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RiskEcon® Lab for Decision Metrics

60 Fifth Avenue, 3rd Floor, New York, N.Y. 10011. Tel: (212) 998-3264

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Mission and Mandate:

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 sociometric data from innovative sources, Risk Economics has established RiskEcon® Lab for Decision Metrics at New York University’s Courant Institute of Mathematical Sciences, an independent division of NYU, widely considered to be one of the world’s leading mathematics educational and scientific research centers, and ranked first in applied mathematical research.

RiskEcon® Lab applies a range of computational and analytical methods to commercial, 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.

RiskEcon® Lab primarily focuses upon research and development by employing applied computational statistics in the context of robust and scalable data analytic solutions, integrating web-enabled crowdsourcing with machine learning, data-mining, and text-mining, in order to provide solutions and answer large-scale, real world questions with three fundamental objectives:

▪ Foster, promote, and coordinate public-private-academic research partnerships

▪ Sponsor, fund, organize and manage big data libraries, and

▪ Advance NYU’s competency within applied computational statistics

RiskEcon® Lab’s primary role is to enable, facilitate and coordinate academic research in the development of commercially-viable, analytic applications employing computational statistical tools in conjunction with innovative and non-traditional data structures. In addition, other activities of RiskEcon® Lab involve the advancement of the fields of applied mathematical statistics and computational economics, via interdisciplinary post-doctoral, postgraduate, graduate research and education in data sciences and social computing.

RiskEcon® Lab is the cornerstone of the Computational Economics and Algorithmic Data Analytics (CEcADA) cooperative at New York University, established concurrently in 2011.

As part of the CEcADA collaborative initiative, RiskEcon® Lab provided seed funding and support for the leadership of the NYU Center for Data Science (NYUCDS) during its establishment, preceding the funding from the Moore-Sloan Grant.

RiskEcon® Lab Co-Executive Directors, Mordecai and Kappagoda, were also instrumental in establishing the AIG-NYU Partnership on Innovation for Global Resilience, a five-year, $5.5 million joint collaborative research program, in conjunction with Paul Horn, Senior Vice Provost for Research and Senior Vice Dean for Strategic Initiatives and Entrepreneurship.

In 2016, RiskEcon® Lab co-hosted an event held at the New York Academy of Sciences with the Organization of Biological Field Stations, honoring Dr. Gene Likens of the Cary Institute of Ecosystems, with Mark Ruffalo as the keynote speaker.

Press releases on the establishment of RiskEcon® Lab:

NYU Press Release: August 18th, 2011

Courant Newsletter Article, Fall 2011 Issue  

Selected Research Themes and Workstreams: