The European Commission today unveiled breakthrough research that could help economists answer questions like these by using economic simulation software. Produced by an EU-backed research project worth €2.5 million that came to a successful end today, the software applies simulation technology also used for computer generated images (CGI) in movies. It predicts the interaction between large populations of different economic actors, like households and companies, banks and borrowers or employers and job-seekers, who trade, and compete like real people. By giving each simulated agent individual and realistic behaviour and interactions that show how markets will evolve, these massive scale simulations can better test new policies tackling future societal challenges.

EU Research into Future and Emerging Technologies (FET)

FET promote long-term & high risk research that aims to advance scientific and technological knowledge in Information and Communication Technologies (ICT). FET projects target research breakthroughs that have the potential to radically transform our scientific and technological basis for tomorrow’s society. FET research has contributed to Europe’s leadership in areas like quantum computing and communications, nanoelectronics, neuro- and bio- information science, advanced robotics and complex systems.

Short description of the EURACE project (With graphics - from 2009 European Future Technologies conference)

Relationship between EURACE modelling and the European economy (From EURACE website)

About agent based technologies (From 2009 European Future Technologies conference)

More information about FET and other FET research projects (From 2009 European Future Technologies conference)

Infoclip - Future and Emerging Technologies :