Objective
Networks in transport, logistics, and telecommunication are pivotal for European and similar modern societies. The networks are complex and of very large scale. They must be operated both efficiently and reliable. At the intersection of mathematics, computer science, economics and engineering a huge body of linear and discrete network optimization methods has been developed. Methods for robust optimization form a younger field, topically attracting a lot of attention both mathematically and from practice. Recently, the concept of Recoverable Robustness, which we developed in an FET project, has significantly enlarged the possibilities to combine robustness and network optimization. The concept is well understood and proved useful in practice when the recovery is a linear program. The case when the recovery is an integer linear program has far broader modeling power. This case is almost untreated. In many applications the networks are not controlled by a central optimizing authority. They are operated by selfish players. A market mechanism must guarantee that the players in pursuit of their own benefit achieve global efficiency and reliability. Mechanism design is a thriving field with high international and interdisciplinary visibility. While many mechanisms for optimization problems are known, mechanisms that instill robust solutions are untreated. Given a market mechanism to instill robustness in a network controlled by selfish players at minimum loss in efficiency, a different application stands to reason: the networks created by credit obligations. To design regulations yielding robust credit networks it seems reasonable to complement classical, stochastic techniques with robust network optimization and algorithmic game theory. Such a new approach will have huge impact both scientifically and on financial stability. MIT’s ORC offers leading experts to cooperatively extend robustness to integer recovery, mechanism design and financial risk management.
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.
- social sciences economics and business economics
- natural sciences computer and information sciences
- social sciences sociology governance crisis management
- natural sciences mathematics applied mathematics game theory
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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-PEOPLE-2009-IOF
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
10623 Berlin
Germany
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.