Objectives, Workplan, Funding

Project Objectives

Our long-term vision about ICT’s within Global System Science (GSS) is that they are fundamental to the policy process in at least three ways. First, they will provide the big-data technologies needed by new policy evaluation methods that are more adequate to today’s economic data deluge. Second, ICT’s will also provide tools and methods to illustrate narratives in a way that is sound and yet easier to grasp (e.g. through infographics), communicating even to non-experts the motivations and the effects of policies. Third, because stimulating engagement shares similarities with the problem of sustaining cooperation in groups, we will build on seminal previous work of the consortium on large group experiments in games.
 
Objective 1. Investigate, by means of network models and algorithmic game theory, the process of endogenous money creation in financial networks: while necessary to the economy, it may create unintended distortions, systemic risk, and give banks excessive influence. Design incentives to discourage financial agents from strategically exploiting complexity, and asymmetries in information and information processing speed. Design incentives to channel funds towards long-term, socially inclusive and sustainable investments and compare possible institutional structures for this purpose.
 
Objective 2. Provide quantitative evaluations of policy proposals in the public debate (e.g., by means of simulations and numerical analyses), both from the point of view of systemic risk and sustainability, covering:
(a) the EU banking structural reform and the G-SIFI’s,
(b) the global network of pension funds,
(c) the EU Long-Term Financing measures and social finance,
(d) the international monetary system.
 
Objective 3. Demonstrate how we can create awareness on the role of finance in society and on the influence exerted over the policy process by the financial industry and, at least potentially, by European citizens. Demonstrate how we can engage citizens online and enable their participation in the policy making process by having a say over the management of their bank and pension savings. Investigate, through a pilot platform, what kind of ICT tools and financial instruments could facilitate the collective action of citizens to demand investments that are more in line with their societal values.


Workplan

In the following, we describe the workplan of the DOLFINS project in terms of the objectives of each Work Package.

Work Package 1: Policy Modelling

  • Investigate, by means of network models and algorithmic game theory, the process of endogenous money creation in financial networks: while necessary to the economy, it may create unintended distortions, systemic risk, and give banks excessive influence.
  • Design incentives to discourage financial agents from strategically exploiting complexity and asymmetries in information access and information-processing speed.
  • Design incentives to channel funds towards long-term, socially inclusive and sustainable investments and compare possible institutional structures for this purpose.

Work Package 2: Policy Evaluation

Provide quantitative evaluations of policy proposals in the public debate (e.g., by means of simulations and numerical analyses), both from the point of view of systemic risk and sustainability, covering:

  • the EU banking structural reform and the G-SIFI’s
  • the EU Long-Term Financing measures and the global network of pension funds
  • the social finance network
  • the international monetary system

Work Package 3: Engaging Citizens

  • Demonstrate how we can create awareness on the role of finance in society and on the influence exerted over the policy process by the financial industry and, at least potentially, by European citizens.
  • Demonstrate how we can engage citizens online and enable their participation in the policy making process by having a say over the management of their bank and pension savings.
  • Investigate, through a pilot platform, what kind of ICT tools and financial instruments could facilitate the collective action of citizens to demand investments that are more in line with their societal values.

Work Package 4: Dissemination

  • Disseminate the scientific output of the project to the relevant scientific community, in coordination with other GSS projects.
  • Reach the regulators’ community and promote GSS-tools uptake
  • Communicate the results to the broader scientific audience and the general public.

Work Package 5: Management

  • Coordinate administrative and financial procedure for the well-functioning of the project.
  • Coordinate the scientific activity across the consortium in order to achieve the goals of the project.

 

Project Funding

      

Grant agreement number:

640772 — DOLFINS — H2020-FETPROACT-2014

This project (the DOLFINS project) has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 640772.

This work was also supported by the Swiss State Secretariat for Education, Research and Innovation (SERI) under contract number: 15.0012