Decisions is a large five year research programme funded by the European Research Council which involves only members of CMC. The project looks at modelling long and short term decisions in a changing world. It aims to develop a new framework which realigns modelled behaviour with real world behaviour, jointly representing the choice of multiple options or products and the quantity of consumption for each of these. In contrast with existing work, these choices will be placed within a wider framework, incorporating links between long term decisions and day to day choices, accounting for the growing importance of virtual social networks and the role of joint decisions. The work will ensure consistency with economic theory and in particular deal with the formation and role of budgets and constraints. The research promises a step change in model flexibility and realism with impacts across a number of academic disciplines as well as real world benefits to society as a whole.
CMC members involved: Stephane Hess, Charisma Choudhury, Richard Batley