Since the late twentieth century has witnessed profound social and technological changes that have highlighted the need for substantial changes in Economics’ paradigm. Aspects such as bounded rationality, heterogeneity of agents or imperfect information have been introduced in the analysis only in a very limited way, despite their recognized importance. The reasons for this are basically two: first, the results were reasonably good in the past; secondly, the available tools do not allowed a proper incorporation.
Advances in the availability of information and computing power allow now a closer and immediate approach to reality. Methodologies such as agent-based simulation focus on low-level constraints that determine the emerging results rather than referring, as usual, to aggregate behaviors observed in the past.
|Big Data provides real-time insight into behavior of the agents with a previously unthinkable accuracy.
In the attached video made by Senseable City Lab together with BBVA is showed as an example the transactions by Spanish consumers through the day.
The availability of information at this level of disaggregation makes obsolete many works carried out in the past highlighting at the same time the importance of privacy issues.
SCCS has wide experience in analyzing the economic environment and business management using these new approaches.
The main areas of work in this field are:
Other works and research projects:
|Modeling value creation for airlines competitiveness. Valueinairlines is an industry-oriented research project that pursues the modelling of the airlines’ value creation engine on novel expert data.
The use of “non-traditional”, network-based computational techniques, allow researchers and practitioners simulate real-life value creation scenarios and anticipate airlines’ performance (read more).
|SCCS researchers was involved in the MOSIPS Project integrated in the IAES team. The aim of the MOSIPS Project (Modeling and Simulation of the Impact of Public Policies on SMEs) was to develop a user-friendly policy simulation system allowing forecasting and visualization of the socio-economic potential impact of public policies.
The simulation system allows policy makers to make experiments with different socio-economic designs, with the participation of citizens and potentially impacted stakeholders, before the settlement of a public policy.
The combination of suitable data, models, artificial intelligence and interactive tools delivered a policy wind tunnel.
|SCCS participes in the ICO Foundation Chair in SMEs Finances in Spain. This Chair is the result of a public tender between universities and business schools, organized by the ICO Foundation for the creation of an observatory on Spanish SMEs and their comparison with the European Union and other countries.
Its main objectives are twofold. On the one hand, provide detailed and innovative statistical information on the Spanish SMEs. And another, obtain a deeper knowledge about the structure and behavior of SMEs, behind which could be the possible reasons for the reduced growth of these companies in recent years.