On February 21, the Director of LINEEX, Penélope Hernández introduced at the COTEC Foundation the impact of the behavioural experimental economics methodology on the Innovation strategy of private companies and private institutions.
The event, stared by the team of IBSEN Horizonte H2020 (the project that will create the largest simulator of human behavior) was held at the headquarters of the Foundation chaired by former Minister Cristina Garmendia and had the support of the Rectors of the Universitat de València, Esteban Morcillo and Carlos III University of Madrid, Juan Romo. The event was attended by directors of major banks, consultancies and public sector organizations related to innovation.
Anxo Sánchez (Coordinator of IBSEN and founder of the GISC UC3M Complex Systems Interdisciplinary Group) and Penélope Hernández (Director of LINEEX – Universitat de València) explained how the Laboratory for Research in Behavioural Experimental Economics of the University of Valencia has developed technology for the IBSEN project enabling any researcher to run large scale experiments with human behaviour.
At her presentation, Dr. Hernández proposed to drive innovation through a new system: “We propose to eliminate the key variable of innovation; the risk. Applying a particular methodology we will eliminate uncertainty from the earliest stage in the innovation process, validating innovative strategies and reducing the costs associated with unsuccessful innovations. Thanks to this commitment, which includes the witness of the efforts made in recent years, the researches in social areas and especially in the field of experimental economics, innovation in our country is increasingly and taking more importance in an international level.
Now our main challenge is to look for synergies between the needs of society and innovation, which allow us to accelerate the transfer of new knowledge generated to organizational practice, in order to our citizens, users or customers can get advantage as soon as possible from the important scientific advances that are taking place in our Universities.
Science, technology and innovation raise the well-being of citizens through the social, economic and business development of a country. The Spanish System of Science, Technology and Innovation needs to achieve more efficiency to boost the level of social and economic benefit needed.
Well, this efficiency comes from the effort of the teams that are part of projects like IBSEN. This strategy is already having results and can be contrasted with real cases.”
In addition, the event was attended by IBSEN collaborators such as Pedro Rey Biel (professor of the Graduate School of Economics of Barcelona) who is immersed in the project of the Obama Health Administration “All of us” and José Salazar, a Psychiatrist who explained The applications of behavioral economics in clinical cases.