Project acronym GLOBALSEIS
Project NEW GOALS AND DIRECTIONS FOR OBSERVATIONAL GLOBAL SEISMOLOGY
Researcher (PI) Augustinus Nolet
Host Institution (HI) CENTRE NATIONAL DE LA RECHERCHE SCIENTIFIQUE CNRS
Call Details Advanced Grant (AdG), PE10, ERC-2008-AdG
Summary One of the major paradoxes in the geosciences is the contrast between the geochemical evidence for limited mass-exchange between lower and upper mantle, and the geophysical arguments for significant mass exchange, needed to prevent the mantle from melting in the geological past. Seismic tomography, when ultimately combined with geodynamical modeling, needs to provide estimates of present-day flux. Indeed, tomography has shown evidence for slabs penetrating into the lower mantle; but no quantitative information on the degree of mass exchange and heat flux can, as yet, reliably be obtained from tomographic images. It is crucial that the boundary between upper- and lower mantle be imaged at greater precision, certainly in the plume-rich southern hemisphere. This requires a combined effort of improvements both experimentally and theoretically. Much progress has recently been obtained by my group in Princeton before I returned to Europe. I propose to build upon those accomplishments, and to (1) Expand the data acquisition to the oceans by developing hydrophone-equipped floats, with the goal to improve data coverage in regions that are important to investigate heat flux: the plume-rich southern hemisphere in particular, (2) Combine different seismological data sets spanning a wide range of frequencies, with the goal to obtain tomographic images that allow for a quantitative estimate of heat flux (both upwards through plumes and downwards through the sinking of slab fragments), with emphasis on the boundary between upper- and lower mantle, (3) Exploit the extra resolution offered by the frequency-dependent sensitivity of body waves (multifrequency tomography), (4) Incorporate wavelet expansions into the tomographic inversion, with the aim to resolve more detail in the model where the data allow a higher resolution, (5) Obtain a multidisciplinary interpretation of new tomographic results through interaction with geodynamicists and geochemists.
Summary
One of the major paradoxes in the geosciences is the contrast between the geochemical evidence for limited mass-exchange between lower and upper mantle, and the geophysical arguments for significant mass exchange, needed to prevent the mantle from melting in the geological past. Seismic tomography, when ultimately combined with geodynamical modeling, needs to provide estimates of present-day flux. Indeed, tomography has shown evidence for slabs penetrating into the lower mantle; but no quantitative information on the degree of mass exchange and heat flux can, as yet, reliably be obtained from tomographic images. It is crucial that the boundary between upper- and lower mantle be imaged at greater precision, certainly in the plume-rich southern hemisphere. This requires a combined effort of improvements both experimentally and theoretically. Much progress has recently been obtained by my group in Princeton before I returned to Europe. I propose to build upon those accomplishments, and to (1) Expand the data acquisition to the oceans by developing hydrophone-equipped floats, with the goal to improve data coverage in regions that are important to investigate heat flux: the plume-rich southern hemisphere in particular, (2) Combine different seismological data sets spanning a wide range of frequencies, with the goal to obtain tomographic images that allow for a quantitative estimate of heat flux (both upwards through plumes and downwards through the sinking of slab fragments), with emphasis on the boundary between upper- and lower mantle, (3) Exploit the extra resolution offered by the frequency-dependent sensitivity of body waves (multifrequency tomography), (4) Incorporate wavelet expansions into the tomographic inversion, with the aim to resolve more detail in the model where the data allow a higher resolution, (5) Obtain a multidisciplinary interpretation of new tomographic results through interaction with geodynamicists and geochemists.
Max ERC Funding
2 500 000 €
Duration
Start date: 2009-02-01, End date: 2015-01-31
Project acronym GTAPCL
Project Game Theory and Applications in the Presence of Cognitive Limitations
Researcher (PI) Philippe Jehiel
Host Institution (HI) ECOLE D'ECONOMIE DE PARIS
Call Details Advanced Grant (AdG), SH1, ERC-2008-AdG
Summary Game theory has been very successful in shaping modern economic theory over the past fifty years. Yet, the solution concepts developed under the assumption of perfect rationality require a degree of cognitive sophistication on players part that need not be realistic. In this project, I wish to broaden the definitions of equilibrium concepts to take into account the cognitive limitations of players. Armed with these equilibrium concepts, I wish to revisit a number of classic economic applications of game theory and economics in the hope that the proposed approach enhances our economic understanding. I also wish to check whether the proposed concepts are confirmed experimentally. Specifically, the project will rely on three new solution concepts I have recently introduced: the limited foresight equilibrium (Jehiel, 1995) in which players are viewed as knowing only the evolution of moves over the next n periods, the analogy-based expectation equilibrium (Jehiel, 2005) in which players understand only the average behavioural strategy of their opponents over bundles of states, and the valuation equilibrium (Jehiel and Samet, 2007) in which players attach the same valuation to a bundle of moves (possibly corresponding to different decision nodes). In each case, I assume that players choose their strategy based on the simplest representation of their environment that is consistent with their partial understanding. And as in the standard rationality paradigm, I assume that the partial understanding of players as parameterized by their cognitive type is correct. The heart of the project is to show how these approaches can be used to shed new light on major subfields of economic theory such as mechanism design, the theory of reputation, the theory of incomplete contracts and the theory of speculative markets. I also wish to test experimentally the solution concepts so as to check their empirical validity.
Summary
Game theory has been very successful in shaping modern economic theory over the past fifty years. Yet, the solution concepts developed under the assumption of perfect rationality require a degree of cognitive sophistication on players part that need not be realistic. In this project, I wish to broaden the definitions of equilibrium concepts to take into account the cognitive limitations of players. Armed with these equilibrium concepts, I wish to revisit a number of classic economic applications of game theory and economics in the hope that the proposed approach enhances our economic understanding. I also wish to check whether the proposed concepts are confirmed experimentally. Specifically, the project will rely on three new solution concepts I have recently introduced: the limited foresight equilibrium (Jehiel, 1995) in which players are viewed as knowing only the evolution of moves over the next n periods, the analogy-based expectation equilibrium (Jehiel, 2005) in which players understand only the average behavioural strategy of their opponents over bundles of states, and the valuation equilibrium (Jehiel and Samet, 2007) in which players attach the same valuation to a bundle of moves (possibly corresponding to different decision nodes). In each case, I assume that players choose their strategy based on the simplest representation of their environment that is consistent with their partial understanding. And as in the standard rationality paradigm, I assume that the partial understanding of players as parameterized by their cognitive type is correct. The heart of the project is to show how these approaches can be used to shed new light on major subfields of economic theory such as mechanism design, the theory of reputation, the theory of incomplete contracts and the theory of speculative markets. I also wish to test experimentally the solution concepts so as to check their empirical validity.
Max ERC Funding
678 370 €
Duration
Start date: 2009-01-01, End date: 2013-12-31
Project acronym HYRAX
Project Rock Hyrax Middens and Climate Change in Southern Africa during the last 50,000 years
Researcher (PI) Brian Mc Kee Chase
Host Institution (HI) CENTRE NATIONAL DE LA RECHERCHE SCIENTIFIQUE CNRS
Call Details Starting Grant (StG), PE10, ERC-2010-StG_20091028
Summary In stark contrast to the abundance of high quality palaeoenvironmental records obtained from the temperate regions of the northern hemisphere, terrestrial palaeoenvironmental information from southern Africa's drylands comes from discontinuous deposits with poor absolute age control and ambiguous palaeoclimatic significance. Confronted with the possibility of future environmental and social disruption as a result of climate change, the need for reliable records from southern Africa has never been so acute. This project seeks to develop rock hyrax middens as novel palaeoenvironmental archives to investigate long-term climate change. Hyrax middens (fossilised accumulations of urine and faecal pellets) contain a range of palaeoenvironmental proxies, including fossil pollen and stable isotopes. As part of a pilot study, I have created new collection and sampling methodologies, establishing the proof of principle and showing that middens provide continuous sub-annual to multi-decadal multi-proxy records of environmental change spanning the last 50,000 years. This work has been exceptional in terms of its ability to elucidate long-term climate dynamics at the local scale, and I now intend to apply my techniques to studying environmental change across the whole of southern Africa, a climatically sensitive, but poorly understood region of the globe. Developing new sites, proxies and analytical techniques, HYRAX will provide the first opportunity to study rapid climate change events, the extent and phasing of major climatic phenomena, and the direction and potential impacts of future climate change.
Summary
In stark contrast to the abundance of high quality palaeoenvironmental records obtained from the temperate regions of the northern hemisphere, terrestrial palaeoenvironmental information from southern Africa's drylands comes from discontinuous deposits with poor absolute age control and ambiguous palaeoclimatic significance. Confronted with the possibility of future environmental and social disruption as a result of climate change, the need for reliable records from southern Africa has never been so acute. This project seeks to develop rock hyrax middens as novel palaeoenvironmental archives to investigate long-term climate change. Hyrax middens (fossilised accumulations of urine and faecal pellets) contain a range of palaeoenvironmental proxies, including fossil pollen and stable isotopes. As part of a pilot study, I have created new collection and sampling methodologies, establishing the proof of principle and showing that middens provide continuous sub-annual to multi-decadal multi-proxy records of environmental change spanning the last 50,000 years. This work has been exceptional in terms of its ability to elucidate long-term climate dynamics at the local scale, and I now intend to apply my techniques to studying environmental change across the whole of southern Africa, a climatically sensitive, but poorly understood region of the globe. Developing new sites, proxies and analytical techniques, HYRAX will provide the first opportunity to study rapid climate change events, the extent and phasing of major climatic phenomena, and the direction and potential impacts of future climate change.
Max ERC Funding
1 484 046 €
Duration
Start date: 2010-11-01, End date: 2016-10-31
Project acronym INFOMACRO
Project Information Heterogeneity and Frictions in the Macroeconomy
Researcher (PI) Christian Hellwig
Host Institution (HI) FONDATION JEAN-JACQUES LAFFONT,TOULOUSE SCIENCES ECONOMIQUES
Call Details Starting Grant (StG), SH1, ERC-2010-StG_20091209
Summary This proposal seeks to analyze the effects of incomplete dispersed information for macroeconomic dynamics, broadly defined.
First, the proposal seeks to develop methods for the analysis of dynamic equilibrium models, in which different participants hold different views of the aggregate conditions. Theoretical and quantitative solution methods will be proposed that can be applied to almost arbitrary equilibrium models of financial markets or the macro-economy, integrating information with other sources of micro-level heterogeneity (such as income risk), and other sources of micro-level adjustment frictions.
Second, the proposal will apply these methods to gain a better understanding of the channels through which information heterogeneity affects aggregate dynamics. The project will develop macroeconomic models with heterogeneity in beliefs, and different important macroeconomic adjustment channels (including pricing and investment decisions by firms, consumption-savings decisions of households, port-folio choice, idiosyncratic risk) to assess the effect of information heterogeneity from a theoretical as well as a quantitative angle.
Third, our methods of analysis will be extended to study asset pricing dynamics with heterogeneous expectations. This part also aims to integrate asset pricing dynamics with corporate decision making, in order to gain a better understanding of the intraction between asset valuations (or mis-valuation) and real economic variables.
Fourth, this project will use these methods and models to gain insight into normative questions such as the welfare implications of information disclosures, optimal design of managerial incentive structures, regulation of firm behavior and firm dynamics, or macroeconomic policy.
Summary
This proposal seeks to analyze the effects of incomplete dispersed information for macroeconomic dynamics, broadly defined.
First, the proposal seeks to develop methods for the analysis of dynamic equilibrium models, in which different participants hold different views of the aggregate conditions. Theoretical and quantitative solution methods will be proposed that can be applied to almost arbitrary equilibrium models of financial markets or the macro-economy, integrating information with other sources of micro-level heterogeneity (such as income risk), and other sources of micro-level adjustment frictions.
Second, the proposal will apply these methods to gain a better understanding of the channels through which information heterogeneity affects aggregate dynamics. The project will develop macroeconomic models with heterogeneity in beliefs, and different important macroeconomic adjustment channels (including pricing and investment decisions by firms, consumption-savings decisions of households, port-folio choice, idiosyncratic risk) to assess the effect of information heterogeneity from a theoretical as well as a quantitative angle.
Third, our methods of analysis will be extended to study asset pricing dynamics with heterogeneous expectations. This part also aims to integrate asset pricing dynamics with corporate decision making, in order to gain a better understanding of the intraction between asset valuations (or mis-valuation) and real economic variables.
Fourth, this project will use these methods and models to gain insight into normative questions such as the welfare implications of information disclosures, optimal design of managerial incentive structures, regulation of firm behavior and firm dynamics, or macroeconomic policy.
Max ERC Funding
1 500 000 €
Duration
Start date: 2010-11-01, End date: 2015-10-31
Project acronym LONG-TERM RISKS
Project Evaluation and management of collective long-term risks
Researcher (PI) Christian Gollier
Host Institution (HI) FONDATION JEAN-JACQUES LAFFONT,TOULOUSE SCIENCES ECONOMIQUES
Call Details Advanced Grant (AdG), SH1, ERC-2008-AdG
Summary The aim of this research proposal is to provide a unified framework to evaluate and to manage collective long-term risks, with applications to environmental risks (climate change, genetically modified organisms, nuclear wastes, non-renewable resources, biodiversity, &). What should we be willing to give up to reduce these risks? What is the best timing for action? How should the risk evaluation be adapted to the absence of objective probabilities, the conflicts between and biases in individual beliefs, the heterogeneity of individual preferences towards these risks, the ability to predict future impacts, the limited capability to share risk efficiently, or the changing expectations about long-term economic growth and about the scarcity of environmental resources? To examine these questions, we will combine various approaches from modern decision theory, the theory of finance, environmental economics and behavioural economics. This research is also aimed at helping collective decision making by improving the standard tools of benefit-cost analysis for the specificities of long-term risks: discounting of far distant effects, risk premium for fat tails, ambiguity premium, aggregation rules for heterogeneous beliefs and preferences, and option values. We will translate general concepts as sustainable development , corporate social responsibility and precautionary principle into efficient guidelines for collective decision making.
Summary
The aim of this research proposal is to provide a unified framework to evaluate and to manage collective long-term risks, with applications to environmental risks (climate change, genetically modified organisms, nuclear wastes, non-renewable resources, biodiversity, &). What should we be willing to give up to reduce these risks? What is the best timing for action? How should the risk evaluation be adapted to the absence of objective probabilities, the conflicts between and biases in individual beliefs, the heterogeneity of individual preferences towards these risks, the ability to predict future impacts, the limited capability to share risk efficiently, or the changing expectations about long-term economic growth and about the scarcity of environmental resources? To examine these questions, we will combine various approaches from modern decision theory, the theory of finance, environmental economics and behavioural economics. This research is also aimed at helping collective decision making by improving the standard tools of benefit-cost analysis for the specificities of long-term risks: discounting of far distant effects, risk premium for fat tails, ambiguity premium, aggregation rules for heterogeneous beliefs and preferences, and option values. We will translate general concepts as sustainable development , corporate social responsibility and precautionary principle into efficient guidelines for collective decision making.
Max ERC Funding
1 400 000 €
Duration
Start date: 2009-01-01, End date: 2014-12-31
Project acronym MAD-ESEC
Project Magmas at Depth: an Experimental Study at Extreme Conditions
Researcher (PI) Chrystèle Sanloup
Host Institution (HI) UNIVERSITE PIERRE ET MARIE CURIE - PARIS 6
Call Details Starting Grant (StG), PE10, ERC-2010-StG_20091028
Summary Magmas, i.e. silicate melts, have played a key role in the chemical and thermal evolution of the Earth and other planets. The Earth's interior today is the outcome of mass transfers which occurred primarily in its early history and still occur now via magmatic events. Present day magmatic and volcanic processes are controlled by the properties of molten silicate at high pressure, considering that magmas are produced at depth. However, the physical properties of molten silicates remain largely unexplored across the broad range of relevant P-T conditions, and their chemical properties are very often assumed constant and equal to those known at ambient conditions. This blurs out our understanding of planetary differentiation and current magmatic processes.
The aim of this proposal is to place fundamental constraints on magma generation and transport in planetary interiors by measuring the properties of silicate melts in their natural high pressures (P) and high temperatures (T) conditions using a broad range of in situ key diagnostic probes (X-ray and neutron scattering techniques, X-ray absorption, radiography, Raman spectroscopy). The completion of this proposal will result in a comprehensive key database in the composition-P-T space that will form the foundation for modelling planetary formation and differentiation, and will provide answers to the very fundamental questions on magma formation, ascent or trapping at depth in the current and past Earth.
This experimental program is allowed by the recent advancements in in situ high P-T techniques, and comes in conjunction with a large and fruitful theoretical effort; time has thus come to understand Earth's melts and their keys to Earth's evolution.
Summary
Magmas, i.e. silicate melts, have played a key role in the chemical and thermal evolution of the Earth and other planets. The Earth's interior today is the outcome of mass transfers which occurred primarily in its early history and still occur now via magmatic events. Present day magmatic and volcanic processes are controlled by the properties of molten silicate at high pressure, considering that magmas are produced at depth. However, the physical properties of molten silicates remain largely unexplored across the broad range of relevant P-T conditions, and their chemical properties are very often assumed constant and equal to those known at ambient conditions. This blurs out our understanding of planetary differentiation and current magmatic processes.
The aim of this proposal is to place fundamental constraints on magma generation and transport in planetary interiors by measuring the properties of silicate melts in their natural high pressures (P) and high temperatures (T) conditions using a broad range of in situ key diagnostic probes (X-ray and neutron scattering techniques, X-ray absorption, radiography, Raman spectroscopy). The completion of this proposal will result in a comprehensive key database in the composition-P-T space that will form the foundation for modelling planetary formation and differentiation, and will provide answers to the very fundamental questions on magma formation, ascent or trapping at depth in the current and past Earth.
This experimental program is allowed by the recent advancements in in situ high P-T techniques, and comes in conjunction with a large and fruitful theoretical effort; time has thus come to understand Earth's melts and their keys to Earth's evolution.
Max ERC Funding
1 332 160 €
Duration
Start date: 2011-06-01, End date: 2017-05-31
Project acronym MERCURY ISOTOPES
Project Exploring the isotopic dimension of the global mercury cycle
Researcher (PI) Jeroen Sonke
Host Institution (HI) CENTRE NATIONAL DE LA RECHERCHE SCIENTIFIQUE CNRS
Call Details Starting Grant (StG), PE10, ERC-2010-StG_20091028
Summary Mass-independent fractionation (MIF) of isotopes in terrestrial geochemical processes was first observed in 1983 for oxygen and in 2000 for sulfur isotopes. Recently mercury (Hg) was added to this shortlist when isotopic anomalies were observed for Hg s two odd isotopes, 199Hg and 201Hg in biological tissues. The objective of the MERCURY ISOTOPES project is to take Hg MIF beyond the initial discovery, and use it to address major outstanding scientific questions of societal and philosophical interest. Similar to the profound insights that carbon and oxygen isotope systematics have brought to climate research, we propose to use variations in Hg isotopic compositions to fingerprint natural and anthropogenic sources, quantify isotope fractionation processes, and provide new constraints on models of mercury cycling.
The MERCURY ISOTOPES project centres on the use of mercury MIF to understand global Hg dynamics at different time scales, from the Pleistocene to modern times. Three main themes will be investigated: 1. the modern Hg cycle focusing on Asian urban-industrial emissions related to coal burning, 2. recent atmospheric Hg deposition in the Arctic, recent Arctic Ocean Hg records from archived biological tissues, and post-glacial Hg deposition from 10,000 yr old ombrotrophic peat records along a mid-latitude sub-Arctic gradient. 3 Continuous atmospheric Hg speciation and isotopic monitoring at the Pic du Midi Observatory (Pyrenees).
By tapping information from the isotopic dimension of Hg cycling, including revolutionary mass-independent effects, I expect a maximum scientific impact while supporting a socially relevant and urgently needed investigation at the frontier of isotope geosciences.
Summary
Mass-independent fractionation (MIF) of isotopes in terrestrial geochemical processes was first observed in 1983 for oxygen and in 2000 for sulfur isotopes. Recently mercury (Hg) was added to this shortlist when isotopic anomalies were observed for Hg s two odd isotopes, 199Hg and 201Hg in biological tissues. The objective of the MERCURY ISOTOPES project is to take Hg MIF beyond the initial discovery, and use it to address major outstanding scientific questions of societal and philosophical interest. Similar to the profound insights that carbon and oxygen isotope systematics have brought to climate research, we propose to use variations in Hg isotopic compositions to fingerprint natural and anthropogenic sources, quantify isotope fractionation processes, and provide new constraints on models of mercury cycling.
The MERCURY ISOTOPES project centres on the use of mercury MIF to understand global Hg dynamics at different time scales, from the Pleistocene to modern times. Three main themes will be investigated: 1. the modern Hg cycle focusing on Asian urban-industrial emissions related to coal burning, 2. recent atmospheric Hg deposition in the Arctic, recent Arctic Ocean Hg records from archived biological tissues, and post-glacial Hg deposition from 10,000 yr old ombrotrophic peat records along a mid-latitude sub-Arctic gradient. 3 Continuous atmospheric Hg speciation and isotopic monitoring at the Pic du Midi Observatory (Pyrenees).
By tapping information from the isotopic dimension of Hg cycling, including revolutionary mass-independent effects, I expect a maximum scientific impact while supporting a socially relevant and urgently needed investigation at the frontier of isotope geosciences.
Max ERC Funding
1 176 924 €
Duration
Start date: 2010-12-01, End date: 2015-11-30
Project acronym NOGAT
Project NOBLE GAS TRACING OF SOURCES AND SINKS OF VOLATILE ELEMENTS IN THE ATMOSPHERE
Researcher (PI) Bernard Marty
Host Institution (HI) CENTRE NATIONAL DE LA RECHERCHE SCIENTIFIQUE CNRS
Call Details Advanced Grant (AdG), PE10, ERC-2010-AdG_20100224
Summary This proposal has the objective to greatly enhance our understanding of sources, sinks and processes fixing the composition of the atmosphere at different time periods of time, from 3.8 Gyr ago to Present. For achieving this goal, I shall develop the high precision analysis of noble gases, which are key tracers of atmospheric evolution.
The core of the proposal is : (i) the development of multi-collector mass spectrometry analysis of noble gas isotopes coupled with standard bracketing, aimed at reaching the per mil or better precision level, which will constitute a world premiere, (ii) the analysis of unique cometary samples, of ancient sediments already partly available at my laboratory, and of present-day air sampled at different geographical and altitudinal scales, (iii) the quantification of sources and sinks of atmospheric volatiles through the study of the fluxes of noble gas isotopes.
With this proposal, I develop a new and extremely competitive area of geochemistry, aimed at better understanding the early evolution of our planet habitability, as well as at improving our knowledge of fluxes of volatile elements triggering anthropogenic climate change. This proposal will establish the leadership of Europe in high precision geochemistry of exceptional tracers, the noble gases.
Summary
This proposal has the objective to greatly enhance our understanding of sources, sinks and processes fixing the composition of the atmosphere at different time periods of time, from 3.8 Gyr ago to Present. For achieving this goal, I shall develop the high precision analysis of noble gases, which are key tracers of atmospheric evolution.
The core of the proposal is : (i) the development of multi-collector mass spectrometry analysis of noble gas isotopes coupled with standard bracketing, aimed at reaching the per mil or better precision level, which will constitute a world premiere, (ii) the analysis of unique cometary samples, of ancient sediments already partly available at my laboratory, and of present-day air sampled at different geographical and altitudinal scales, (iii) the quantification of sources and sinks of atmospheric volatiles through the study of the fluxes of noble gas isotopes.
With this proposal, I develop a new and extremely competitive area of geochemistry, aimed at better understanding the early evolution of our planet habitability, as well as at improving our knowledge of fluxes of volatile elements triggering anthropogenic climate change. This proposal will establish the leadership of Europe in high precision geochemistry of exceptional tracers, the noble gases.
Max ERC Funding
2 281 806 €
Duration
Start date: 2011-01-01, End date: 2016-12-31
Project acronym RIFIFI
Project Risk Incentives in Financial Institutions and Financial Instability
Researcher (PI) Guillaume Plantin
Host Institution (HI) FONDATION NATIONALE DES SCIENCES POLITIQUES
Call Details Starting Grant (StG), SH1, ERC-2010-StG_20091209
Summary The main objective of this research project is to develop a new framework for the study of the informational frictions that separate investors from sophisticated traders operating in complete markets. I plan to develop a model of “generalized risk-shifting,” in which traders in complete markets can secretly take fair bets with any arbitrary distribution. The goal is to study the interplay of this generalized risk-shifting with traders’ career concerns. When investors learn about trading skills from observing traders’ realized returns, taking exposures on risk factors with rare adverse realizations may help a trader temporarily improve her reputation and attract more funds. The first intermediary step of this project consists in fully characterizing the payoff functions that lead a trader to gamble inefficiently in a one-period setting. The second step consists in solving for contracts that are risk-shifting-proof in a dynamic career concern environment. Finally, the model is well suited to be taken to hedge fund data
Summary
The main objective of this research project is to develop a new framework for the study of the informational frictions that separate investors from sophisticated traders operating in complete markets. I plan to develop a model of “generalized risk-shifting,” in which traders in complete markets can secretly take fair bets with any arbitrary distribution. The goal is to study the interplay of this generalized risk-shifting with traders’ career concerns. When investors learn about trading skills from observing traders’ realized returns, taking exposures on risk factors with rare adverse realizations may help a trader temporarily improve her reputation and attract more funds. The first intermediary step of this project consists in fully characterizing the payoff functions that lead a trader to gamble inefficiently in a one-period setting. The second step consists in solving for contracts that are risk-shifting-proof in a dynamic career concern environment. Finally, the model is well suited to be taken to hedge fund data
Max ERC Funding
564 000 €
Duration
Start date: 2010-11-01, End date: 2016-07-31
Project acronym SUPRANANO
Project From metal nanocrystal to supracrystal:
crystallinity at nanometer and micrometer scales
Researcher (PI) Marie-Paule Pileni
Host Institution (HI) UNIVERSITE PIERRE ET MARIE CURIE - PARIS 6
Call Details Advanced Grant (AdG), PE4, ERC-2010-AdG_20100224
Summary The Applicant has an outstanding record of achievement and an international reputation for independent research in many areas of physical chemistry and more specifically over the last 25 years in nanosciences. This large expertise makes it possible, through this project, to come to a decisive turning point in her career. This high-impact and challenging proposal brings together innovative ideas in nanomaterials within a single inter- and multi-disciplinary project to open up new horizons across materials science. The challenging and innovating issue of this project consists in authenticating and detailing the emergence of new chemical and physical properties directly related to the ordering of atoms in nanocrystals (nanocrystallinity) and the ordering of nanocrystals in supracrystals (supracrystallinity). Au, Ag, and Co nanocrystals with different nanocrystallinities (single domain, multiply-twinned and polycrystalline particles) will be synthesized by new methods. Nanocrystals will be used to produce supracrystals of these metals with different supracrystallinities (fcc, hcp, or bcc). The influence of nanocrystallinity on the diffusivity of different atoms within Ag and Co nanocrystals will be investigated. Physical properties of both nanocrystals and supracrystals such as the vibrational, electronic and mechanical properties and their dependence on crystallinity will be explored. From the data thus obtained it should be possible to point out analogies between the properties of atoms in nanocrystals or in the bulk phase and those of nanocrystals ordered in supracrystals. Moreover, correlations between the studied properties could emerge. This research will result in important scientific knowledge and may ultimately open new technological applications.
Summary
The Applicant has an outstanding record of achievement and an international reputation for independent research in many areas of physical chemistry and more specifically over the last 25 years in nanosciences. This large expertise makes it possible, through this project, to come to a decisive turning point in her career. This high-impact and challenging proposal brings together innovative ideas in nanomaterials within a single inter- and multi-disciplinary project to open up new horizons across materials science. The challenging and innovating issue of this project consists in authenticating and detailing the emergence of new chemical and physical properties directly related to the ordering of atoms in nanocrystals (nanocrystallinity) and the ordering of nanocrystals in supracrystals (supracrystallinity). Au, Ag, and Co nanocrystals with different nanocrystallinities (single domain, multiply-twinned and polycrystalline particles) will be synthesized by new methods. Nanocrystals will be used to produce supracrystals of these metals with different supracrystallinities (fcc, hcp, or bcc). The influence of nanocrystallinity on the diffusivity of different atoms within Ag and Co nanocrystals will be investigated. Physical properties of both nanocrystals and supracrystals such as the vibrational, electronic and mechanical properties and their dependence on crystallinity will be explored. From the data thus obtained it should be possible to point out analogies between the properties of atoms in nanocrystals or in the bulk phase and those of nanocrystals ordered in supracrystals. Moreover, correlations between the studied properties could emerge. This research will result in important scientific knowledge and may ultimately open new technological applications.
Max ERC Funding
2 133 990 €
Duration
Start date: 2011-01-01, End date: 2016-06-30
