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Insights on Computation and the Classroom to the Becker-Friedman Institute

Posted by
Swiss Finance Institute
on
Friday, November 4, 2016 - 09:00



Professors Felix Kübler and Karl Schmedders give their insights on Computation and the Classroom to the Becker-Friedman Institute at the University of Chicago

 

Prof. Felix Kübler, SFI@UZH, and Prof. Karl Schmedders, SFI@UZH, were featured recently in the online magazine of the Becker-Friedman Institute at the University of Chicago on Computation and the Classroom. The Becker-Friedman Institute follows the approach that economics is a formidable tool for understanding the world. Its aim is to apply economic analysis to the most challenging social and policy issues.

 

The professors were asked to give their insights into the fundamental role that computation will play in economic questions in the future. Computational research is the development and application of mathematical models and simulations, usually using high-performance computing, to solve complex economic problems.

 

According to the article, current thinking is that the way that economic questions will be considered in the future is changing as a result of high-performance computing. Computation allows for economic models that are more complex and that consider more factors. Next generation economists will need to stay on top of the learning curve in terms of coding and developments in computation so that they can optimize what their models can do. Prof. Schmedders says that there is currently “too much reinventing the wheel” in the profession.

 

“Some of the most important work will come in developing friendlier tools to harness computation”, says Prof. Schmedders. For example, sharing source code will become more and more important even if it bears risks as it forces economists to code in a clear, understandable way. This then allows for collaboration in problem solving and speeds up the implementation of new methods.

 

To read the full article click here.

Listen to Prof. Kübler speak about his research here.

Listen to Prof. Schmedders speak about his research here.