Models of error in funding cycles

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• Topic description :
In many situations where institutions seek funding for their activities, there is a cyclical process where each cycle begins by a funder investing in the institutions and ends by an evaluation of their performance. The funding handed out in the next cycle is then based upon how well each institution did in the evaluation. The goal of this project will be to investigate the possible consequences of errors in the evaluation process by investigating the long term behaviour of various simplified toy mathematical models of such a process. In particular the models we will consider have an obvious optimal investment pattern, and your aim will be to discover either analytically or numerically how low the errors in the evaluation process must be in order for the process to achieve the optimal investment pattern. The main mathematical tool will be the concept of stationary states in Markov chains.
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