The European Union (EU) has announced the finalization of the EURACE project, which used supercomputing technology to develop advanced financial models designed to help predict and prevent future financial disasters. The three-year EURACE project is based on agent technology known as Flexible Large-scale Agent Modeling Environment (FLAME). The EU says the software stimulates the interactions between different economic actors, such as households and companies, banks and borrowers, and employers and job seekers. “The results of this research project will complement traditional economic statistics and assumptions about how economic actors react by enabling better testing of a policy’s effects on people, while still on the drawing board,” says EU commissioner Viviane Reding. The EU believes that an agent-based approach to financial modeling could create realistic simulations that would be more useful for preventing future recessions. “Agent based modeling is one of the emergent branches of [artificial intelligence] which best demonstrates complex, social behavior of different communities living together in real-world scenarios,” according to the EU. “The ideology allows agents, representing individuals or groups, to be put into a simulated environment where their individual interactions can then be studied more closely.” The project’s FLAME agent technology was developed by the University of Sheffield and has been used in a variety of projects, including the Epitheliome Project for developing various models of skin.
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