How do macroeconomic fluctuations affect the educational choices of young Australians? The 1990-1991 recession, recent evidence, and econometric issues. The educational choices of young people are crucial for any nation's future. The project's empirical findings will inform public policy, particularly in the areas of education and training and youth unemployment. The research will help policy makers target people who need extra support in tough times and help determine the demand for different k ....How do macroeconomic fluctuations affect the educational choices of young Australians? The 1990-1991 recession, recent evidence, and econometric issues. The educational choices of young people are crucial for any nation's future. The project's empirical findings will inform public policy, particularly in the areas of education and training and youth unemployment. The research will help policy makers target people who need extra support in tough times and help determine the demand for different kinds of education. The findings have implications for future policies aimed at reducing inequality. The project's methodological contributions will lead to better and more reliable research in economics and other fields such as biology and engineering. The findings will be suitable for the top economics journals and contribute to Australia's standing in the academic community.Read moreRead less
Making the most of remotely sensed data: Bayesian spatio-temporal models for enhanced natural resource management and design. This research will provide methods for cost-efficient spatio-temporal data collection and analysis, with increased capacity for better decision-making about managing Australia’s natural resources. Through the Linkage partners’ networks, these benefits will be disseminated throughout regional bodies, government agencies and research groups across and outside Australia. The ....Making the most of remotely sensed data: Bayesian spatio-temporal models for enhanced natural resource management and design. This research will provide methods for cost-efficient spatio-temporal data collection and analysis, with increased capacity for better decision-making about managing Australia’s natural resources. Through the Linkage partners’ networks, these benefits will be disseminated throughout regional bodies, government agencies and research groups across and outside Australia. The statistical techniques derived in this project will enhance Australia’s capability in the national priority area of mathematical sciences, and will contribute to knowledge in a wide range of disciplines including natural resources, medicine and genetics. Read moreRead less
Market Model of Implied Volatility. The outcomes of the project will constitute a new methodology with a wide range of tools to handle the market uncertainties with practical applications in the finance industry. Consequently, the benefits of this project to the nation include enhancing its scientific standing in the international community, the training of Australian researchers in forefront methods of modelling of complex stochastic systems and the benefits resulting from its commercially rele ....Market Model of Implied Volatility. The outcomes of the project will constitute a new methodology with a wide range of tools to handle the market uncertainties with practical applications in the finance industry. Consequently, the benefits of this project to the nation include enhancing its scientific standing in the international community, the training of Australian researchers in forefront methods of modelling of complex stochastic systems and the benefits resulting from its commercially relevant elements. Read moreRead less
New models and valuation methods for portfolio credit derivatives. Portfolio credit derivatives provide a mechanism to simultaneously transfer credit exposures to a large number of counterparties within a single transaction. However, no generally accepted valuation model for such credit portfolios is currently available. This project aims to develop new mathematically-based technologies to allow institutions such as Westpac (the Industry Partner) to optimally manage their credit exposures. The o ....New models and valuation methods for portfolio credit derivatives. Portfolio credit derivatives provide a mechanism to simultaneously transfer credit exposures to a large number of counterparties within a single transaction. However, no generally accepted valuation model for such credit portfolios is currently available. This project aims to develop new mathematically-based technologies to allow institutions such as Westpac (the Industry Partner) to optimally manage their credit exposures. The outcome will be a class of superior models and operational risk management tools that will ensure the value and risks of these transactions are properly understood and accurately quantified. These models will enhance both the knowledge base of the industry and academic scholarship.
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Bayesian choice modelling. Discrete choice models are important as they provide tools to help understand choice processes of decision makers. It remains a challenge to specify models with covariance structures flexible enough to capture complex patterns of cross-substitution between choices while being able to capture heterogeneity present in individual behaviour. We will develop a Bayesian approach to choice modelling that uses covariance selection to overcome these problems. This will train re ....Bayesian choice modelling. Discrete choice models are important as they provide tools to help understand choice processes of decision makers. It remains a challenge to specify models with covariance structures flexible enough to capture complex patterns of cross-substitution between choices while being able to capture heterogeneity present in individual behaviour. We will develop a Bayesian approach to choice modelling that uses covariance selection to overcome these problems. This will train researchers and raise the profile of Australia in an active research area that is important in the social sciences; substantive applications will be in health economics, but developments will also be relevant to cognate areas of biostatistics, epidemiology, and ecology.Read moreRead less
Construction of utility functions from observations of consumer behaviour with application to resource modelling and water management strategies. The optimisation techniques developed will be on the forefront of applied mathematical sciences and will increase the prestige of the Australian mathematical community. The expected results will also be of value because they can be used to improve the CGE modelling technique. The implementation of the CGE model of one of Victoria's agricultural regions ....Construction of utility functions from observations of consumer behaviour with application to resource modelling and water management strategies. The optimisation techniques developed will be on the forefront of applied mathematical sciences and will increase the prestige of the Australian mathematical community. The expected results will also be of value because they can be used to improve the CGE modelling technique. The implementation of the CGE model of one of Victoria's agricultural regions will be used to improve the accuracy of regional economic models and will contribute to efficient regional resource management. This has the potential to positively affect the economic growth and employment in the region. The expected outcomes of the project are especially important taking into account the need for predicting the socio-economic consequences of the 1994 COAG water reforms. Read moreRead less
Choice experiments to improve predictive power for policy makers. In the current economic climate, Australian governments will benefit from superior choice experiments which will lead to improved prediction of the potential public benefit of proposed policy changes. The choice experiments developed here will have a substantial effect on the development of strategies for the promotion and maintenance of a strong health care system as well as being relevant to the maintenance of a sustainable envi ....Choice experiments to improve predictive power for policy makers. In the current economic climate, Australian governments will benefit from superior choice experiments which will lead to improved prediction of the potential public benefit of proposed policy changes. The choice experiments developed here will have a substantial effect on the development of strategies for the promotion and maintenance of a strong health care system as well as being relevant to the maintenance of a sustainable environment, both designated National Research Priority areas. The innovative research proposed will tap into and build strong links with international research networks, advancing Australia's research reputation and providing a rich environment for the training of research graduates.Read moreRead less
Geometric structures in representation theory. Mathematics underpins every aspect of people's interactions with nature (e.g. physics) and with each other (e.g. finance). Its uses range from formulating physical laws in order to understand and predict nature, to analysis of financial concepts and transactions. This project will formulate and develop three new fundamental mathematical concepts: cellular algebras, eigenspace geometries, and diagram algebras. Benefits include enhancement of Australi ....Geometric structures in representation theory. Mathematics underpins every aspect of people's interactions with nature (e.g. physics) and with each other (e.g. finance). Its uses range from formulating physical laws in order to understand and predict nature, to analysis of financial concepts and transactions. This project will formulate and develop three new fundamental mathematical concepts: cellular algebras, eigenspace geometries, and diagram algebras. Benefits include enhancement of Australia's position at the very frontier of world class mathematical research, and a myriad of potential applications to physics, coding theory, information technology, electronic security and experimental design.Read moreRead less
The geometry of exotic nilpotent cones. This research will describe the geometry of some important objects which sit at the boundary of algebra, geometry, and combinatorics. It has intrinsic value as a significant addition to the heritage of mathematical thought, and will strengthen Australian traditions in these areas of mathematics.
Increasing the effectiveness of quantitative verification. The ability to analyse the performance of complex systems and protocols is a vital part of the development of large-scale computer applications. Methods that improve the effectiveness of the analysis task would increase the competitiveness of the software industry, and would attract future development work (in complex systems) to Australia. The results of this project will have a direct influence on currently available design tools; the ....Increasing the effectiveness of quantitative verification. The ability to analyse the performance of complex systems and protocols is a vital part of the development of large-scale computer applications. Methods that improve the effectiveness of the analysis task would increase the competitiveness of the software industry, and would attract future development work (in complex systems) to Australia. The results of this project will have a direct influence on currently available design tools; the fact that Australian institutions will be (in part) responsible for key theoretical results in this growing field will strengthen Australia's position worldwide as an international centre for computer science.Read moreRead less