Carleton University researcher Thomas Russell has been announced as the university's newest Canada Research Chair (CRC). His innovative research focuses on developing advanced economic models that can be utilized with limited computing power.
"This new Canada Research Chair is a testament to Carleton University's research excellence and depth of expertise in emerging and innovative areas," said Rafik Goubran, vice-president (Research, Innovation and International). "Congratulations to Professor Russell for this well-deserved honour."
Thomas Russell, CRC in Frontiers of Economic Analysis (Tier II)
Economic models help policymakers understand consumer behaviour and market dynamics. Partially identified models are a type of economic models that can be used under weak modelling assumptions, often making them more credible tools for policy analysis. However, the large number of computational resources required to use these models has limited their widespread adoption.
Russell, a researcher in the Department of Economics, is exploring how to approximate partially identified models using a low amount of computing resources. His research will study the computational complexity of existing models before investigating techniques to approximate complex models with simpler surrogate models. This work will make it easier for economists to use credible economic models and will help researchers better understand the trade-off between computational complexity and model accuracy.
Russell's research has applications in consumer choice, social networks, and firm competition, and his work will make partially identified models more accessible to researchers and policymakers working in these areas.
Visit Carleton's Canada Research Chairs webpage to learn more.
