New York, NY, November 08, 2010 --(PR.com
)-- The Institute for New Economic Thinking (INET), launched with a $50 million pledge from George Soros to promote changes in economic theory and practice through research grants, Task Force groups, academic partnerships, and conferences, announced that it has selected David Harris and Timothy Glatzer, PhD candidates at West Virginia University and Amy Blake Keane Federal Systems to be awarded a project grant through the Institute’s Inaugural Grant Program to construct a monograph that would permit the modeling of capital, inventory and financial capital in economies. The grant program, along with other INET initiatives, was created in direct response to arguably the worst economic crisis in world history, and has been designed to encourage and support new economic thinking. Starting in 2011, INET will conduct two grant cycles annually.
Neither a textbook nor a monograph exists on divergent stochastic time series. Indeed, the primary document on divergent series is the lecture notes of G. H. Hardy. Existing methods of stochastic calculus are built around convergent series and are invalid for use with divergent series. The rules of modeling currently in use, where capital is a choice of marginal decision makers, give rise to a mathematical contradiction. Harris, Glatzer and Blake plans to use INET’s funding to construct the monograph that will be written for economists to permit the modeling of capital, inventory and financial capital in economics.
“There is a great need for new and effective tools relating to divergent stochastic time series,” commented Dr. Robert Johnson, Executive Director of INET. “This research team’s work has potentially broad applicability to the modeling of a wide range of large, complex systems in economics and a number of other areas.”
David Harris is a PhD candidate at WVU with current working papers to include a disproof of mean-variance finance by contradiction and work on the mathematics of explosive time series. His previous research includes development of Software Management Best Practices for Defense Acquisition University through Booz Allen Hamilton and previously Perot Systems' subsidiary ADI Technology through the Institute for Scientific Research.
Timothy Glatzer is also a PhD candidate at WVU with his past work has been in combinatorics and special functions, but his current work is primarily in real analysis, topology and statistics.
Amy Blake has a wide range of experience in research, consulting in math, computer science and physical sciences and is employed at Keane Federal Systems.
“We are working on the fundamental rules of mathematics and statistics with regard to human behavior when faced with capital or inventory risk,” said David Harris, Ph.D. Candidate at West Virginia University. “The impact of our work will go beyond modeling capital and inventory decisions; it should impact biology, psychology and the study of any physical system that is larger, more valuable, warmer, more numerous or more massive with the passage of time. INET’s support will allow us to make our work available at no cost to the broad field of economics and permit a change of modeling rules in a wide range of scientific fields.”
INET’s Inaugural Grant Program has been designed to harness the new economic thinking they recognize as crucial to effecting change. The program was launched this summer and received more than 500 applications from around the world and has selected 31 initiatives to be awarded grants totaling $7 million. INET's Grant Program will continue with two similar grant cycles annually, the next one commencing in the spring of 2011.
For further details regarding INET’s Grant Program or additional projects and people to be awarded grants please visit the Institute’s website.
About the Institute for New Economic Thinking:
Launched in October 2009 with a $50 million commitment from George Soros and driven by the global financial crisis, the Institute for New Economic Thinking (INET) is dedicated to empowering and supporting the next generation of economists and scholars in related fields through research grants, Task Force groups, academic partnerships, and conferences. INET embraces the professional responsibility to think beyond current paradigms. Ultimately, INET is committed to broadening and accelerating the development of innovative thinking that can lead to insights into and solutions for the great challenges of the 21st century and return economics to its core mission of guiding and protecting society. For more information please visit http://www.ineteconomics.org/