Agency: Cordis | Branch: FP7 | Program: CSA-CA | Phase: Fission-2013-2.1.2 | Award Amount: 4.04M | Year: 2013
The Fukushima nuclear accident in Japan resulted from the combination of two correlated extreme external events (earthquake and tsunami). The consequences (flooding in particular) went beyond what was considered in the initial NPP design. Such situations can be identified using PSA methodology that complements the deterministic approach for beyond design accidents. If the performance of a Level 1-Level 2 PSA concludes that such a low probability event can lead to extreme consequences, the industry (system suppliers and utilities) or the Safety Authorities may take appropriate decisions to reinforce the defence-in-depth of the plant. The project ASAMPSA_E aims at identifying good practices for the identification of such situations with the help of Level 1-Level 2 PSA and for the definition of appropriate criteria for decision making in the European context. It offers a new framework to discuss, at a technical level, how extended PSA can be developed efficiently and be used to verify if the robustness of NPPs in their environment is sufficient. It will allow exchanges on the feasibility of extended PSAs able to quantify risks induced by NPPs site (multi-units reactors and spent fuel pools, modelling impact of internal initiating events, internal and external hazards on equipment and human recovery actions ).
Agency: Cordis | Branch: H2020 | Program: MSCA-ITN-EID | Phase: MSCA-ITN-2014-EID | Award Amount: 1.52M | Year: 2015
The EID WAKEUPCALL has been set up with the knowledge that, in the WAKE of the financial crisis, a reconsideration of fundamental assumptions that have been standard in the mathematical models for the valuation of financial and insurance products, like CALLs is taking place. The crisis alerted to reiterate models, assumptions and computations. It is now better understood that the usual paradigm, in which financial risks can be mitigated, spread, or even hedged away perfectly, is too simplistic for markets under stressed conditions. Lead by the Basel Committee on Banking Supervision, financial and insurance institutions are currently implementing new paradigms regarding risk management. Many of the updates in the risk measures involve sophisticated mathematics. In this sense, the crisis has provided important feedback on appropriate directions for the required mathematical improvements. As regards to hedging and risk mitigation, which are important steps in the risk management chain, nowadays even the hedging of basic financial instruments has become a complicated task. More sophisticated models are needed if hedging programs are to remain effective under financial stress. We wish to bring together academic researchers in financial mathematics and high level professionals in financial and insurance industries, discuss and interact by means of early-stage researchers (ESRs). We are interested in the mathematical models, as well as in advanced solution techniques used for pricing and risk measurement. We wish to educate young experts in modern risk measures and management. Advanced courses by academic and professional lecturers will be selected for the education of the ESRs. We will additionally work on providing entrepeneurial skills to ESRs as they will have a unique knowledge of applied mathematics on practically relevant research questions in computational finance. All ESRs will produce software, according to latest standards in high performance computing.