Project acronym AIDA
Project Architectural design In Dialogue with dis-Ability Theoretical and methodological exploration of a multi-sensorial design approach in architecture
Researcher (PI) Ann Heylighen
Host Institution (HI) KATHOLIEKE UNIVERSITEIT LEUVEN
Call Details Starting Grant (StG), SH2, ERC-2007-StG
Summary This research project is based on the notion that, because of their specific interaction with space, people with particular dis-abilities are able to appreciate spatial qualities or detect misfits in the environment that most architects—or other designers—are not even aware of. This notion holds for sensory dis-abilities such as blindness or visual impairment, but also for mental dis-abilities like autism or Alzheimer’s dementia. The experiences and subsequent insights of these dis-abled people, so it is argued, represent a considerable knowledge resource that would complement and enrich the professional expertise of architects and designers in general. This argument forms the basis for a methodological and theoretical exploration of a multi-sensorial design approach in architecture. On the one hand, a series of retrospective case studies will be conducted to identify and describe the motives and elements that trigger or stimulate architects’ attention for the multi-sensorial spatial experiences of people with dis-abilities when designing spaces. On the other hand, the research project will investigate experimentally in real time to what extent design processes and products in architecture can be enriched by establishing a dialogue between the multi-sensorial ‘knowing-in-action’ of people with dis-abilities and the expertise of professional architects/designers. In this way, the research project aims to develop a more profound understanding of how the concept of Design for All can be realised in architectural practice. At least as important, however, is its contribution to innovation in architecture tout court. The research results are expected to give a powerful impulse to quality improvement of the built environment by stimulating and supporting the development of innovative design concepts.
Summary
This research project is based on the notion that, because of their specific interaction with space, people with particular dis-abilities are able to appreciate spatial qualities or detect misfits in the environment that most architects—or other designers—are not even aware of. This notion holds for sensory dis-abilities such as blindness or visual impairment, but also for mental dis-abilities like autism or Alzheimer’s dementia. The experiences and subsequent insights of these dis-abled people, so it is argued, represent a considerable knowledge resource that would complement and enrich the professional expertise of architects and designers in general. This argument forms the basis for a methodological and theoretical exploration of a multi-sensorial design approach in architecture. On the one hand, a series of retrospective case studies will be conducted to identify and describe the motives and elements that trigger or stimulate architects’ attention for the multi-sensorial spatial experiences of people with dis-abilities when designing spaces. On the other hand, the research project will investigate experimentally in real time to what extent design processes and products in architecture can be enriched by establishing a dialogue between the multi-sensorial ‘knowing-in-action’ of people with dis-abilities and the expertise of professional architects/designers. In this way, the research project aims to develop a more profound understanding of how the concept of Design for All can be realised in architectural practice. At least as important, however, is its contribution to innovation in architecture tout court. The research results are expected to give a powerful impulse to quality improvement of the built environment by stimulating and supporting the development of innovative design concepts.
Max ERC Funding
1 195 385 €
Duration
Start date: 2008-05-01, End date: 2013-10-31
Project acronym CHINA
Project Trade, Productivity, and Firm Capabilities in China's Manufacturing Sector
Researcher (PI) Johannes Van Biesebroeck
Host Institution (HI) KATHOLIEKE UNIVERSITEIT LEUVEN
Call Details Starting Grant (StG), SH1, ERC-2009-StG
Summary China s economy has expanded at breakneck speed to become the 3rd largest trading country in the world and the largest recipient of foreign direct investment (FDI). Entry into the WTO in 2001 was a landmark event in this ongoing process and I propose to study several channels through which it spurred China s industrial development. Crucially, I will take an integrated view of the different ways in which Chinese and Western firms interact: through trade flows, as suppliers or competitors, FDI, or knowledge transfers. First, I investigate the existence and magnitude of a causal link from the trade reforms to productivity growth. Second, I look for evidence of capability upgrading, such as increased production efficiency, an ability to produce higher quality products, or introduce new products by innovating. Third, I study the mechanisms for the impact of trade and FDI on local firms, in particular assessing the relative importance of increased market competition and the transfer of know-how from foreign firms. For this analysis, I draw heavily on a unique data set. Information on the universe of Chinese manufacturing firms is being linked to the universe of Chinese trade transactions. These are unique research tools on their own, but as a linked data set, the only comparable one in the world is for the U.S. economy. The Chinese data has the advantage to contain detailed information on FDI, distinguishes between ordinary and processing trade, and contains information on innovation, such as R&D and sales of new goods. Answering the above questions is important for other developing countries wanting to learn from China s experience and for Western firms assessing how quickly Chinese firms will become viable suppliers of sophisticated inputs or direct competitors. By estimating models that are explicitly derived from new theories, I advance the literature at the interaction of international and development economics, industrial organization, economic geography.
Summary
China s economy has expanded at breakneck speed to become the 3rd largest trading country in the world and the largest recipient of foreign direct investment (FDI). Entry into the WTO in 2001 was a landmark event in this ongoing process and I propose to study several channels through which it spurred China s industrial development. Crucially, I will take an integrated view of the different ways in which Chinese and Western firms interact: through trade flows, as suppliers or competitors, FDI, or knowledge transfers. First, I investigate the existence and magnitude of a causal link from the trade reforms to productivity growth. Second, I look for evidence of capability upgrading, such as increased production efficiency, an ability to produce higher quality products, or introduce new products by innovating. Third, I study the mechanisms for the impact of trade and FDI on local firms, in particular assessing the relative importance of increased market competition and the transfer of know-how from foreign firms. For this analysis, I draw heavily on a unique data set. Information on the universe of Chinese manufacturing firms is being linked to the universe of Chinese trade transactions. These are unique research tools on their own, but as a linked data set, the only comparable one in the world is for the U.S. economy. The Chinese data has the advantage to contain detailed information on FDI, distinguishes between ordinary and processing trade, and contains information on innovation, such as R&D and sales of new goods. Answering the above questions is important for other developing countries wanting to learn from China s experience and for Western firms assessing how quickly Chinese firms will become viable suppliers of sophisticated inputs or direct competitors. By estimating models that are explicitly derived from new theories, I advance the literature at the interaction of international and development economics, industrial organization, economic geography.
Max ERC Funding
944 940 €
Duration
Start date: 2010-02-01, End date: 2016-01-31
Project acronym CIDAM
Project Conflict, Identity and Markets
Researcher (PI) Eliana La Ferrara
Host Institution (HI) UNIVERSITA COMMERCIALE LUIGI BOCCONI
Call Details Starting Grant (StG), SH1, ERC-2007-StG
Summary The developing world has been plagued by many civil conflicts in the past thirty years. Understanding the roots and the consequences of these conflicts is crucial to fight poverty. This project will take an economic approach to investigate the interplay between cultural, political and economic determinants of conflict in poor countries. I will assess the role of domestic and international factors. Domestic factors include variables such as cultural identity, income inequality, resource endowments and geography. I will re-examine the role of ethnic diversity using original multi-dimensional indicators. These take into account that the salience of ethnic identity may depend on how much it overlaps with categories based on income, education, etc. I will also re-assess the role of natural resource abundance from a theoretical and empirical standpoint. I will develop a theory of how rebel groups are organized drawing on the theory of incentives and test it using detailed geographic information on the location of mineral deposits in Africa. I will also analyze the role of international players using a methodology based on financial markets’ reactions to news. This methodology will allow me to address questions such as: Which companies gain or lose from violent conflict? How can we detect violations of international embargoes? What are the private incentives of complying with international norms, i.e. can reputation costs be quantified? These are questions of paramount importance from a policy perspective and on which almost no academic research exists in economics. Overall, the project should help integrate economic, social and political explanations for the occurrence of conflict in developing countries. I expect that its outcome should comprise the creation of new datasets, propose new methodological tools and offer some insights for designing economic policies to prevent conflict and fight poverty.
Summary
The developing world has been plagued by many civil conflicts in the past thirty years. Understanding the roots and the consequences of these conflicts is crucial to fight poverty. This project will take an economic approach to investigate the interplay between cultural, political and economic determinants of conflict in poor countries. I will assess the role of domestic and international factors. Domestic factors include variables such as cultural identity, income inequality, resource endowments and geography. I will re-examine the role of ethnic diversity using original multi-dimensional indicators. These take into account that the salience of ethnic identity may depend on how much it overlaps with categories based on income, education, etc. I will also re-assess the role of natural resource abundance from a theoretical and empirical standpoint. I will develop a theory of how rebel groups are organized drawing on the theory of incentives and test it using detailed geographic information on the location of mineral deposits in Africa. I will also analyze the role of international players using a methodology based on financial markets’ reactions to news. This methodology will allow me to address questions such as: Which companies gain or lose from violent conflict? How can we detect violations of international embargoes? What are the private incentives of complying with international norms, i.e. can reputation costs be quantified? These are questions of paramount importance from a policy perspective and on which almost no academic research exists in economics. Overall, the project should help integrate economic, social and political explanations for the occurrence of conflict in developing countries. I expect that its outcome should comprise the creation of new datasets, propose new methodological tools and offer some insights for designing economic policies to prevent conflict and fight poverty.
Max ERC Funding
429 480 €
Duration
Start date: 2008-06-01, End date: 2013-05-31
Project acronym CODEC
Project Consequences of Demographic Change
Researcher (PI) Arnstein Aassve
Host Institution (HI) UNIVERSITA COMMERCIALE LUIGI BOCCONI
Call Details Starting Grant (StG), SH1, ERC-2007-StG
Summary The project will be using the Gender and Generations Surveys (GGS) – a system of comparable micro-level surveys for several Developed countries – to analyse the consequences of demographic change. The analysis will be using households and individuals as the unit of observation. As a result, we will be able to make inferences about how certain demographic behaviours (i.e. childbearing, marital disruption, single motherhood, leaving home), including their timing and sequencing, affect certain outcomes, such as income, poverty, deprivation, together with various child outcomes. This analysis is particularly relevant given recent demographic trends in developed countries (e.g. divorce rates are increasing, out-of-wedlock childbearing is becoming more prevalent, and general delay in key demographic events such as childbearing and leaving the parental home). The novelty of the study is driven by its focus on consequences of newly emerging demographic patterns and behaviour, which is in contrast to the majority of previous demographic studies – which has tended to focus on the determinants behind these trends. Policy analysis has not had a strong tradition in Demography and the aim of this project is to rectify this shortcoming of the discipline. By focusing on the consequences of demographic change and using techniques that are borrowed from program evaluation, econometrics, applied statistics and empirical sociology, we aim to advance the understanding of how demographic events impact other important processes in the life course of individuals and how policy makers can best influence such outcomes by appropriate policy interventions.
Summary
The project will be using the Gender and Generations Surveys (GGS) – a system of comparable micro-level surveys for several Developed countries – to analyse the consequences of demographic change. The analysis will be using households and individuals as the unit of observation. As a result, we will be able to make inferences about how certain demographic behaviours (i.e. childbearing, marital disruption, single motherhood, leaving home), including their timing and sequencing, affect certain outcomes, such as income, poverty, deprivation, together with various child outcomes. This analysis is particularly relevant given recent demographic trends in developed countries (e.g. divorce rates are increasing, out-of-wedlock childbearing is becoming more prevalent, and general delay in key demographic events such as childbearing and leaving the parental home). The novelty of the study is driven by its focus on consequences of newly emerging demographic patterns and behaviour, which is in contrast to the majority of previous demographic studies – which has tended to focus on the determinants behind these trends. Policy analysis has not had a strong tradition in Demography and the aim of this project is to rectify this shortcoming of the discipline. By focusing on the consequences of demographic change and using techniques that are borrowed from program evaluation, econometrics, applied statistics and empirical sociology, we aim to advance the understanding of how demographic events impact other important processes in the life course of individuals and how policy makers can best influence such outcomes by appropriate policy interventions.
Max ERC Funding
750 000 €
Duration
Start date: 2008-07-01, End date: 2013-06-30
Project acronym ECHR
Project Strengthening the European Court of Human Rights: More Accountability Through Better Legal Reasoning
Researcher (PI) Eva Brems
Host Institution (HI) UNIVERSITEIT GENT
Call Details Starting Grant (StG), SH2, ERC-2009-StG
Summary Human rights are under pressure, in Europe as elsewhere, due to several developments, namely [1] War on terror: the pressures generated by competing discourses [2] Coping with the dangers of rights inflation [3] Conflicting rights: how to handle rights as contested claims [4] The challenges of dealing with universality under fire In this context, the human rights leadership of the European Court of Human Rights is of crucial importance. Yet the Court is not fit for purpose. Inconsistencies and sloppy legal reasoning undermine both its credibility and the impact of its decisions. The research programme that I propose will strengthen the consistency and persuasiveness of Court s legal reasoning so as to improve its accountability and transparency. My aim is to identify new technical solutions for important human rights problems, by the development and application of creative methodologies. The substantive innovations within the field of European human rights law that I propose to make are: [a] the development of new legal tools, which will consistently integrate the accommodation of the particularities of non-dominant groups into the reasoning of the European Court of Human Rights [b] the development of a new theoretical framework combining minimum and maximum approaches to human rights protection, followed by its translation into clear legal criteria for use by the European Court of Human Rights [c] the development of a script that will enable the adoption of a consistent approach by the European Court of Human Rights to conflicts between human rights My methodological approach is characterized by the combination of empirical and normative dimensions, a 360° comparison, and the integration of qualitative research methods (interviews and focus groups with key stakeholders).
Summary
Human rights are under pressure, in Europe as elsewhere, due to several developments, namely [1] War on terror: the pressures generated by competing discourses [2] Coping with the dangers of rights inflation [3] Conflicting rights: how to handle rights as contested claims [4] The challenges of dealing with universality under fire In this context, the human rights leadership of the European Court of Human Rights is of crucial importance. Yet the Court is not fit for purpose. Inconsistencies and sloppy legal reasoning undermine both its credibility and the impact of its decisions. The research programme that I propose will strengthen the consistency and persuasiveness of Court s legal reasoning so as to improve its accountability and transparency. My aim is to identify new technical solutions for important human rights problems, by the development and application of creative methodologies. The substantive innovations within the field of European human rights law that I propose to make are: [a] the development of new legal tools, which will consistently integrate the accommodation of the particularities of non-dominant groups into the reasoning of the European Court of Human Rights [b] the development of a new theoretical framework combining minimum and maximum approaches to human rights protection, followed by its translation into clear legal criteria for use by the European Court of Human Rights [c] the development of a script that will enable the adoption of a consistent approach by the European Court of Human Rights to conflicts between human rights My methodological approach is characterized by the combination of empirical and normative dimensions, a 360° comparison, and the integration of qualitative research methods (interviews and focus groups with key stakeholders).
Max ERC Funding
1 370 000 €
Duration
Start date: 2009-11-01, End date: 2014-10-31
Project acronym EUROCORR
Project The European correspondence to Jacob Burckhardt
Researcher (PI) Maurizio Ghelardi
Host Institution (HI) SCUOLA NORMALE SUPERIORE
Call Details Advanced Grant (AdG), SH5, ERC-2009-AdG
Summary The aim of this project is to map and publish in a critical edition the extensive correspondence of European intellectuals with the Swiss cultural historian Jacob Burckhardt over a period of more than half a century, from 1842 to 1897. This correspondence documents a crucial period in European history and culture, one which witnessed the emergence of art history as a separate discipline; serious political conflict in France, Germany, Italy and Switzerland; the birth of the nation-states of Italy and Germany; debate on the meaning and consequences of democracy as a system of government; and the rise of Caesarism in France. The effects of modernism are also discussed in this correspondence, from the culture of museums, art exhibitions and the first universal expositions (e.g., the Expositions Universelles in Paris) to the clash between industrial culture and neo-humanist ideals of education. The large body of correspondence received by Jacob Burckhardt (about two thousand letters conserved in various libraries and private archives) provides a cultural map of this crucial phase in the development of a new European identity.
Summary
The aim of this project is to map and publish in a critical edition the extensive correspondence of European intellectuals with the Swiss cultural historian Jacob Burckhardt over a period of more than half a century, from 1842 to 1897. This correspondence documents a crucial period in European history and culture, one which witnessed the emergence of art history as a separate discipline; serious political conflict in France, Germany, Italy and Switzerland; the birth of the nation-states of Italy and Germany; debate on the meaning and consequences of democracy as a system of government; and the rise of Caesarism in France. The effects of modernism are also discussed in this correspondence, from the culture of museums, art exhibitions and the first universal expositions (e.g., the Expositions Universelles in Paris) to the clash between industrial culture and neo-humanist ideals of education. The large body of correspondence received by Jacob Burckhardt (about two thousand letters conserved in various libraries and private archives) provides a cultural map of this crucial phase in the development of a new European identity.
Max ERC Funding
1 215 600 €
Duration
Start date: 2010-06-01, End date: 2015-05-31
Project acronym GREEK INTO ARABIC
Project Greek into Arabic: Philosophical Concepts and Linguistic Bridges
Researcher (PI) Cristina D'ancona
Host Institution (HI) UNIVERSITA DI PISA
Call Details Advanced Grant (AdG), SH5, ERC-2009-AdG
Summary One of the prominent features of Medieval Aristotelianism, both Arabic and Latin, is the fact that Aristotle has been credited with writings that, albeit Neoplatonic in origin, circulated under his name. Crucial as it might be for the genesis of Arabic-Islamic philosophy, the main text of the Neoplatonic tradition into Arabic, i.e., the so-called Theology of Aristotle, is still poorly edited and no running commentary exists on it. The Theology of Aristotle, derived in reality from Plotinus' Enneads, will be critically edited, translated and commented upon. This project will also study the Graeco-Arabic translations from a linguistic viewpoint. It will develop the extant Greek and Arabic Lexicon; of the Medieval translations of philosophical works into a computational resource. For the first time, the project allows Ancient and Arabic philosophy to interact with computational linguistics.
Summary
One of the prominent features of Medieval Aristotelianism, both Arabic and Latin, is the fact that Aristotle has been credited with writings that, albeit Neoplatonic in origin, circulated under his name. Crucial as it might be for the genesis of Arabic-Islamic philosophy, the main text of the Neoplatonic tradition into Arabic, i.e., the so-called Theology of Aristotle, is still poorly edited and no running commentary exists on it. The Theology of Aristotle, derived in reality from Plotinus' Enneads, will be critically edited, translated and commented upon. This project will also study the Graeco-Arabic translations from a linguistic viewpoint. It will develop the extant Greek and Arabic Lexicon; of the Medieval translations of philosophical works into a computational resource. For the first time, the project allows Ancient and Arabic philosophy to interact with computational linguistics.
Max ERC Funding
2 106 381 €
Duration
Start date: 2010-04-01, End date: 2015-03-31
Project acronym INST&GLOB
Project Institutions and Globalization
Researcher (PI) Nicola Gennaioli
Host Institution (HI) UNIVERSITA COMMERCIALE LUIGI BOCCONI
Call Details Starting Grant (StG), SH1, ERC-2009-StG
Summary Economists have recently shown that developed economies rely on proper institutions for securing property rights, resolving disputes, etc. Scholars have studied the consequences of alternative legal and political institutions, but much remains to be done. One important and unexplored territory concerns the analysis of how national institutions interact in the international arena. This proposal seeks to study this problem from two perspectives. First, how does the quality of a country s national institutions affect its gains from international integration? Second, how does international integration affect a country s institutional reform path? We address the first question by studying, both theoretically and empirically, the impact of national institutions on sovereign risk, where the latter is defined as the risk that a government unilaterally decides ex-post not to honor its financial obligations with foreigners. While the impact of national institutions on private capital flows has been studied, the role of these same institutions on supporting government debt has so far received scant attention. As for the second question, we study the impact of political and financial integration on countries institutional reform. We model two different motivations towards institutional change in an integrated world: a) direct confrontation in wars and b) competition through world financial markets. The general thrust of these analyses is that institutional reform becomes a strategic variable in international competition, creating cross-country externalities that can shed light on observed episodes of institutional converge or divergence. We also consider the role of institutional harmonization in supporting economic integration.
Summary
Economists have recently shown that developed economies rely on proper institutions for securing property rights, resolving disputes, etc. Scholars have studied the consequences of alternative legal and political institutions, but much remains to be done. One important and unexplored territory concerns the analysis of how national institutions interact in the international arena. This proposal seeks to study this problem from two perspectives. First, how does the quality of a country s national institutions affect its gains from international integration? Second, how does international integration affect a country s institutional reform path? We address the first question by studying, both theoretically and empirically, the impact of national institutions on sovereign risk, where the latter is defined as the risk that a government unilaterally decides ex-post not to honor its financial obligations with foreigners. While the impact of national institutions on private capital flows has been studied, the role of these same institutions on supporting government debt has so far received scant attention. As for the second question, we study the impact of political and financial integration on countries institutional reform. We model two different motivations towards institutional change in an integrated world: a) direct confrontation in wars and b) competition through world financial markets. The general thrust of these analyses is that institutional reform becomes a strategic variable in international competition, creating cross-country externalities that can shed light on observed episodes of institutional converge or divergence. We also consider the role of institutional harmonization in supporting economic integration.
Max ERC Funding
1 002 000 €
Duration
Start date: 2009-09-01, End date: 2015-05-31
Project acronym MACROMOD
Project New Issues in Macro Modeling
Researcher (PI) Pierpaolo Benigno
Host Institution (HI) LUISS LIBERA UNIVERSITA INTERNAZIONALE DEGLI STUDI SOCIALI GUIDO CARLI
Call Details Starting Grant (StG), SH1, ERC-2009-StG
Summary This project aims at providing novel foundations for the aggregate supply and demand blocks of current macro models, which are extensively used for policy evaluation. On the aggregate-supply side, the first part of the proposal is motivated by recent extensive and consistent empirical evidence on the presence of downward nominal and real rigidities in developed economies. The objective is to investigate the theoretical and empirical implications of including these rigidities in current macro models for: 1) the long-run relationships between inflation, unemployment and productivity growth; 2) the joint dynamics of inflation and unemployment; 3) the role of macroeconomic volatility in influencing these relationships; 4) the distribution of wages. From the policy perspective, several key implications would be examined in terms of the optimal inflation rate and the appropriate degree of stabilization policies. The second part of the proposal deals with the aggregate-demand side of current models and particularly with the specification of the stochastic discount factor. It is a well-known fact that macro models are unable to match the asset-price implications of the data. These shortcomings are more pronounced in open-economy models since the stochastic discount factors also determine the cross-country distribution of wealth and the portfolio allocations. The project will: 1) document the failures of standard preferences in accounting for several puzzles; 2) study whether there exists some stochastic discount factor that can be consistent with the data and with no-arbitrage theories; 3) add a macro structure on this stochastic discount factor while maintaining its consistency with data. In reference to the latter point, particular attention will be devoted to near-rational theories of optimizing behaviour in which the distortions in the subjective probability distributions can be related to macro variables through an optimizing model.
Finally, the research under this proposal will integrate the findings of part 1) and part 2) of the project to propose more realistic frameworks in which it is possible to investigate how investment and consumption decisions change when agents’ evaluation of future contingencies is distorted or uncertain. In particular, the project aims at investigating how monetary policy should be set when agents fear model misspecification, which manifests itself thorugh considerable and realistic premia in holding risky assets.
Summary
This project aims at providing novel foundations for the aggregate supply and demand blocks of current macro models, which are extensively used for policy evaluation. On the aggregate-supply side, the first part of the proposal is motivated by recent extensive and consistent empirical evidence on the presence of downward nominal and real rigidities in developed economies. The objective is to investigate the theoretical and empirical implications of including these rigidities in current macro models for: 1) the long-run relationships between inflation, unemployment and productivity growth; 2) the joint dynamics of inflation and unemployment; 3) the role of macroeconomic volatility in influencing these relationships; 4) the distribution of wages. From the policy perspective, several key implications would be examined in terms of the optimal inflation rate and the appropriate degree of stabilization policies. The second part of the proposal deals with the aggregate-demand side of current models and particularly with the specification of the stochastic discount factor. It is a well-known fact that macro models are unable to match the asset-price implications of the data. These shortcomings are more pronounced in open-economy models since the stochastic discount factors also determine the cross-country distribution of wealth and the portfolio allocations. The project will: 1) document the failures of standard preferences in accounting for several puzzles; 2) study whether there exists some stochastic discount factor that can be consistent with the data and with no-arbitrage theories; 3) add a macro structure on this stochastic discount factor while maintaining its consistency with data. In reference to the latter point, particular attention will be devoted to near-rational theories of optimizing behaviour in which the distortions in the subjective probability distributions can be related to macro variables through an optimizing model.
Finally, the research under this proposal will integrate the findings of part 1) and part 2) of the project to propose more realistic frameworks in which it is possible to investigate how investment and consumption decisions change when agents’ evaluation of future contingencies is distorted or uncertain. In particular, the project aims at investigating how monetary policy should be set when agents fear model misspecification, which manifests itself thorugh considerable and realistic premia in holding risky assets.
Max ERC Funding
648 000 €
Duration
Start date: 2009-11-01, End date: 2014-10-31
Project acronym MADEM
Project Market Design and the Evolution of Markets
Researcher (PI) Estelle Cantillon
Host Institution (HI) UNIVERSITE LIBRE DE BRUXELLES
Call Details Starting Grant (StG), SH1, ERC-2007-StG
Summary The broad aim of this research program is to understand how markets get created, how they evolve, and how specific market organizations affect economic outcomes. It combines theoretical and empirical analyses of specific markets and includes the development of new methods to map theory to data and vice versa. Each market provides a concrete ground to explore the broad questions the project addresses and motivates a distinct set of questions. The first class of markets the research will consider are financial markets. These can be viewed as the archetype of large markets where prices play the main role in the allocation. The focus there will on market creation, market evolution and the process of competition. The second class of markets the research will consider are allocation mechanisms where prices do not play a role in the allocation, making efficiency hard to obtain. The focus there will be on strategic manipulation of preferences by participants, their consequences on outcomes and possible remedies. Together, these markets will contribute to our understanding of how market rules affect outcomes and performance, to what extent laissez-faire evolution fosters efficient market organizations, and when and how public intervention can help generate better market organizations.
Summary
The broad aim of this research program is to understand how markets get created, how they evolve, and how specific market organizations affect economic outcomes. It combines theoretical and empirical analyses of specific markets and includes the development of new methods to map theory to data and vice versa. Each market provides a concrete ground to explore the broad questions the project addresses and motivates a distinct set of questions. The first class of markets the research will consider are financial markets. These can be viewed as the archetype of large markets where prices play the main role in the allocation. The focus there will on market creation, market evolution and the process of competition. The second class of markets the research will consider are allocation mechanisms where prices do not play a role in the allocation, making efficiency hard to obtain. The focus there will be on strategic manipulation of preferences by participants, their consequences on outcomes and possible remedies. Together, these markets will contribute to our understanding of how market rules affect outcomes and performance, to what extent laissez-faire evolution fosters efficient market organizations, and when and how public intervention can help generate better market organizations.
Max ERC Funding
840 000 €
Duration
Start date: 2008-09-01, End date: 2014-02-28
