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<p class=""><b style><span style="font-family:Times">PhD Position </span></b></p>
<p class=""><b style><span style="font-size:10pt;font-family:Times">The neuroeconomics of decision-making uncertainty:</span></b><span style="font-size:10pt;font-family:Times"> brains, swarms and markets network.</span></p>
<p class=""><b style><span style="font-family:Times">University of Sheffield – Department of Computer
Science </span></b></p>
<p class=""><b style><span style="font-size:10pt;font-family:Times">Supervisors:</span></b><span style="font-size:10pt;font-family:Times"> Drs Eleni Vasilaki &
Trevor Cohn, Machine Learning group, Department of Computer Science. External
supervisor: Prof. Jane Binner, Chair of Finance, University of Birmingham.</span></p>
<p class=""><span style="font-size:10pt;font-family:Times">The ML group was founded in 1998. The
scientific focus of the group is developing formalisms for data analysis, with
a particular focus on probabilistic modelling. The engineering focus of the
group is on algorithm development for modelling data in computational biology,
language, neuroscience and large unstructured data sources.</span></p>
<p class=""><span style="font-size:10pt;font-family:Times">This project is part of a funded partnership
with the departments of Automatic Control and Psychology under the theme of
Neuroeconomics. It involves a close collaboration between Computer Science and
Management departments.</span></p>
<p class=""><b style><span style="font-size:10pt;font-family:Times">Project description:</span></b><span style="font-size:10pt;font-family:Times"><span style> </span>Reinforcement learning and the equity
premium puzzle. </span></p>
<p class=""><span style="font-size:10pt;font-family:Times">Humans often make decisions based on their
desire to maximize profit or reward. Such decisions take place within changing
environments, where optimal choices in the past may differ from those in the
present. For example, choosing a tracker-rate mortgage might have been at some
time in the past a better option than a fixed-rate but today this may have
changed. These choices are typically made under uncertain situations and
involve a degree of risk. Though the specifics of decision-making mechanisms
are still not fully understood, it is evident that fundamentally the human
brain is able to identify information sequences that could also correlate with
reward.</span></p>
<p class=""><span style="font-size:10pt;font-family:Times">This project aims to develop a data driven
framework for understanding decision-making types of investors, and the key
ingredients of making successful investment decisions. We ask the question
whether the choices of successful investors have a higher component of
sophisticated principles versus the unsuccessful investors, and whether
different mixtures of models can account for different investor strategies. We
anticipate that the results would be of immediate interest to finance
institutions that may want to use our models to extract information about their
clients' profiles in order to provide customized financial training or making decisions
about investor loans.</span></p>
<p class=""><b style><span style="font-size:10pt;font-family:Times">Candidate's profile:</span></b><span style="font-size:10pt;font-family:Times"> The ideal candidate
should have degree in Computer Science, Mathematics, Physics, Engineering or
similar, a very strong mathematical background, excellent programming skills
and interest in financial problems. The PhD topic requires development and
application of Artificial Intelligence techniques for financial data analysis.</span></p>
<p class=""><b style><span style="font-size:10pt;font-family:Times">Scholarship information:</span></b><span style="font-size:10pt;font-family:Times"> The
position covers tuition fees at UK/EU rate, provides annual maintenance at the
standard RCUK rate (£13,726 for 2013-14), and a contribution towards research
and travel expenses of £1,000 p.a. Awards are open to UK, EU and international
applicants. International applicants will be required to prove that they have
sufficient funds to cover the difference between the UK/EU and Overseas tuition
fees. For exceptional international candidates there might be opportunities for
additional fee waivers.</span></p>
<p class=""><span style="font-size:10pt;font-family:Times">Preliminary enquiries should be addressed to Dr
Eleni Vasilaki or Dr Trevor Cohn. Email: <a href="mailto:E.Vasilaki@sheffield.ac.uk">E.Vasilaki@sheffield.ac.uk</a> or
<a href="mailto:T.Cohn@sheffield.ac.uk">T.Cohn@sheffield.ac.uk</a><b style>.</b></span></p>
<p class=""><b style><span style="font-size:10pt;font-family:Times">Application Procedure: Please submit an application for a PhD at the
department of Computer Science including a CV and a motivation letter.<span style> </span>For more information and to apply:
<a href="http://www.sheffield.ac.uk/postgraduate/research/apply">http://www.sheffield.ac.uk/postgraduate/research/apply</a> .</span></b></p>
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