UCC Researchers Lead Groundbreaking Project to Bridge Mathematical Theory and Practical Applications 

9 Jun 2025

Researchers at UCC are spearheading an innovative project aimed at integrating mathematical theory with practical applications to train future experts and enhance the use of mathematical models in various fields, including environmental management, energy, and healthcare. 

Stochastic Differential Equations: Computation, Inference, Applications (STOCHASTICA) is a pan-European consortium consisting of 32 members from 18 European countries. Led by Dr. Cónall Kelly, School of Mathematical Sciences, UCC, the consortium includes universities, semi-state bodies involved in agricultural development, natural resource management, and public health; as well as industry partners in the finance and energy sectors who actively engage with stochastic modelling. 

The €575,000 project is funded by the European Union through COST (European Cooperation in Science and Technology). 

Stochastic differential equations (SDEs) are essential tools for scientists and engineers to understand changes over time in systems with inherent randomness. These equations have diverse applications in areas such as: 

• Medicine: Helping doctors understand tumour growth and optimise treatment strategies. 
• Clean Energy and Sustainability: Modelling wind flow around turbine blades and interactions within wind farms and the power grid. 
• Computer Science: Enhancing the training of deep learning systems. 
• Finance: Predicting future stock prices, interest rates, and assessing market risks. 

Traditional dynamic models have often ignored randomness, but recent advances in computing power now allow for the development and analysis of more complex models that incorporate this unpredictability. These sophisticated models necessitate collaboration among experts from various fields, each bringing unique knowledge and perspectives. 

STOCHASTICA is the first large-scale European initiative to bring together the full spectrum of researchers and professionals who develop and apply SDE models. The project's goals are to merge mathematical theory with practical applications, train the next generation of talent, and promote the widespread and effective use of these models in sectors such as environmental management, energy, and healthcare. 

Dr Cónall Kelly commented: 

“STOCHASTICA will drive collaborative research in computational stochastics, guided by the needs of European society and rooted in a solid mathematical foundation. This initiative has the potential to influence a wide range of fields—from natural resource management and renewable energy to medicine, public health, and finance.  

By training the next generation of talent in an integrated scientific environment, supporting model development with fundamental mathematical research, and by developing practical tools, STOCHASTICA will help make advanced stochastic methods more accessible and impactful across disciplines”.