Periodic Reporting for period 1 - EPOC (Economic Policy in Complex Environments)
Periodo di rendicontazione: 2021-03-01 al 2023-02-28
Many of the main current economic and societal challenges in Europe are characterised by complex dynamic patterns stemming from path dependency, irreversibility, systemic risk and (local) interaction of heterogeneous agents. Examples in this respect are the search for appropriate policies to mitigate climate change, to foster a transition to a low-carbon economy, or to govern the development, diffusion and economic implications of new technologies. Designing sound economic policy in such domains is challenging and should be informed by empirical analyses and modelling frameworks that are suitable for capturing the complexity of the (economic) environment. The Innovative Training Network EPOC aims at advancing the state-of-the-art and the applicability of computationally intensive methods for decision and policy analysis and at using these methods in the domains of climate change and innovation. This agenda will be pursued by combining an interdisciplinary research agenda with an innovative European joint doctoral training programme. Early Stage Researchers will gain expertise and skills in data science, network theory, agent-based simulation, and economic modelling, with focus on climate change and innovation, and will apply these skills in their individual research projects. The academic training will be complemented by Transferable Skills Training Measures, Inter-Sectoral Training Measures, provided by non-academic partners, and Career Development Training. Interaction with stakeholders, policy makers and the general public will play an important role in pursuing the EPOC agenda and disseminating the results. The EPOC consortium consists of seven leading European universities and ten partner organisations. Each Early Stage Researcher will be hosted by two universities, will have a secondment with a partner organisation, and will graduate with a double degree.
EPOC aims to strengthen the higher education system in Europe and at the same time will boost research on economics policy in complex environments. Furthermore, EPOC generates the largest network of European universities pursuing a joint structured doctoral program in Economics with a common research and training agenda delivering joint respectively double degrees.
EPOC aims to strengthen the higher education system in Europe and at the same time will boost research on economics policy in complex environments. Furthermore, EPOC generates the largest network of European universities pursuing a joint structured doctoral program in Economics with a common research and training agenda delivering joint respectively double degrees.
Since the beginning of EPOC substantial progress has been made with respect to all objectives of the research agenda. New methods for the estimation of multi-variate stochastic differential equations and general time series processes have been developed and techniques from machine learning and data science have been used to make progress with respect to the modelling of expectation formation and decision making processes in the framework of heterogeneous agent models as well as with respect to the calibration of agent-based simulation models. Innovative agent-based models have been designed, implemented and analyzed which capture the boundedly rational search of firms in complex technology landscapes as well as complex processes governing the potential evolution of climate clubs between boundedly rational emitters. Models allowing to study the role of social learning and cultural change for the effectiveness of climate policy have been developed and substantial empirical as well as theory-based and simulation-based work has been carried out to study how value chains respectively production networks influence the allocation of economic activity and emissions as well as the propagation volatility and shocks between sectors and countries. Finally, from a policy perspective, empirical and simulation-based work has studied in detail the effects and also the interplay of different types of policies (fiscal measures, carbon pricing, mission oriented) on abatement behavior and technological change in the context of green transition.
Each of the 15 Early Stage Researchers has already generated substantial research results and presented them at the EPOC jamboree in September 2022. In addition, 11 research presentations at international conferences and research seminars have been given in the 16 months between September 2021, when they entered the EPOC programme, and February 2023.
With respect to the training program, all planned Research Training Schools have been completed as scheduled involving a large number of accomplished scientists both form within EPOC and outside EPOC as instructors. In addition, all ESRs have completed additional training attending local doctoral courses or summer schools during their first year of training. All ESRs have progressed substantially in their own research agenda and either have already completed their non-academic secondments or the start dates of their secondments have been fixed and agreed upon with the non-academic partners.
The ability to deliver a double degree from two EPOC universities is an important aspect of EPOC. Joint Supervisory Agreements (JSA), which determine the details of the joint supervision and degree procedure, have been succesfully generated for all 15 ESRs in the EPOC program.
Each of the 15 Early Stage Researchers has already generated substantial research results and presented them at the EPOC jamboree in September 2022. In addition, 11 research presentations at international conferences and research seminars have been given in the 16 months between September 2021, when they entered the EPOC programme, and February 2023.
With respect to the training program, all planned Research Training Schools have been completed as scheduled involving a large number of accomplished scientists both form within EPOC and outside EPOC as instructors. In addition, all ESRs have completed additional training attending local doctoral courses or summer schools during their first year of training. All ESRs have progressed substantially in their own research agenda and either have already completed their non-academic secondments or the start dates of their secondments have been fixed and agreed upon with the non-academic partners.
The ability to deliver a double degree from two EPOC universities is an important aspect of EPOC. Joint Supervisory Agreements (JSA), which determine the details of the joint supervision and degree procedure, have been succesfully generated for all 15 ESRs in the EPOC program.
The research carried out by the EPOC Early Stage Researchers and supervisors has already made substantial contributions to the methodological literature dealing with multi-variate time series and the foundation and calibration of complex interaction models and also has led to development of models addressing issues related to technological innovation and climate change, which so far have hardly been treated in the literature. The publication of 11 Working Papers reporting on these results give evidence of the research productivity during the first reporting period. Furthermore, in several of the projects the work in the first period has laid foundations (e.g. designing and implementing appropriate models) for research results which will be obtained in the second reporting period. In all three research -oriented Work-Packages a rich set of new research papers will be completed during the coming 24 months pushing further the EPOC research agenda.
All these insights have wider social implications. Apart from usual academic channels they have been disseminated through a policy maker meeting, social media and interaction with the non-academic partners in EPOC, in particular also during extensive secondments of the doctoral fellows at these partners. A project video explaining the societal challenges addressed by EPOC and the need for developing suitable tools to deal with these challenges has been produced and put online, as well as short videos for the individual research projects of all EPOC Early Stage Researchers. These activities will be intensified as more research results are generated by EPOC members. An additional policy maker meeting and the international EPOC conference at the end of the project will be important events in this respect.
With respect to internationalization of doctoral education in Europe the establishment of double degree arrangements at the different universities involved in EPOC has contributed to the strengthening of institutional structures fostering joint supervision and graduation of doctoral students.
All these insights have wider social implications. Apart from usual academic channels they have been disseminated through a policy maker meeting, social media and interaction with the non-academic partners in EPOC, in particular also during extensive secondments of the doctoral fellows at these partners. A project video explaining the societal challenges addressed by EPOC and the need for developing suitable tools to deal with these challenges has been produced and put online, as well as short videos for the individual research projects of all EPOC Early Stage Researchers. These activities will be intensified as more research results are generated by EPOC members. An additional policy maker meeting and the international EPOC conference at the end of the project will be important events in this respect.
With respect to internationalization of doctoral education in Europe the establishment of double degree arrangements at the different universities involved in EPOC has contributed to the strengthening of institutional structures fostering joint supervision and graduation of doctoral students.