentives for economic growth to happen. (iii) What is the optimal policy to manage bubbles? We need to develop the tools that allow policy makers to sustain those bubbles that have positive effects and burst those that have negative effects.
Summary
Advanced capitalist economies experience large and persistent movements in asset prices that are difficult to justify with economic fundamentals. The internet bubble of the 1990s and the real state market bubble of the 2000s are two recent examples. The predominant view is that these bubbles are a market failure, and are caused by some form of individual irrationality on the part of market participants. This project is based instead on the view that market participants are individually rational, although this does not preclude sometimes collectively sub-optimal outcomes. Bubbles are thus not a source of market failure by themselves but instead arise as a result of a pre-existing market failure, namely, the existence of pockets of dynamically inefficient investments. Under some conditions, bubbles partly solve this problem, increasing market efficiency and welfare. It is also possible however that bubbles do not solve the underlying problem and, in addition, create negative side-effects. The main objective of this project is to develop this view of asset bubbles, and produce an empirically-relevant macroeconomic framework that allows us to address the following questions: (i) What is the relationship between bubbles and financial market frictions? Special emphasis is given to how the globalization of financial markets and the development of new financial products affect the size and effects of bubbles. (ii) What is the relationship between bubbles, economic growth and unemployment? The theory suggests the presence of virtuous and vicious cycles, as economic growth creates the conditions for bubbles to pop up, while bubbles create incentives for economic growth to happen. (iii) What is the optimal policy to manage bubbles? We need to develop the tools that allow policy makers to sustain those bubbles that have positive effects and burst those that have negative effects.
Max ERC Funding
1 000 000 €
Duration
Start date: 2010-04-01, End date: 2015-03-31
Project acronym AFRISCREENWORLDS
Project African Screen Worlds: Decolonising Film and Screen Studies
Researcher (PI) Lindiwe Dovey
Host Institution (HI) SCHOOL OF ORIENTAL AND AFRICAN STUDIES ROYAL CHARTER
Country United Kingdom
Call Details Consolidator Grant (CoG), SH5, ERC-2018-COG
Summary A half century since it came into existence, the discipline of Film and Screen Studies remains mostly Eurocentric in its historical, theoretical and critical frameworks. Although “world cinema” and “transnational cinema” scholars have attempted to broaden its canon and frameworks, several major problems persist. Films and scholarship by Africans in particular, and by people of colour in general, are frequently marginalised if not altogether excluded. This prevents exciting exchanges that could help to re-envision Film and Screen Studies for the twenty-first century, in an era in which greater access to the technological means of making films, and circulating them on a range of screens, means that dynamic “screen worlds” are developing at a rapid rate. AFRISCREENWORLDS will study these “screen worlds” (in both their textual forms and industrial structures), with a focus on Africa, as a way of centring the most marginalised regional cinema. We will also elaborate comparative studies of global “screen worlds” – and, in particular, “screen worlds” in the Global South – exploring their similarities, differences, and parallel developments. We will respond to the exclusions of Film and Screen Studies not only in scholarly ways – through conferences and publications – but also in creative and activist ways – through drawing on cutting-edge creative research methodologies (such as audiovisual criticism and filmmaking) and through helping to decolonise Film and Screen Studies (through the production of ‘toolkits’ on how to make curricula, syllabi, and teaching more globally representative and inclusive). On a theoretical level, we will make an intervention through considering how the concept of “screen worlds” is better equipped than “world cinema” or “transnational cinema” to explore the complexities of audiovisual narratives, and their production and circulation in our contemporary moment, in diverse contexts throughout the globe.
Summary
A half century since it came into existence, the discipline of Film and Screen Studies remains mostly Eurocentric in its historical, theoretical and critical frameworks. Although “world cinema” and “transnational cinema” scholars have attempted to broaden its canon and frameworks, several major problems persist. Films and scholarship by Africans in particular, and by people of colour in general, are frequently marginalised if not altogether excluded. This prevents exciting exchanges that could help to re-envision Film and Screen Studies for the twenty-first century, in an era in which greater access to the technological means of making films, and circulating them on a range of screens, means that dynamic “screen worlds” are developing at a rapid rate. AFRISCREENWORLDS will study these “screen worlds” (in both their textual forms and industrial structures), with a focus on Africa, as a way of centring the most marginalised regional cinema. We will also elaborate comparative studies of global “screen worlds” – and, in particular, “screen worlds” in the Global South – exploring their similarities, differences, and parallel developments. We will respond to the exclusions of Film and Screen Studies not only in scholarly ways – through conferences and publications – but also in creative and activist ways – through drawing on cutting-edge creative research methodologies (such as audiovisual criticism and filmmaking) and through helping to decolonise Film and Screen Studies (through the production of ‘toolkits’ on how to make curricula, syllabi, and teaching more globally representative and inclusive). On a theoretical level, we will make an intervention through considering how the concept of “screen worlds” is better equipped than “world cinema” or “transnational cinema” to explore the complexities of audiovisual narratives, and their production and circulation in our contemporary moment, in diverse contexts throughout the globe.
Max ERC Funding
1 985 578 €
Duration
Start date: 2019-06-01, End date: 2024-05-31
Project acronym BBSG
Project Bosnian Bones, Spanish Ghosts: 'Transitional Justice' and the Legal Shaping of Memory after Two Modern Conflicts
Researcher (PI) Sarah Lynn Wastell (Born Haller)
Host Institution (HI) GOLDSMITHS' COLLEGE
Country United Kingdom
Call Details Starting Grant (StG), SH2, ERC-2009-StG
Summary The proposed research entails an ethnographic study of two contemporary cases of post-conflict reconciliation: one, the Bosnian case, where international intervention ended conflict in a stalemate and went on to instigate a decade-long process of transition; and the other, the Spanish case, where a nationally-contrived pact of silence introduced an overnight transition after Franco's death a pact now being broken nearly seventy years after the country's civil war concluded. Both societies witnessed massive violations of international humanitarian law. Both societies are presently exhuming, identifying and re-burying their dead. But their trajectories of transitional justice could not have been more different. This project will investigate how Law shapes cultural memories of wartime atrocity in these contrasting scenarios. How do criminal prosecutions, constitutional reforms, and international rights mechanisms, provide or obfuscate the scales into which histories of violent conflict are framed? Does the systematic re-structuring of legislative and judicial infrastructure stifle recognition of past abuses or does it create the conditions through which such pasts can be confronted? How does Law shape or inflect the cultural politics of memory and memorialisation? And most importantly, how should legal activity be weighted, prioritised and sequenced with other, extra-legal components of peace-building initiatives? The ultimate goal of this project will be to mobilise the findings from the two field-sites to suggest a more nuanced assessment of Law s place in transitional justice. Arguing that disparate historical, cultural and legal contexts require equally distinct approaches towards social healing, the research aims to produce a Post-Conflict Action Framework an architecture of questions and concerns, which, once answered, would point towards context-specific designs for transitional justice programmes in the future.
Summary
The proposed research entails an ethnographic study of two contemporary cases of post-conflict reconciliation: one, the Bosnian case, where international intervention ended conflict in a stalemate and went on to instigate a decade-long process of transition; and the other, the Spanish case, where a nationally-contrived pact of silence introduced an overnight transition after Franco's death a pact now being broken nearly seventy years after the country's civil war concluded. Both societies witnessed massive violations of international humanitarian law. Both societies are presently exhuming, identifying and re-burying their dead. But their trajectories of transitional justice could not have been more different. This project will investigate how Law shapes cultural memories of wartime atrocity in these contrasting scenarios. How do criminal prosecutions, constitutional reforms, and international rights mechanisms, provide or obfuscate the scales into which histories of violent conflict are framed? Does the systematic re-structuring of legislative and judicial infrastructure stifle recognition of past abuses or does it create the conditions through which such pasts can be confronted? How does Law shape or inflect the cultural politics of memory and memorialisation? And most importantly, how should legal activity be weighted, prioritised and sequenced with other, extra-legal components of peace-building initiatives? The ultimate goal of this project will be to mobilise the findings from the two field-sites to suggest a more nuanced assessment of Law s place in transitional justice. Arguing that disparate historical, cultural and legal contexts require equally distinct approaches towards social healing, the research aims to produce a Post-Conflict Action Framework an architecture of questions and concerns, which, once answered, would point towards context-specific designs for transitional justice programmes in the future.
Max ERC Funding
1 420 000 €
Duration
Start date: 2009-09-01, End date: 2013-08-31
Project acronym BrainNanoFlow
Project Nanoscale dynamics in the extracellular space of the brain in vivo
Researcher (PI) Juan Alberto VARELA
Host Institution (HI) THE UNIVERSITY COURT OF THE UNIVERSITY OF ST ANDREWS
Country United Kingdom
Call Details Starting Grant (StG), LS5, ERC-2018-STG
Summary Aggregates of proteins such as amyloid-beta and alpha-synuclein circulate the extracellular space of the brain (ECS) and are thought to be key players in the development of neurodegenerative diseases. The clearance of these aggregates (among other toxic metabolites) is a fundamental physiological feature of the brain which is poorly understood due to the lack of techniques to study the nanoscale organisation of the ECS. Exciting advances in this field have recently shown that clearance is enhanced during sleep due to a major volume change in the ECS, facilitating the flow of the interstitial fluid. However, this process has only been characterised at a low spatial resolution while the physiological changes occur at the nanoscale. The recently proposed “glymphatic” pathway still remains controversial, as there are no techniques capable of distinguishing between diffusion and bulk flow in the ECS of living animals. Understanding these processes at a higher spatial resolution requires the development of single-molecule imaging techniques that can study the brain in living animals. Taking advantage of the strategies I have recently developed to target single-molecules in the brain in vivo with nanoparticles, we will do “nanoscopy” in living animals. Our proposal will test the glymphatic pathway at the spatial scale in which events happen, and explore how sleep and wake cycles alter the ECS and the diffusion of receptors in neuronal plasma membrane. Overall, BrainNanoFlow aims to understand how nanoscale changes in the ECS facilitate clearance of protein aggregates. We will also provide new insights to the pathological consequences of impaired clearance, focusing on the interactions between these aggregates and their putative receptors. Being able to perform single-molecule studies in vivo in the brain will be a major breakthrough in neurobiology, making possible the study of physiological and pathological processes that cannot be studied in simpler brain preparations.
Summary
Aggregates of proteins such as amyloid-beta and alpha-synuclein circulate the extracellular space of the brain (ECS) and are thought to be key players in the development of neurodegenerative diseases. The clearance of these aggregates (among other toxic metabolites) is a fundamental physiological feature of the brain which is poorly understood due to the lack of techniques to study the nanoscale organisation of the ECS. Exciting advances in this field have recently shown that clearance is enhanced during sleep due to a major volume change in the ECS, facilitating the flow of the interstitial fluid. However, this process has only been characterised at a low spatial resolution while the physiological changes occur at the nanoscale. The recently proposed “glymphatic” pathway still remains controversial, as there are no techniques capable of distinguishing between diffusion and bulk flow in the ECS of living animals. Understanding these processes at a higher spatial resolution requires the development of single-molecule imaging techniques that can study the brain in living animals. Taking advantage of the strategies I have recently developed to target single-molecules in the brain in vivo with nanoparticles, we will do “nanoscopy” in living animals. Our proposal will test the glymphatic pathway at the spatial scale in which events happen, and explore how sleep and wake cycles alter the ECS and the diffusion of receptors in neuronal plasma membrane. Overall, BrainNanoFlow aims to understand how nanoscale changes in the ECS facilitate clearance of protein aggregates. We will also provide new insights to the pathological consequences of impaired clearance, focusing on the interactions between these aggregates and their putative receptors. Being able to perform single-molecule studies in vivo in the brain will be a major breakthrough in neurobiology, making possible the study of physiological and pathological processes that cannot be studied in simpler brain preparations.
Max ERC Funding
1 552 948 €
Duration
Start date: 2018-12-01, End date: 2023-11-30
Project acronym BRAINPOWER
Project Brain energy supply and the consequences of its failure
Researcher (PI) David Ian Attwell
Host Institution (HI) University College London
Country United Kingdom
Call Details Advanced Grant (AdG), LS5, ERC-2009-AdG
Summary Energy, supplied in the form of oxygen and glucose in the blood, is essential for the brain s cognitive power. Failure of the energy supply to the nervous system underlies the mental and physical disability occurring in a wide range of economically important neurological disorders, such as stroke, spinal cord injury and cerebral palsy. Using a combination of two-photon imaging, electrophysiological, molecular and transgenic approaches, I will investigate the control of brain energy supply at the vascular level, and at the level of individual neurons and glial cells, and study the deleterious consequences for the neurons, glia and vasculature of a failure of brain energy supply. The work will focus on the following fundamental issues: A. Vascular control of the brain energy supply (1) How important is control of energy supply at the capillary level, by pericytes? (2) Which synapses control blood flow (and thus generate functional imaging signals) in the cortex? B. Neuronal and glial control of brain energy supply (3) How is grey matter neuronal activity powered? (4) How is the white matter supplied with energy? C. The pathological consequences of a loss of brain energy supply (5) How does a fall of energy supply cause neurotoxic glutamate release? (6) How similar are events in the grey and white matter in energy deprivation conditions? (7) How does a transient loss of energy supply affect blood flow regulation? (8) How does brain energy use change after a period without energy supply? Together this work will significantly advance our understanding of how the energy supply to neurons and glia is regulated in normal conditions, and how the loss of the energy supply causes disorders which consume more than 5% of the costs of European health services (5% of ~1000 billion euro/year).
Summary
Energy, supplied in the form of oxygen and glucose in the blood, is essential for the brain s cognitive power. Failure of the energy supply to the nervous system underlies the mental and physical disability occurring in a wide range of economically important neurological disorders, such as stroke, spinal cord injury and cerebral palsy. Using a combination of two-photon imaging, electrophysiological, molecular and transgenic approaches, I will investigate the control of brain energy supply at the vascular level, and at the level of individual neurons and glial cells, and study the deleterious consequences for the neurons, glia and vasculature of a failure of brain energy supply. The work will focus on the following fundamental issues: A. Vascular control of the brain energy supply (1) How important is control of energy supply at the capillary level, by pericytes? (2) Which synapses control blood flow (and thus generate functional imaging signals) in the cortex? B. Neuronal and glial control of brain energy supply (3) How is grey matter neuronal activity powered? (4) How is the white matter supplied with energy? C. The pathological consequences of a loss of brain energy supply (5) How does a fall of energy supply cause neurotoxic glutamate release? (6) How similar are events in the grey and white matter in energy deprivation conditions? (7) How does a transient loss of energy supply affect blood flow regulation? (8) How does brain energy use change after a period without energy supply? Together this work will significantly advance our understanding of how the energy supply to neurons and glia is regulated in normal conditions, and how the loss of the energy supply causes disorders which consume more than 5% of the costs of European health services (5% of ~1000 billion euro/year).
Max ERC Funding
2 499 947 €
Duration
Start date: 2010-04-01, End date: 2016-03-31
Project acronym CEAD
Project Contextualizing Evidence for Action on Diabetes in low-resource Settings: A mixed-methods case study in Quito and Esmeraldas, Ecuador.
Researcher (PI) Lucy Anne Parker
Host Institution (HI) UNIVERSIDAD MIGUEL HERNANDEZ DE ELCHE
Country Spain
Call Details Starting Grant (StG), SH3, ERC-2018-STG
Summary The relentless rise in diabetes is one of the greatest global health emergencies of the 21st century. The increase is most pronounced in low and middle income countries where today three quarters of people with diabetes live and over 80% of the deaths attributed to non-communicable diseases occur. In light of the wealth of knowledge already available about how to tackle the problem, most major international organizations call for the adoption healthy public policies and initiatives to strengthening health systems. However, implementation of recommended action remains limited in many settings. Most evidence comes from high-income settings and may generate recommendations that cannot be successfully implemented in other settings without careful consideration and contextualization. I propose here that this “know-do” gap can be reduced by revealing the barriers to implementing evidence-based recommendations, engaging local stakeholders in developing context-led innovations and developing a tool-kit for contextualizing and implementing diabetes recommendations in low-resource settings. I plan the research in two carefully selected settings in Ecuador, with mixed-methods combining quantitative epidemiological research and qualitative methodology to generate the rich and varied knowledge that is required to trigger policy action and/or changes in care models. Furthermore, I will engage patients, community members, health workers and decision makers in the process of knowledge generation, interpretation and use. The overarching objective is hence, to explore the process by which global recommendations can be translated into context-specific, evidence-informed action for diabetes prevention in low-resource settings. The findings will support the global endeavour to bridge the global “know-do” gap, one of the most important public health challenges this century and a great opportunity for strengthening health systems and achieving health equity.
Summary
The relentless rise in diabetes is one of the greatest global health emergencies of the 21st century. The increase is most pronounced in low and middle income countries where today three quarters of people with diabetes live and over 80% of the deaths attributed to non-communicable diseases occur. In light of the wealth of knowledge already available about how to tackle the problem, most major international organizations call for the adoption healthy public policies and initiatives to strengthening health systems. However, implementation of recommended action remains limited in many settings. Most evidence comes from high-income settings and may generate recommendations that cannot be successfully implemented in other settings without careful consideration and contextualization. I propose here that this “know-do” gap can be reduced by revealing the barriers to implementing evidence-based recommendations, engaging local stakeholders in developing context-led innovations and developing a tool-kit for contextualizing and implementing diabetes recommendations in low-resource settings. I plan the research in two carefully selected settings in Ecuador, with mixed-methods combining quantitative epidemiological research and qualitative methodology to generate the rich and varied knowledge that is required to trigger policy action and/or changes in care models. Furthermore, I will engage patients, community members, health workers and decision makers in the process of knowledge generation, interpretation and use. The overarching objective is hence, to explore the process by which global recommendations can be translated into context-specific, evidence-informed action for diabetes prevention in low-resource settings. The findings will support the global endeavour to bridge the global “know-do” gap, one of the most important public health challenges this century and a great opportunity for strengthening health systems and achieving health equity.
Max ERC Funding
1 475 334 €
Duration
Start date: 2019-01-01, End date: 2023-12-31
Project acronym CLD
Project China, Law, and Development
Researcher (PI) Matthew ERIE
Host Institution (HI) THE CHANCELLOR, MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD
Country United Kingdom
Call Details Starting Grant (StG), SH2, ERC-2018-STG
Summary The world is in the midst of a sea change in approaches to development. The rise of nationalist politics in the U.S., U.K. and Europe have questioned commitments to global governance at the same time that China has emerged as a champion of globalization, a turn of geo-political events that would have been unfathomable ten years ago. Through its own multi-lateral institutions, China is setting a new agenda for development from Europe to Oceania. China’s approach differs from Anglo/Euro/American approaches to “law and development” (LD). Whereas LD orthodoxy has sought to improve legal institutions in poor states, Chinese do not foster rule of law abroad. Instead, Chinese view law as one set of rules, among others, to facilitate economic transactions and not to foster democratization. This distinction has sparked a global debate about the so-called “China model” as an alternative to LD. Yet there is little empirical data with which to assess the means and ends of China’s expanded footprint, a question with long-term implications for much of the developing world. This project addresses that problem by proposing that even if Chinese cross-border development does not operate through transparent rules, it nonetheless has its own notion of order. The project adopts a multi-sited, mixed method, and interdisciplinary approach—at the intersection of comparative law, developmental studies, and legal anthropology—to understand the nature of China’s order. The project has two objectives:
1. To establish the conceptual bases for the study of China’s approach to law and development by developing the first systematic study of the impacts of Chinese investment on the legal systems of developing economies.
2. To experiment with a comparative research design to theorize how China’s approach suggests a type of order that extends through a conjuncture of regional and local processes and manifests itself differently in diverse contexts.
Summary
The world is in the midst of a sea change in approaches to development. The rise of nationalist politics in the U.S., U.K. and Europe have questioned commitments to global governance at the same time that China has emerged as a champion of globalization, a turn of geo-political events that would have been unfathomable ten years ago. Through its own multi-lateral institutions, China is setting a new agenda for development from Europe to Oceania. China’s approach differs from Anglo/Euro/American approaches to “law and development” (LD). Whereas LD orthodoxy has sought to improve legal institutions in poor states, Chinese do not foster rule of law abroad. Instead, Chinese view law as one set of rules, among others, to facilitate economic transactions and not to foster democratization. This distinction has sparked a global debate about the so-called “China model” as an alternative to LD. Yet there is little empirical data with which to assess the means and ends of China’s expanded footprint, a question with long-term implications for much of the developing world. This project addresses that problem by proposing that even if Chinese cross-border development does not operate through transparent rules, it nonetheless has its own notion of order. The project adopts a multi-sited, mixed method, and interdisciplinary approach—at the intersection of comparative law, developmental studies, and legal anthropology—to understand the nature of China’s order. The project has two objectives:
1. To establish the conceptual bases for the study of China’s approach to law and development by developing the first systematic study of the impacts of Chinese investment on the legal systems of developing economies.
2. To experiment with a comparative research design to theorize how China’s approach suggests a type of order that extends through a conjuncture of regional and local processes and manifests itself differently in diverse contexts.
Max ERC Funding
1 499 381 €
Duration
Start date: 2019-01-01, End date: 2023-12-31
Project acronym CULTRWORLD
Project The evolution of cultural norms in real world settings
Researcher (PI) Ruth Helen Mace
Host Institution (HI) University College London
Country United Kingdom
Call Details Advanced Grant (AdG), SH4, ERC-2009-AdG
Summary An intense debate is raging within evolutionary anthropology as to whether the evolution of human behaviour is driven by selection pressure on the individual or on the group. Until recently there was consensus amongst evolutionary biologists and evolutionary anthropologists that natural selection caused behaviours to evolve that benefit the individual or close kin. However the idea that cultural behaviours that favour the group can evolve, even at the expense of individual well-being, is now being supported by some evolutionary anthropologists and economists. Models of cultural group selection rely on patterns of cultural transmission that maintain differences between cultural groups, because either decisions are based on what most others in the group do, or non-conformists are punished in some way. If such biased transmission occurs, then humans may be following a unique evolutionary trajectory towards extreme sociality; such models potentially explain behaviours such as altruism towards non-relatives or limiting your reproductive rate. However, relevant empirical evidence from real world populations, concerning behaviour that potentially influences reproductive success, is almost entirely lacking. The projects proposed here are designed to help fill that gap. In micro-evolutionary studies we will seek evidence for the patterns cultural transmission or social learning that enable cultural group selection to act, and ask how these processes depend on properties of the community, and thus how robust are they to the demographic and societal changes that accompany modernisation. These include studies of the spread of modern contraception through communities; and studies of punishment of selfish players in economic games. In macro-evolutionary studies, we will use phylogenetic cross-cultural comparative methods to show how different cultural traits change over the long term, and ask whether social or ecological variables are driving that cultural change.
Summary
An intense debate is raging within evolutionary anthropology as to whether the evolution of human behaviour is driven by selection pressure on the individual or on the group. Until recently there was consensus amongst evolutionary biologists and evolutionary anthropologists that natural selection caused behaviours to evolve that benefit the individual or close kin. However the idea that cultural behaviours that favour the group can evolve, even at the expense of individual well-being, is now being supported by some evolutionary anthropologists and economists. Models of cultural group selection rely on patterns of cultural transmission that maintain differences between cultural groups, because either decisions are based on what most others in the group do, or non-conformists are punished in some way. If such biased transmission occurs, then humans may be following a unique evolutionary trajectory towards extreme sociality; such models potentially explain behaviours such as altruism towards non-relatives or limiting your reproductive rate. However, relevant empirical evidence from real world populations, concerning behaviour that potentially influences reproductive success, is almost entirely lacking. The projects proposed here are designed to help fill that gap. In micro-evolutionary studies we will seek evidence for the patterns cultural transmission or social learning that enable cultural group selection to act, and ask how these processes depend on properties of the community, and thus how robust are they to the demographic and societal changes that accompany modernisation. These include studies of the spread of modern contraception through communities; and studies of punishment of selfish players in economic games. In macro-evolutionary studies, we will use phylogenetic cross-cultural comparative methods to show how different cultural traits change over the long term, and ask whether social or ecological variables are driving that cultural change.
Max ERC Funding
1 801 978 €
Duration
Start date: 2010-05-01, End date: 2016-04-30
Project acronym DCFM
Project Default and Collateral in Financial Markets
Researcher (PI) Ioannis Vailakis
Host Institution (HI) THE UNIVERSITY OF EXETER
Country United Kingdom
Call Details Starting Grant (StG), SH1, ERC-2009-StG
Summary The main objective of this project is to research the economic implications of default and collateral in financial markets. It is motivated from the observation that much of the lending in modern economies is secured by some form of collateral and by the empirical fact that modern economies experience a substantial amount of default and bankruptcy. From a theoretical perspective, the research aims to explore new ways of modelling default and collateral and employ them to evaluate the impact of default and collateral on market outcomes. From a policy recommendation perspective, the research aims to develop models with testable implications that can be used by practitioners to discuss the consequences of a wide range of policies. In particular, to explore which kind of regulation procedures should be implemented in order to lower the risk of default and at the same time not to reduce too much risk-sharing. The agenda includes two research directions. The first research direction will focus on the implications of default and collateral in economies with bounded rational agents. Our aim is to understand how default and collateral affect market outcomes in environments where agents are allowed to have very divergent and therefore possibly incorrect beliefs about endogenous economic variables like future prices and delivery rates. The second research direction will focus on the implications of default and collateral in economies with an open ended horizon. Our aim is to investigate endogenous debt constraints that are compatible with equilibrium and simultaneously allow for as much risk sharing as possible.
Summary
The main objective of this project is to research the economic implications of default and collateral in financial markets. It is motivated from the observation that much of the lending in modern economies is secured by some form of collateral and by the empirical fact that modern economies experience a substantial amount of default and bankruptcy. From a theoretical perspective, the research aims to explore new ways of modelling default and collateral and employ them to evaluate the impact of default and collateral on market outcomes. From a policy recommendation perspective, the research aims to develop models with testable implications that can be used by practitioners to discuss the consequences of a wide range of policies. In particular, to explore which kind of regulation procedures should be implemented in order to lower the risk of default and at the same time not to reduce too much risk-sharing. The agenda includes two research directions. The first research direction will focus on the implications of default and collateral in economies with bounded rational agents. Our aim is to understand how default and collateral affect market outcomes in environments where agents are allowed to have very divergent and therefore possibly incorrect beliefs about endogenous economic variables like future prices and delivery rates. The second research direction will focus on the implications of default and collateral in economies with an open ended horizon. Our aim is to investigate endogenous debt constraints that are compatible with equilibrium and simultaneously allow for as much risk sharing as possible.
Max ERC Funding
156 538 €
Duration
Start date: 2010-06-01, End date: 2012-06-30
Project acronym DEMIG
Project The determinants of international migration: A theoretical and empirical assessment of policy, origin and destination effects
Researcher (PI) Hein Gysbert De Haas
Host Institution (HI) THE CHANCELLOR, MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD
Country United Kingdom
Call Details Starting Grant (StG), SH3, ERC-2009-StG
Summary The main question of this research project is: how do migration policies of receiving and sending states affect the size, direction and nature of international migration to wealthy countries? The effectiveness of migration policies has been widely contested in the face of their apparent failure to steer immigration and their many unintended, perverse effects. Due to fundamental conceptual and methodological flaws, most empirical evidence has remained largely descriptive and biased by omitting crucial sending country and policy variables. This project answers this question by embedding the systematic empirical analysis of policy effects into a comprehensive theoretical framework of the macro and meso-level forces driving international migration to and from wealthy countries. This is achieved by linking separately evolved migration theories focusing on either sending or receiving countries and integrating them with theories on the internal dynamics of migration processes. A systematic review and categorisation of receiving and sending country migration policies will provide an improved operationalisation of policy variables. Subsequently, this framework will be subjected to quantitative empirical tests drawing on gross and bilateral (country-to-country) migration flow data, with a particular focus on Europe. Methodologically, this project is groundbreaking by introducing a longitudinal, double comparative approach by studying migration flows of multiple origin groups to multiple destination countries. This design enables a unique, simultaneous analysis of origin and destination country, network and policy effects. Theoretically, this research project is innovative by going beyond simple push-pull and equilibrium models and linking sending and receiving side, and economic and non-economic migration theory. This project is policy-relevant by improving insight in the way policies shape migration processes in their interaction with other migration determinants
Summary
The main question of this research project is: how do migration policies of receiving and sending states affect the size, direction and nature of international migration to wealthy countries? The effectiveness of migration policies has been widely contested in the face of their apparent failure to steer immigration and their many unintended, perverse effects. Due to fundamental conceptual and methodological flaws, most empirical evidence has remained largely descriptive and biased by omitting crucial sending country and policy variables. This project answers this question by embedding the systematic empirical analysis of policy effects into a comprehensive theoretical framework of the macro and meso-level forces driving international migration to and from wealthy countries. This is achieved by linking separately evolved migration theories focusing on either sending or receiving countries and integrating them with theories on the internal dynamics of migration processes. A systematic review and categorisation of receiving and sending country migration policies will provide an improved operationalisation of policy variables. Subsequently, this framework will be subjected to quantitative empirical tests drawing on gross and bilateral (country-to-country) migration flow data, with a particular focus on Europe. Methodologically, this project is groundbreaking by introducing a longitudinal, double comparative approach by studying migration flows of multiple origin groups to multiple destination countries. This design enables a unique, simultaneous analysis of origin and destination country, network and policy effects. Theoretically, this research project is innovative by going beyond simple push-pull and equilibrium models and linking sending and receiving side, and economic and non-economic migration theory. This project is policy-relevant by improving insight in the way policies shape migration processes in their interaction with other migration determinants
Max ERC Funding
1 186 768 €
Duration
Start date: 2010-01-01, End date: 2014-12-31