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EEC SIGNED

Economic Engineering of Cooperation in Modern Markets

Total Cost €

0

EC-Contrib. €

0

Partnership

0

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 EEC project word cloud

Explore the words cloud of the EEC project. It provides you a very rough idea of what is the project "EEC" about.

threatening    kinds    engineering    sciences    uses    designs    generate    experimental    cooperation    underlying    good    theory    time    considerations    wasteful    outcome    market    mechanisms    behavioral    strategies    society    computer    game    roth    sniping    advocated    reputation    alternative    distaste    internet    alvin    economy    catastrophic    empirical    financial    interaction    aligning    traders    buying    trading    first    electricity    speed    certain    flawed    trust    innovative    repair    little    transactions    economic    ethical    guidance    robustness    pollution    rights    ones    horizons    nature    radical    arms    markets    inappropriate    seriously    innovation    kidney    shown    bleak    exchange    align    pressing    liquidity    modern    normative    functioning    creates    sometimes    people    reciprocal    stability    collectively    engineer    digital    social    electronic    self    eliminate    harness    packages    algorithmic    races    societies    world   

Project "EEC" data sheet

The following table provides information about the project.

Coordinator
UNIVERSITAET ZU KOELN 

Organization address
address: ALBERTUS MAGNUS PLATZ
city: KOELN
postcode: 50931
website: www.uni-koeln.de

contact info
title: n.a.
name: n.a.
surname: n.a.
function: n.a.
email: n.a.
telephone: n.a.
fax: n.a.

 Coordinator Country Germany [DE]
 Total cost 1˙155˙104 €
 EC max contribution 1˙155˙104 € (100%)
 Programme 1. H2020-EU.1.1. (EXCELLENT SCIENCE - European Research Council (ERC))
 Code Call ERC-2016-ADG
 Funding Scheme ERC-ADG
 Starting year 2018
 Duration (year-month-day) from 2018-03-01   to  2023-02-28

 Partnership

Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    UNIVERSITAET ZU KOELN DE (KOELN) coordinator 992˙604.00
2    THE REGENTS OF THE UNIVERSITY OF CALIFORNIA US (OAKLAND CA) participant 162˙500.00

Map

 Project objective

Cooperation is essential for the functioning of the economy and society. Thus, with inappropriate mechanisms to harness self-interest by aligning it with the common good, the outcome of social and economic interaction can be bleak and even catastrophic.

Recent advances in computer technology lead to radical innovation in market design and trading strategies. This creates both, new challenges and exciting opportunities for “engineering cooperation”. This project uses the economic engineering approach (as advocated by Alvin Roth) to address some of the most pressing cooperation problems of modern markets and societies.

I propose three work packages, each using innovative experimental methods and (behavioral) game theory in order to address a specific challenge:

The first one studies the design of electronic reputation mechanisms that promote cooperation in the digital world. Previous research has shown that mechanisms to promote trust on the Internet are flawed. Yet, there is little empirical and normative guidance on how to repair these systems, and engineer better ones.

The second studies the design of mechanisms that avoid arms races for speed in real-time financial and electricity market trading. Traders use algorithmic sniping strategies, even when they are collectively wasteful and seriously threatening market liquidity and stability. Yet, little is known about the robust properties of alternative market designs to eliminate sniping.

The third one studies how to design modern markets that align with ethical considerations. People sometimes have a distaste for certain kinds of modern transactions, such as reciprocal kidney exchange and buying pollution rights. Yet, little is known about the underlying nature and robustness of this distaste.

My project will generate important knowledge to improve the functioning of modern markets, and at the same time open new horizons in the sciences of cooperation and of “behavioral economic engineering”.

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The information about "EEC" are provided by the European Opendata Portal: CORDIS opendata.

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