Project description
ICT solutions for governance and policy modelling
In his opening address to the ECB Central Banking Conference, Jean-Claude Trichet said that "in the face of the crisis, we felt abandoned by conventional tools", and went on to call for the development of complex systems based approaches to augment existing ways of understanding the economy. This project proposes to address this need by creating an integrated set of complex systems-based ICT tools for modeling the economy, of practical use to policy makers, to be used in both simulation and gaming modes.The core element of our project will be a pair of coupled agent-based models of the European economy, one for the financial system and one for the macro-economy. The European model will in turn be coupled to a corresponding American model developed in an independently funded sister project. These models will be carefully calibrated using a comprehensive data set. The models will be constructed around the available data, so that the resulting model can be placed in the existing state of the real economy at any given point in time, and used to simulate that economy going forward. The decision making components of the model will also be calibrated using laboratory experiments with human subjects. The final result will include a sophisticated graphical user interface with open-source software. This model will allow us to do research to better understand the combined European and American economies, freed from the constraint of unrealistic assumptions such as perfect rationality and representative agents.The output of the research will be used to provide new insights for policy makers and evaluate quantitatively policy measures at the European level.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
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Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
FP7-ICT-2011-7
See other projects for this call
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Coordinator
20123 MILANO
Italy
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.