RiskEcon® Lab NYU
In order to facilitate the development of software as a service, analytics tools, and semantic libraries that employ high-dimensional datasets to integrate conventional data with web-enabled demographic, biometric, psychometric and socio-metric data from innovative sources, Risk Economics has established the Risk Economics® Lab for Decision Metrics at New York University’s Courant Institute. The Courant Institute for Mathematical Sciences is an independent division of NYU, widely considered one of the world’s leading mathematics educational and scientific research centers, and ranked first in applied mathematical research.
The RiskEcon® Lab applies a range of computational methods to analyze consumer and population-related societal trends. Recent events demonstrate that many large-scale geopolitical and socioeconomic questions are particularly related to the implications and effects of interrelated changes in demographics, technology adoption, and lifestyle choices on the economy. Understanding these patterns is crucial for decision-making in both industry and government. The most critical are the emerging effects of changes in technology and consumer behavior on finance, labor, and housing, and on trends in income and wealth distribution, immigration, aging, health and the environment.
The primary focus of the RiskEcon® Lab is:
- to develop practical analytic solutions by integrating web-enabled crowdsourcing with machine learning, data-mining, and text-mining, in order to provide solutions and answer large-scale, real world questions.
- to foster, promote, and coordinate public-private-academic research partnerships to sponsor, fund, organize and manage “big data” libraries, and
- to cultivate NYU’s competency in computational statistics.
The RiskEcon® Lab’s primary role is the research and development of commercially-viable, analytic applications employing computational statistical tools in conjunction with innovative and non-traditional data structures. In addition, other activities of the RiskEcon® Lab involve the advancement of the field via interdisciplinary post-doctoral, postgraduate, graduate research and education in data sciences and social computing. The RiskEcon® Lab is the cornerstone of the Computational Economics and Algorithmic Data Analytics (CEcADA) cooperative at New York University, established concurrently in 2011.