Project acronym AlgoFinance
Project Algorithmic Finance: Inquiring into the Reshaping of Financial Markets
Researcher (PI) Christian BORCH
Host Institution (HI) COPENHAGEN BUSINESS SCHOOL
Call Details Consolidator Grant (CoG), SH3, ERC-2016-COG
Summary Present-day financial markets are turning algorithmic, as market orders are increasingly being executed by fully automated computer algorithms, without any direct human intervention. Although algorithmic finance seems to fundamentally reshape the central dynamics in financial markets, and even though it prompts core sociological questions, it has not yet received any systematic attention. In a pioneering contribution to economic sociology and social studies of finance, ALGOFINANCE aims to understand how and with what consequences the turn to algorithms is changing financial markets. The overall concept and central contributions of ALGOFINANCE are the following: (1) on an intra-firm level, the project examines how the shift to algorithmic finance reshapes the ways in which trading firms operate, and does so by systematically and empirically investigating the reconfiguration of organizational structures and employee subjectivity; (2) on an inter-algorithmic level, it offers a ground-breaking methodology (agent-based modelling informed by qualitative data) to grasp how trading algorithms interact with one another in a fully digital space; and (3) on the level of market sociality, it proposes a novel theorization of how intra-firm and inter-algorithmic dynamics can be conceived of as introducing a particular form of sociality that is characteristic to algorithmic finance: a form of sociality-as-association heuristically analyzed as imitation. None of these three levels have received systematic attention in the state-of-the-art literature. Addressing them will significantly advance the understanding of present-day algorithmic finance in economic sociology. By contributing novel empirical, methodological, and theoretical understandings of the functioning and consequences of algorithms, ALGOFINANCE will pave the way for other research into digital sociology and the broader algorithmization of society.
Summary
Present-day financial markets are turning algorithmic, as market orders are increasingly being executed by fully automated computer algorithms, without any direct human intervention. Although algorithmic finance seems to fundamentally reshape the central dynamics in financial markets, and even though it prompts core sociological questions, it has not yet received any systematic attention. In a pioneering contribution to economic sociology and social studies of finance, ALGOFINANCE aims to understand how and with what consequences the turn to algorithms is changing financial markets. The overall concept and central contributions of ALGOFINANCE are the following: (1) on an intra-firm level, the project examines how the shift to algorithmic finance reshapes the ways in which trading firms operate, and does so by systematically and empirically investigating the reconfiguration of organizational structures and employee subjectivity; (2) on an inter-algorithmic level, it offers a ground-breaking methodology (agent-based modelling informed by qualitative data) to grasp how trading algorithms interact with one another in a fully digital space; and (3) on the level of market sociality, it proposes a novel theorization of how intra-firm and inter-algorithmic dynamics can be conceived of as introducing a particular form of sociality that is characteristic to algorithmic finance: a form of sociality-as-association heuristically analyzed as imitation. None of these three levels have received systematic attention in the state-of-the-art literature. Addressing them will significantly advance the understanding of present-day algorithmic finance in economic sociology. By contributing novel empirical, methodological, and theoretical understandings of the functioning and consequences of algorithms, ALGOFINANCE will pave the way for other research into digital sociology and the broader algorithmization of society.
Max ERC Funding
1 590 036 €
Duration
Start date: 2017-05-01, End date: 2021-04-30
Project acronym ArtEmpire
Project An ARTery of EMPIRE. Conquest, Commerce, Crisis, Culture and the Panamanian Junction (1513-1671)
Researcher (PI) Bethany Aram Worzella
Host Institution (HI) UNIVERSIDAD PABLO DE OLAVIDE
Call Details Consolidator Grant (CoG), SH6, ERC-2014-CoG
Summary European incursions onto the narrow isthmian pass that divided and connected the Atlantic and Pacific oceans made it a strategic node of the Spanish Empire and a crucial site for early modern globalization. On the front lines of the convergence of four continents, Old Panama offers an unusual opportunity for examining the diverse, often asymmetrical impacts of cultural and commercial contacts. The role of Italian, Portuguese, British, Dutch, and French interests in the area, as well as an influx of African slaves and Asian merchandise, have left a unique material legacy that requires an integrated, interdisciplinary approach to its varied sources. Bones, teeth and artifacts on this artery of Empire offer the possibility of new insights into the cultural and biological impact of early globalization. They also invite an interdisciplinary approach to different groups’ tactics for survival, including possible dietary changes, and the pursuit of profit. Such strategies may have led the diverse peoples inhabiting this junction, from indigenous allies to African and Asian bandits to European corsairs, to develop and to favor local production and Pacific trade networks at the expense of commerce with the metropolis.
This project applies historical, archaeological and archaeometric methodologies to evidence of encounters between peoples and goods from Europe, America, Africa and Asia that took place on the Isthmus of Panama during the sixteenth and seventeenth centuries. Forging an interdisciplinary approach to early globalization, it challenges both Euro-centric and Hispano-phobic interpretations of the impact of the conquest of America, traditionally seen as a demographic catastrophe that reached its nadir in the so-called seventeenth-century crisis. Rather than applying quantitative methods to incomplete source material, researchers will adopt a contextualized, inter-disciplinary, qualitative approach to diverse agents involved in cultural and commercial exchange.
Summary
European incursions onto the narrow isthmian pass that divided and connected the Atlantic and Pacific oceans made it a strategic node of the Spanish Empire and a crucial site for early modern globalization. On the front lines of the convergence of four continents, Old Panama offers an unusual opportunity for examining the diverse, often asymmetrical impacts of cultural and commercial contacts. The role of Italian, Portuguese, British, Dutch, and French interests in the area, as well as an influx of African slaves and Asian merchandise, have left a unique material legacy that requires an integrated, interdisciplinary approach to its varied sources. Bones, teeth and artifacts on this artery of Empire offer the possibility of new insights into the cultural and biological impact of early globalization. They also invite an interdisciplinary approach to different groups’ tactics for survival, including possible dietary changes, and the pursuit of profit. Such strategies may have led the diverse peoples inhabiting this junction, from indigenous allies to African and Asian bandits to European corsairs, to develop and to favor local production and Pacific trade networks at the expense of commerce with the metropolis.
This project applies historical, archaeological and archaeometric methodologies to evidence of encounters between peoples and goods from Europe, America, Africa and Asia that took place on the Isthmus of Panama during the sixteenth and seventeenth centuries. Forging an interdisciplinary approach to early globalization, it challenges both Euro-centric and Hispano-phobic interpretations of the impact of the conquest of America, traditionally seen as a demographic catastrophe that reached its nadir in the so-called seventeenth-century crisis. Rather than applying quantitative methods to incomplete source material, researchers will adopt a contextualized, inter-disciplinary, qualitative approach to diverse agents involved in cultural and commercial exchange.
Max ERC Funding
1 998 875 €
Duration
Start date: 2016-01-01, End date: 2020-12-31
Project acronym BEHAVFRICTIONS
Project Behavioral Implications of Information-Processing Frictions
Researcher (PI) Jakub STEINER
Host Institution (HI) NARODOHOSPODARSKY USTAV AKADEMIE VED CESKE REPUBLIKY VEREJNA VYZKUMNA INSTITUCE
Call Details Consolidator Grant (CoG), SH1, ERC-2017-COG
Summary BEHAVFRICTIONS will use novel models focussing on information-processing frictions to explain choice patterns described in behavioral economics and psychology. The proposed research will provide microfoundations that are essential for (i) identification of stable preferences, (ii) counterfactual predictions, and (iii) normative conclusions.
(i) Agents who face information-processing costs must trade the precision of choice against information costs. Their behavior thus reflects both their stable preferences and the context-dependent procedures that manage their errors stemming from imperfect information processing. In the absence of micro-founded models, the two drivers of the behavior are difficult to disentangle for outside observers. In some pillars of the proposal, the agents follow choice rules that closely resemble logit rules used in structural estimation. This will allow me to reinterpret the structural estimation fits to choice data and to make a distinction between the stable preferences and frictions.
(ii) Such a distinction is important in counterfactual policy analysis because the second-best decision procedures that manage the errors in choice are affected by the analysed policy. Incorporation of the information-processing frictions into existing empirical methods will improve our ability to predict effects of the policies.
(iii) My preliminary results suggest that when an agent is prone to committing errors, biases--such as overconfidence, confirmatory bias, or perception biases known from prospect theory--arise under second-best strategies. By providing the link between the agent's environment and the second-best distribution of the perception errors, my models will delineate environments in which these biases shield the agents from the most costly mistakes from environments in which the biases turn into maladaptations. The distinction will inform the normative debate on debiasing.
Summary
BEHAVFRICTIONS will use novel models focussing on information-processing frictions to explain choice patterns described in behavioral economics and psychology. The proposed research will provide microfoundations that are essential for (i) identification of stable preferences, (ii) counterfactual predictions, and (iii) normative conclusions.
(i) Agents who face information-processing costs must trade the precision of choice against information costs. Their behavior thus reflects both their stable preferences and the context-dependent procedures that manage their errors stemming from imperfect information processing. In the absence of micro-founded models, the two drivers of the behavior are difficult to disentangle for outside observers. In some pillars of the proposal, the agents follow choice rules that closely resemble logit rules used in structural estimation. This will allow me to reinterpret the structural estimation fits to choice data and to make a distinction between the stable preferences and frictions.
(ii) Such a distinction is important in counterfactual policy analysis because the second-best decision procedures that manage the errors in choice are affected by the analysed policy. Incorporation of the information-processing frictions into existing empirical methods will improve our ability to predict effects of the policies.
(iii) My preliminary results suggest that when an agent is prone to committing errors, biases--such as overconfidence, confirmatory bias, or perception biases known from prospect theory--arise under second-best strategies. By providing the link between the agent's environment and the second-best distribution of the perception errors, my models will delineate environments in which these biases shield the agents from the most costly mistakes from environments in which the biases turn into maladaptations. The distinction will inform the normative debate on debiasing.
Max ERC Funding
1 321 488 €
Duration
Start date: 2018-06-01, End date: 2023-05-31
Project acronym BePreSysE
Project Beyond Precision Cosmology: dealing with Systematic Errors
Researcher (PI) Licia VERDE
Host Institution (HI) UNIVERSITAT DE BARCELONA
Call Details Consolidator Grant (CoG), PE9, ERC-2016-COG
Summary Over the past 20 years cosmology has made the transition to a precision science: the standard cosmological model has been established and its parameters are now measured with unprecedented precision. But precision is not enough: accuracy is also crucial. Accuracy accounts for systematic errors which can be both on the observational and on the theory/modelling side (and everywhere in between). While there is a well-defined and developed framework for treating statistical errors, there is no established approach for systematic errors. The next decade will see the era of large surveys; a large coordinated effort of the scientific community in the field is on-going to map the cosmos producing an exponentially growing amount of data. This will shrink the statistical errors, making mitigation and control of systematics of the utmost importance. While there are isolated and targeted efforts to quantify systematic errors and propagate them through all the way to the final results, there is no well-established, self-consistent methodology. To go beyond precision cosmology and reap the benefits of the forthcoming observational program, a systematic approach to systematics is needed. Systematics should be interpreted in the most general sense as shifts between the recovered measured values and true values of physical quantities. I propose to develop a comprehensive approach to tackle systematic errors with the goal to uncover and quantify otherwise unknown differences between the interpretation of a measurement and reality. This will require to fully develop, combine and systematize all approaches proposed so far (many pioneered by the PI), develop new ones to fill the gaps, study and explore their interplay and finally test and validate the procedure. Beyond Precision Cosmology: Dealing with Systematic Errors (BePreSysE) will develop a framework to deal with systematics in forthcoming Cosmological surveys which, could, in principle, be applied beyond Cosmology.
Summary
Over the past 20 years cosmology has made the transition to a precision science: the standard cosmological model has been established and its parameters are now measured with unprecedented precision. But precision is not enough: accuracy is also crucial. Accuracy accounts for systematic errors which can be both on the observational and on the theory/modelling side (and everywhere in between). While there is a well-defined and developed framework for treating statistical errors, there is no established approach for systematic errors. The next decade will see the era of large surveys; a large coordinated effort of the scientific community in the field is on-going to map the cosmos producing an exponentially growing amount of data. This will shrink the statistical errors, making mitigation and control of systematics of the utmost importance. While there are isolated and targeted efforts to quantify systematic errors and propagate them through all the way to the final results, there is no well-established, self-consistent methodology. To go beyond precision cosmology and reap the benefits of the forthcoming observational program, a systematic approach to systematics is needed. Systematics should be interpreted in the most general sense as shifts between the recovered measured values and true values of physical quantities. I propose to develop a comprehensive approach to tackle systematic errors with the goal to uncover and quantify otherwise unknown differences between the interpretation of a measurement and reality. This will require to fully develop, combine and systematize all approaches proposed so far (many pioneered by the PI), develop new ones to fill the gaps, study and explore their interplay and finally test and validate the procedure. Beyond Precision Cosmology: Dealing with Systematic Errors (BePreSysE) will develop a framework to deal with systematics in forthcoming Cosmological surveys which, could, in principle, be applied beyond Cosmology.
Max ERC Funding
1 835 220 €
Duration
Start date: 2017-06-01, End date: 2022-05-31
Project acronym CLIC
Project Classical Influences and Irish Culture
Researcher (PI) Isabelle Torrance
Host Institution (HI) AARHUS UNIVERSITET
Call Details Consolidator Grant (CoG), SH5, ERC-2018-COG
Summary The hypothesis of this project is that Ireland has a unique and hitherto underexplored history of cultural engagement with models from ancient Greece and Rome. Unlike Britain and mainland Europe, Ireland was never part of the Roman Empire. Yet the island has an extraordinarily vibrant tradition of classical learning that dates back to its earliest recorded literature, and is unparalleled in other northern European countries. Research for this project will address why this is the case, by examining sources through nine significant diachronic themes identified by the PI: language; land; travel and exile; Troy; satire; Neoplatonism; female voices; material culture; and global influence. This multi-thematic approach will enable analysis of what is remarkable about classical reception in Ireland. It will also provide a heuristic framework that generates dialogue between normally disparate fields, such as classical reception studies, Irish and British history, English-language literature, Irish-language literature, medieval studies, postcolonial studies, philosophy, material culture, women's studies, and global studies. The project will engage with contemporary preoccupations surrounding the politics and history of the divided island of Ireland, such as the current decade of centenary commemorations for the foundation of an independent Irish state (1912-1922, 2012-2022), and the on-going violence and political divisions in Northern Ireland. These issues will serve as a springboard for opening new avenues of investigation that look far beyond the past 100 years, but are linked to them. The project will thus shed new light on the role of classical culture in shaping literary, social, and political discourse across the island of Ireland, and throughout its history.
Summary
The hypothesis of this project is that Ireland has a unique and hitherto underexplored history of cultural engagement with models from ancient Greece and Rome. Unlike Britain and mainland Europe, Ireland was never part of the Roman Empire. Yet the island has an extraordinarily vibrant tradition of classical learning that dates back to its earliest recorded literature, and is unparalleled in other northern European countries. Research for this project will address why this is the case, by examining sources through nine significant diachronic themes identified by the PI: language; land; travel and exile; Troy; satire; Neoplatonism; female voices; material culture; and global influence. This multi-thematic approach will enable analysis of what is remarkable about classical reception in Ireland. It will also provide a heuristic framework that generates dialogue between normally disparate fields, such as classical reception studies, Irish and British history, English-language literature, Irish-language literature, medieval studies, postcolonial studies, philosophy, material culture, women's studies, and global studies. The project will engage with contemporary preoccupations surrounding the politics and history of the divided island of Ireland, such as the current decade of centenary commemorations for the foundation of an independent Irish state (1912-1922, 2012-2022), and the on-going violence and political divisions in Northern Ireland. These issues will serve as a springboard for opening new avenues of investigation that look far beyond the past 100 years, but are linked to them. The project will thus shed new light on the role of classical culture in shaping literary, social, and political discourse across the island of Ireland, and throughout its history.
Max ERC Funding
1 888 592 €
Duration
Start date: 2019-10-01, End date: 2024-09-30
Project acronym CLIOARCH
Project Cliodynamic archaeology: Computational approaches to Final Palaeolithic/earliest Mesolithic archaeology and climate change
Researcher (PI) Felix RIEDE
Host Institution (HI) AARHUS UNIVERSITET
Call Details Consolidator Grant (CoG), SH6, ERC-2018-COG
Summary Late Pleistocene/early Holocene Europe is said to be the ideal laboratory for the investigation of human responses to rapidly changing climates and environments, migration and adaptation. Yet, pinpointing precisely how and why contemporaneous Final Palaeolithic/earliest Mesolithic (15,000-11,000 years BP) foragers migrated, and which environmental or other factors they adapted to – or failed to – has remained remarkably elusive. At the core of ClioArch is the radical but, in light of research-historical insights, necessary hypothesis that the current archaeological cultural taxonomy for this iconic period of European prehistory is epistemologically flawed and that operationalisations and interpretations based on this traditional taxonomy – especially those that seek to relate observed changes in material culture and land-use to contemporaneous climatic and environmental changes – are therefore problematic. Hence, novel approaches to crafting the taxonomic building blocks are required, as are novel analyses of human|environment relations in this period. ClioArch’s premier ambition is to provide operational cultural taxonomies for the Final Palaeolithic/earliest Mesolithic of Europe and to couple these with interdisciplinary cultural evolutionary, quantitative ecological methods and field archaeological investigations beyond the state-of-the-art, so as to better capture such adaptations – almost certainly with major implications for the standard culture-historical narrative relating to this period. In so doing, the project will pioneer a fully transparent and replicable – and eminently transferable – methodology for the study of the impacts of climate change and extreme environmental events in deep history. In turn, such a quantitative understanding of past adaptive dynamics will position archaeology more centrally in contemporary debates about climate change, environmental catastrophe and their cultural dimensions.
Summary
Late Pleistocene/early Holocene Europe is said to be the ideal laboratory for the investigation of human responses to rapidly changing climates and environments, migration and adaptation. Yet, pinpointing precisely how and why contemporaneous Final Palaeolithic/earliest Mesolithic (15,000-11,000 years BP) foragers migrated, and which environmental or other factors they adapted to – or failed to – has remained remarkably elusive. At the core of ClioArch is the radical but, in light of research-historical insights, necessary hypothesis that the current archaeological cultural taxonomy for this iconic period of European prehistory is epistemologically flawed and that operationalisations and interpretations based on this traditional taxonomy – especially those that seek to relate observed changes in material culture and land-use to contemporaneous climatic and environmental changes – are therefore problematic. Hence, novel approaches to crafting the taxonomic building blocks are required, as are novel analyses of human|environment relations in this period. ClioArch’s premier ambition is to provide operational cultural taxonomies for the Final Palaeolithic/earliest Mesolithic of Europe and to couple these with interdisciplinary cultural evolutionary, quantitative ecological methods and field archaeological investigations beyond the state-of-the-art, so as to better capture such adaptations – almost certainly with major implications for the standard culture-historical narrative relating to this period. In so doing, the project will pioneer a fully transparent and replicable – and eminently transferable – methodology for the study of the impacts of climate change and extreme environmental events in deep history. In turn, such a quantitative understanding of past adaptive dynamics will position archaeology more centrally in contemporary debates about climate change, environmental catastrophe and their cultural dimensions.
Max ERC Funding
1 907 638 €
Duration
Start date: 2019-09-01, End date: 2024-08-31
Project acronym ConTExt
Project Connecting the Extreme
Researcher (PI) Sune Toft
Host Institution (HI) KOBENHAVNS UNIVERSITET
Call Details Consolidator Grant (CoG), PE9, ERC-2014-CoG
Summary Advances in technology and methodology over the last decade, have enabled the study of galaxies to the highest redshifts. This has revolutionized our understanding of the origin and evolution of galaxies. I have played a central role in this revolution, by discovering that at z=2, when the universe was only 3 Gyr old, half of the most massive galaxies were extremely compact and had already completed their star formation. During the last five years I have led a successful group of postdocs and students dedicated to investigating the extreme properties of these galaxies and place them into cosmological context. Combining a series of high profile observational studies published by my group and others, I recently proposed an evolutionary sequence that ties together the most extreme galaxies in the universe, from the most intense dusty starburst at cosmic dawn, through quasars: the brightest sources in the universe, driven by feedback from supermassive black holes, and galaxy cores hosting the densest conglomerations of stellar mass known, to the sleeping giants of the local universe, the giant ellipticals. The proposed research program will explore if such an evolutionary sequence exists, with the ultimate goal of reaching, for the first time, a coherent physical understanding of how the most massive galaxies in the universe formed. While there is a chance the rigorous tests may ultimately reveal the proposed sequence to be too simplistic, a guarantied outcome of the program is a significantly improved understanding of the physical mechanisms that shape galaxies and drive their star formation and quenching
Summary
Advances in technology and methodology over the last decade, have enabled the study of galaxies to the highest redshifts. This has revolutionized our understanding of the origin and evolution of galaxies. I have played a central role in this revolution, by discovering that at z=2, when the universe was only 3 Gyr old, half of the most massive galaxies were extremely compact and had already completed their star formation. During the last five years I have led a successful group of postdocs and students dedicated to investigating the extreme properties of these galaxies and place them into cosmological context. Combining a series of high profile observational studies published by my group and others, I recently proposed an evolutionary sequence that ties together the most extreme galaxies in the universe, from the most intense dusty starburst at cosmic dawn, through quasars: the brightest sources in the universe, driven by feedback from supermassive black holes, and galaxy cores hosting the densest conglomerations of stellar mass known, to the sleeping giants of the local universe, the giant ellipticals. The proposed research program will explore if such an evolutionary sequence exists, with the ultimate goal of reaching, for the first time, a coherent physical understanding of how the most massive galaxies in the universe formed. While there is a chance the rigorous tests may ultimately reveal the proposed sequence to be too simplistic, a guarantied outcome of the program is a significantly improved understanding of the physical mechanisms that shape galaxies and drive their star formation and quenching
Max ERC Funding
1 999 526 €
Duration
Start date: 2015-09-01, End date: 2020-08-31
Project acronym CRIMTANG
Project Criminal Entanglements.A new ethnographic approach to transnational organised crime.
Researcher (PI) Henrik VIGH
Host Institution (HI) KOBENHAVNS UNIVERSITET
Call Details Consolidator Grant (CoG), SH3, ERC-2016-COG
Summary Linked to terrorism, moral breakdown, and societal decay, Transnational Organised Crime (TOC) has come to embody current global anxieties as a figure of fear and cause of disquiet. Yet despite its central position on the social and political radar, our knowledge of it remains limited and fragmentary. Quantitative analyses may have identified the scale of the problem, but its underlying socio-cultural logic and practices remain under-researched and largely obscure. TOC is on the rise, and we need better insights into how it develops and expands, who engages in it and why, and how it is linked to and embedded in social networks that straddle countries and contexts.
CRIMTANG proposes a unique approach to the study of the social infrastructure of contemporary TOC. It develops a research strategy that is ethnographic and transnational in design and so attuned to the human flows and formations of TOC. The project comprises a trans-disciplinary research team of anthropologists, criminologists and political scientists, and builds on their prior experience of the people, regions and languages under study. It explores the illegal and overlapping flows of migrants and drugs from North-West Africa into Europe, following a key trafficking trajectory stretching from Tangiers to Barcelona, Paris and beyond.
In so doing, CRIMTANG sheds new light on the actual empirical processes in operation at different points along this trafficking route, whilst simultaneously developing new theoretical and methodological apparatuses for apprehending TOC that can be exported and applied in other regions and contexts. It reimagines the idea of social entanglement and proposes new transnational and collective fieldwork strategies. Finally, it will advance and consolidate the European research environment on TOC by creating a research hub for transnational ethnographic criminology at the University of Copenhagen.
Summary
Linked to terrorism, moral breakdown, and societal decay, Transnational Organised Crime (TOC) has come to embody current global anxieties as a figure of fear and cause of disquiet. Yet despite its central position on the social and political radar, our knowledge of it remains limited and fragmentary. Quantitative analyses may have identified the scale of the problem, but its underlying socio-cultural logic and practices remain under-researched and largely obscure. TOC is on the rise, and we need better insights into how it develops and expands, who engages in it and why, and how it is linked to and embedded in social networks that straddle countries and contexts.
CRIMTANG proposes a unique approach to the study of the social infrastructure of contemporary TOC. It develops a research strategy that is ethnographic and transnational in design and so attuned to the human flows and formations of TOC. The project comprises a trans-disciplinary research team of anthropologists, criminologists and political scientists, and builds on their prior experience of the people, regions and languages under study. It explores the illegal and overlapping flows of migrants and drugs from North-West Africa into Europe, following a key trafficking trajectory stretching from Tangiers to Barcelona, Paris and beyond.
In so doing, CRIMTANG sheds new light on the actual empirical processes in operation at different points along this trafficking route, whilst simultaneously developing new theoretical and methodological apparatuses for apprehending TOC that can be exported and applied in other regions and contexts. It reimagines the idea of social entanglement and proposes new transnational and collective fieldwork strategies. Finally, it will advance and consolidate the European research environment on TOC by creating a research hub for transnational ethnographic criminology at the University of Copenhagen.
Max ERC Funding
1 999 909 €
Duration
Start date: 2018-02-01, End date: 2023-01-31
Project acronym DEVOMIND
Project How do infants mentalize? Bringing a neuroimaging approach to the puzzle of early mindreading.
Researcher (PI) Victoria SOUTHGATE
Host Institution (HI) KOBENHAVNS UNIVERSITET
Call Details Consolidator Grant (CoG), SH4, ERC-2016-COG
Summary Human social interaction and learning depends on making the right inferences about other people’s thoughts, a process commonly called mentalizing, or Theory of Mind, a cognitive achievement which several decades of research concluded was reached at around age 4. The last 10 years has radically changed this view, and innovative new paradigms suggest that even preverbal infants can think about others’ minds. This new developmental data has created arguably one of the biggest puzzles in the history of developmental science: How can infants be mentalizing when years of research have shown that a) pre-schoolers fail at mentalizing tasks and b) mentalizing depends on the development of cognitive control, language, and brain maturation? The key issue is whether behaviour that looks like infant mentalizing really is mentalizing, or might infants’ success belie alternative processes? The most powerful strategy for resolving this puzzle is to look to brain activity. By applying the same methods and paradigms across infancy and early childhood, DEVOMIND will investigate whether infants’ success on mentalizing tasks recruits the same network of brain regions, and neural processes, that we know are involved in success in older children and adults. In the second half of the project, we will use our neural indicators of mentalizing to test a completely novel hypothesis in which infants’ success is possible because they have a limited ability to distinguish self from other. Although novel, this hypothesis deserves to be tested because it has the potential to explain both infants’ success and preschoolers’ failures under a single, unified theory. By bringing a neuroimaging approach to the puzzle of early mentalizing, DEVOMIND will allow us to move beyond the current impasse, and to generate a new theory of Theory of Mind.
Summary
Human social interaction and learning depends on making the right inferences about other people’s thoughts, a process commonly called mentalizing, or Theory of Mind, a cognitive achievement which several decades of research concluded was reached at around age 4. The last 10 years has radically changed this view, and innovative new paradigms suggest that even preverbal infants can think about others’ minds. This new developmental data has created arguably one of the biggest puzzles in the history of developmental science: How can infants be mentalizing when years of research have shown that a) pre-schoolers fail at mentalizing tasks and b) mentalizing depends on the development of cognitive control, language, and brain maturation? The key issue is whether behaviour that looks like infant mentalizing really is mentalizing, or might infants’ success belie alternative processes? The most powerful strategy for resolving this puzzle is to look to brain activity. By applying the same methods and paradigms across infancy and early childhood, DEVOMIND will investigate whether infants’ success on mentalizing tasks recruits the same network of brain regions, and neural processes, that we know are involved in success in older children and adults. In the second half of the project, we will use our neural indicators of mentalizing to test a completely novel hypothesis in which infants’ success is possible because they have a limited ability to distinguish self from other. Although novel, this hypothesis deserves to be tested because it has the potential to explain both infants’ success and preschoolers’ failures under a single, unified theory. By bringing a neuroimaging approach to the puzzle of early mentalizing, DEVOMIND will allow us to move beyond the current impasse, and to generate a new theory of Theory of Mind.
Max ERC Funding
1 761 190 €
Duration
Start date: 2018-02-01, End date: 2023-01-31
Project acronym ELECTRIC CHALLENGES
Project Current Tools and Policy Challenges in Electricity Markets
Researcher (PI) Natalia FABRA PORTELA
Host Institution (HI) UNIVERSIDAD CARLOS III DE MADRID
Call Details Consolidator Grant (CoG), SH1, ERC-2017-COG
Summary The fight against climate change is among Europe’s top policy priorities. In this research agenda, I propose to push out the frontier in the area of Energy and Environmental Economics by carrying out policy-relevant research on a pressing issue: how to design optimal regulatory and market-based solutions to achieve a least cost transition towards a low-carbon economy.
The European experience provides unique natural experiments with which to test some of the most contentious issues that arise in the context of electricity markets, including the potential to change households’ demand patterns through dynamic pricing, the scope of renewables to mitigate market power and depress wholesale market prices, and the design and performance of the auctions for renewable support. While there is a body of policy work on these issues, it generally does not meet the required research standards.
In this research, I will rely on cutting-edge theoretical, empirical, and simulation tools to disentangle these topics, while providing key economic insights that are relevant beyond electricity markets. On the theory front, I propose to develop new models that incorporate the intermittency of renewables to characterize optimal bidding as a key, broadly omitted ingredient in previous analysis. In turn, these models will provide a rigorous structure for the empirical and simulation analysis, which will rely both on traditional econometrics for casual inference as well as on state-of-the-art machine learning methods to construct counterfactual scenarios for policy analysis.
While my focus is on energy and environmental issues, my research will also provide methodological contributions for other areas - particularly those related to policy design and policy evaluation. The conclusions of this research should prove valuable for academics, as well as to policy makers to assess the impact of environmental and energy policies and redefine them where necessary.
Summary
The fight against climate change is among Europe’s top policy priorities. In this research agenda, I propose to push out the frontier in the area of Energy and Environmental Economics by carrying out policy-relevant research on a pressing issue: how to design optimal regulatory and market-based solutions to achieve a least cost transition towards a low-carbon economy.
The European experience provides unique natural experiments with which to test some of the most contentious issues that arise in the context of electricity markets, including the potential to change households’ demand patterns through dynamic pricing, the scope of renewables to mitigate market power and depress wholesale market prices, and the design and performance of the auctions for renewable support. While there is a body of policy work on these issues, it generally does not meet the required research standards.
In this research, I will rely on cutting-edge theoretical, empirical, and simulation tools to disentangle these topics, while providing key economic insights that are relevant beyond electricity markets. On the theory front, I propose to develop new models that incorporate the intermittency of renewables to characterize optimal bidding as a key, broadly omitted ingredient in previous analysis. In turn, these models will provide a rigorous structure for the empirical and simulation analysis, which will rely both on traditional econometrics for casual inference as well as on state-of-the-art machine learning methods to construct counterfactual scenarios for policy analysis.
While my focus is on energy and environmental issues, my research will also provide methodological contributions for other areas - particularly those related to policy design and policy evaluation. The conclusions of this research should prove valuable for academics, as well as to policy makers to assess the impact of environmental and energy policies and redefine them where necessary.
Max ERC Funding
1 422 375 €
Duration
Start date: 2018-09-01, End date: 2023-08-31