Adaptive information systems and modelling in economics and management science

An important task of Economics and Management Science is the development of models for explaining economic phenomena, for prediction and for decision support. In the last decade a new paradigm of adaptive models and information systems has emerged. It includes neural networks, learning automata, genetic algorithms, simulated annealing, artificial life, rule learning, fuzzy systems, and adaptive methods of data exploration like projection pursuit and adaptive partitioning algorithms. These approaches have learning capabilities during operation and do not impose rigorous assumptions. Thus they show the potential to complement and improve the existing tool-box for economic modelling and managerial decision support. In view of this potential the Vienna University of Economics and Business Administration has established an integrated research program for adaptive models and information systems in economics and management science. It is expected that research activities will lead to improve

• the quality of forecasting of economic time series

• explanation of financial markets and investment decision

• processes efficiency of organisational structures and planned organisational
  
  change theory of neural pattern recognition and

• the pattern recognition methodology for large scale applications.

The primary goals of the SFB are

• to contribute significantly to Adaptive Modelling research in economics and business administration

• to channel and to concentrate individual research efforts

• to ensure dissemination of results

• to intensify international cooperation

• to set up an educational program to train a significant share of the personnel required, and finally,

• to establish a self-sustained organisation within 10 years.

Austrian Science Fund