Skip to main content
SpringerLink
Log in

Towards an Ontology Network in Finance and Economics

  • Conference paper
  • First Online:
Advances in Enterprise Engineering XV (EEWC 2021)

Part of the book series: Lecture Notes in Business Information Processing ((LNBIP,volume 441))

Included in the following conference series:

Abstract

Finance and economics are wide domains, where ontologies are useful instruments for dealing with semantic interoperability and information integration problems, as well as improving communication and problem solving among people. In particular, reference ontologies have been widely recognized as powerful tools for representing a model of consensus within a community to support communication, meaning negotiation, consensus establishment, as well as semantic interoperability and information integration. In domains like economics and finance, which are too large and complex to be represented as a single, large and monolithic ontology, it is necessary to create an ontological framework, built incrementally and in an integrated way, as a network. Therefore, in this paper we introduce OntoFINE, an Ontology Network in Finance and Economics that organizes and integrates knowledge in the realm on finance and economics, serving as a basis to several applications. We discuss the development of OntoFINE and present some of its applications.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 49.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 64.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Notes

  1. 1.

    The current specification of OntoFINE is available at http://purl.org/krdb-core/ontofine.

  2. 2.

    The complete version of ROT in OntoUML and its implementation in OWL are available at http://purl.org/krdb-core/trust-ontology.

  3. 3.

    The complete version of ROME in OntoUML and its implementation in OWL are available at http://purl.org/krdb-core/money-ontology.

  4. 4.

    The complete version of COEX in OntoUML and its implementation in OWL are available at http://purl.org/krdb-core/economic-exchanges-ontology.

  5. 5.

    The complete version of COVER in OntoUML and its implementation in OWL are available at http://purl.org/krdb-core/value-and-risk-ontology.

  6. 6.

    The complete version of ROTwR in OntoUML and its implementation in OWL are available at http://purl.org/krdb-core/trustworthiness-requirements-ontology.

References

  1. Almeida, J., Guizzardi, G., Sales, T.P., Falbo, R.: gUFO: a lightweight Implementation of the Unified Foundational Ontology (UFO). Technical Report, Ontology & Conceptual Modeling Research Group (NEMO) - Federal University of Espirito Santo (2020)

    Google Scholar 

  2. Almeida Falbo, R.: Sabio: Systematic approach for building ontologies. In: ONTO. COM/ODISE@ FOIS (2014)

    Google Scholar 

  3. de Almeida Falbo, R., Barcellos, M.P., Nardi, J.C., Guizzardi, G.: Organizing ontology design patterns as ontology pattern languages. In: Cimiano, P., Corcho, O., Presutti, V., Hollink, L., Rudolph, S. (eds.) ESWC 2013. LNCS, vol. 7882, pp. 61–75. Springer, Heidelberg (2013). https://doi.org/10.1007/978-3-642-38288-8_5

    Chapter  Google Scholar 

  4. Amaral, G., Guizzardi, G., Guarino, N., Porello, D., Sales, T.P.: Capability agreements and risk. In: 13th International Workshop on Value Modelling and Business Ontologies (2019)

    Google Scholar 

  5. Amaral, G., Guizzardi, R., Guizzardi, G., Mylopoulos, J.: Ontology-based modeling and analysis of trustworthiness requirements: preliminary results. In: Dobbie, G., Frank, U., Kappel, G., Liddle, S.W., Mayr, H.C. (eds.) ER 2020. LNCS, vol. 12400, pp. 342–352. Springer, Cham (2020). https://doi.org/10.1007/978-3-030-62522-1_25

    Chapter  Google Scholar 

  6. Amaral, G., Guizzardi, R., Guizzardi, G., Mylopoulos, J.: Trustworthiness requirements: the pix case study. In: Ghose, A., Horkoff, J., Silva Souza, V.E., Parsons, J., Evermann, J. (eds.) ER 2021. LNCS, vol. 13011, pp. 257–267. Springer, Cham (2021). https://doi.org/10.1007/978-3-030-89022-3_21

    Chapter  Google Scholar 

  7. Amaral, G., Porello, D., Sales, T.P., Guizzardi, G.: Modeling the emergence of value and risk in game theoretical approaches. In: Aveiro, D., Guizzardi, G., Pergl, R., Proper, H.A. (eds.) EEWC 2020. LNBIP, vol. 411, pp. 70–91. Springer, Cham (2021). https://doi.org/10.1007/978-3-030-74196-9_5

    Chapter  Google Scholar 

  8. Amaral, G., Sales, T.P., Guizzardi, G.: Ontological foundations for trust management: extending the reference ontology of trust. In: 15th International Workshop on Value Modelling and Business Ontologies (VMBO) (2021)

    Google Scholar 

  9. Amaral, G., Sales, T.P., Guizzardi, G.: Towards ontological foundations for central bank digital currencies. In: 15th Value Modelling and Business Ontologies Workshop (2021)

    Google Scholar 

  10. Amaral, G., Sales, T.P., Guizzardi, G., Almeida, J.P.A., Porello, D.: Modeling trust in enterprise architecture: a pattern language for ArchiMate. In: Grabis, J., Bork, D. (eds.) PoEM 2020. LNBIP, vol. 400, pp. 73–89. Springer, Cham (2020). https://doi.org/10.1007/978-3-030-63479-7_6

    Chapter  Google Scholar 

  11. Amaral, G., Sales, T.P., Guizzardi, G., Porello, D.: Towards a reference ontology of trust. In: Panetto, H., Debruyne, C., Hepp, M., Lewis, D., Ardagna, C.A., Meersman, R. (eds.) OTM 2019. LNCS, vol. 11877, pp. 3–21. Springer, Cham (2019). https://doi.org/10.1007/978-3-030-33246-4_1

    Chapter  Google Scholar 

  12. Amaral, G., Prince Sales, T., Guizzardi, G., Porello, D.: A reference ontology of money and virtual currencies. In: Grabis, J., Bork, D. (eds.) PoEM 2020. LNBIP, vol. 400, pp. 228–243. Springer, Cham (2020). https://doi.org/10.1007/978-3-030-63479-7_16

    Chapter  Google Scholar 

  13. Bennett, M.: The financial industry business ontology: best practice for big data. J. Banking Regul. 14(3), 255–268 (2013)

    Article  Google Scholar 

  14. Blums, I., Weigand, H.: Towards a reference ontology of complex economic exchanges for accounting information systems. In: 2016 IEEE 20th International Enterprise Distributed Object Computing Conference (EDOC), pp. 1–10. IEEE (2016)

    Google Scholar 

  15. Borgo, S., Masolo, C.: Foundational choices in DOLCE. In: Staab, S., Studer, R. (eds.) Handbook on Ontologies. IHIS, pp. 361–381. Springer, Heidelberg (2009). https://doi.org/10.1007/978-3-540-92673-3_16

    Chapter  Google Scholar 

  16. Buschmann, F., Henney, K., Schmidt, D.C.: Pattern-oriented Software Architecture, on Patterns and Pattern Languages, vol. 5. Wiley, Hoboken (2007)

    Google Scholar 

  17. Butler, T., Naz, T., Ceci, M.: Introducing FiORO: the financial industry operational risk ontology (2017)

    Google Scholar 

  18. Castelfranchi, C., Falcone, R.: Trust Theory: A Socio-Cognitive and Computational Model, vol. 18. Wiley, Hoboken (2010)

    Google Scholar 

  19. d’Aquin, M., Gangemi, A.: Is there beauty in ontologies? Appl. Ontology 6(3), 165–175 (2011)

    Article  Google Scholar 

  20. Enterprise data management council: financial industry business ontology (2015). https://spec.edmcouncil.org/fibo/. Accessed 16 Dec 2021

  21. Espinoza, A., Abi-Lahoud, E., Butler, T.: Ontology-driven financial regulatory change management: an iterative development process. In: 2nd Semantic Web and Linked Open Data workshop (SW-LOD). Anais (2014)

    Google Scholar 

  22. Falbo, R., Barcellos, M., Ruy, F., Guizzardi, G., Guizzardi, R.: Ontology pattern languages. In: Ontology Engineering with Ontology Design Patterns: Foundations and Applications. IOS Press (2016)

    Google Scholar 

  23. Fischer-Pauzenberger, C., Schwaiger, W.S.A.: The OntoREA accounting and finance model: ontological conceptualization of the accounting and finance domain. In: Mayr, H.C., Guizzardi, G., Ma, H., Pastor, O. (eds.) ER 2017. LNCS, vol. 10650, pp. 506–519. Springer, Cham (2017). https://doi.org/10.1007/978-3-319-69904-2_38

    Chapter  Google Scholar 

  24. Fonseca, C.M., Porello, D., Guizzardi, G., Almeida, J.P.A., Guarino, N.: Relations in ontology-driven conceptual modeling. In: Laender, A.H.F., Pernici, B., Lim, E.-P., de Oliveira, J.P.M. (eds.) ER 2019. LNCS, vol. 11788, pp. 28–42. Springer, Cham (2019). https://doi.org/10.1007/978-3-030-33223-5_4

    Chapter  Google Scholar 

  25. Guarino, N.: Formal ontology in information systems: In: Proceedings of the First International Conference (FOIS 1998), 6–8 June, Trento, Italy, vol. 46. IOS press (1998)

    Google Scholar 

  26. Guizzardi, G.: Ontological foundations for structural conceptual models. Telematica Instituut Fundamental Research Series, No. 15, ISBN 90-75176-81-3 (2005)

    Google Scholar 

  27. Guizzardi, G.: On ontology, ontologies, conceptualizations, modeling languages, and (meta) models. Front. Artif. Intell. Appl. 155, 18 (2007)

    Google Scholar 

  28. Guizzardi, G., Falbo, R.A., Guizzardi, R.S.S.: Grounding software domain ontologies in the Unified Foundational Ontology (UFO). In: 11th Ibero-American Conference on Software Engineering (CIbSE), pp. 127–140 (2008)

    Google Scholar 

  29. Guizzardi, G., Fonseca, C.M., Benevides, A.B., Almeida, J.P.A., Porello, D., Sales, T.P.: Endurant types in ontology-driven conceptual modeling: towards OntoUML 2.0. In: Trujillo, J.C., et al. (eds.) ER 2018. LNCS, vol. 11157, pp. 136–150. Springer, Cham (2018). https://doi.org/10.1007/978-3-030-00847-5_12

    Chapter  Google Scholar 

  30. Guizzardi, G., Wagner, G., de Almeida Falbo, R., Guizzardi, R.S.S., Almeida, J.P.A.: Towards ontological foundations for the conceptual modeling of events. In: Ng, W., Storey, V.C., Trujillo, J.C. (eds.) ER 2013. LNCS, vol. 8217, pp. 327–341. Springer, Heidelberg (2013). https://doi.org/10.1007/978-3-642-41924-9_27

    Chapter  Google Scholar 

  31. Guizzardi, G., et al.: Towards ontological foundations for conceptual modeling: the Unified Foundational Ontology (UFO) story. Appl. Ontology 10(3–4), 259–271 (2015)

    Article  Google Scholar 

  32. Herre, H.: General Formal Ontology (GFO): a foundational ontology for conceptual modelling. In: Poli, R., Healy, M., Kameas, A. (eds.) Theory and Applications of Ontology: Computer Applications, pp. 297–345. Springer, Dordrecht (2010). https://doi.org/10.1007/978-90-481-8847-5_14

  33. Hoekstra, R., Breuker, J., Di Bello, M., Boer, A., et al.: The LKIF core ontology of basic legal concepts. LOAIT 321, 43–63 (2007)

    Google Scholar 

  34. Innes, A.M.: What is money. Banking Law J. 30, 377 (1913)

    Google Scholar 

  35. Jacobsen, A., et al.: FAIR principles: interpretations and implementation considerations. Data Intell. 2(1–2), 10–29 (2020)

    Article  Google Scholar 

  36. Knapp, G.F.: The state theory of money. McMaster University Archive for the History of Economic Thought, Technical Report (1924)

    Google Scholar 

  37. Luhmann, N.: Trust and Power. Wiley, Hoboken (2018)

    Google Scholar 

  38. Macleod, H.: The Theory of Credit, vol. 2. Green, and Company, Longmans (1890)

    Google Scholar 

  39. Massin, O., Tieffenbach, E.: The metaphysics of economic exchanges. J. Soc. Ontology 3(2), 167–205 (2016)

    Article  Google Scholar 

  40. O’Leary, D.E.: Using AI in knowledge management: knowledge bases and ontologies. IEEE Intell. Syst. Their Appl. 13(3), 34–39 (1998)

    Article  Google Scholar 

  41. Porello, D., Guizzardi, G., Sales, T.P., Amaral, G.: A core ontology for economic exchanges. In: Dobbie, G., Frank, U., Kappel, G., Liddle, S.W., Mayr, H.C. (eds.) ER 2020. LNCS, vol. 12400, pp. 364–374. Springer, Cham (2020). https://doi.org/10.1007/978-3-030-62522-1_27

    Chapter  Google Scholar 

  42. Sales, T.P., Baião, F., Guizzardi, G., Almeida, J.P.A., Guarino, N., Mylopoulos, J.: The common ontology of value and risk. In: Trujillo, J.C., et al. (eds.) ER 2018. LNCS, vol. 11157, pp. 121–135. Springer, Cham (2018). https://doi.org/10.1007/978-3-030-00847-5_11

    Chapter  Google Scholar 

  43. Scherp, A., Saathoff, C., Franz, T., Staab, S.: Designing core ontologies. Appl. Ontology 6(3), 177–221 (2011)

    Article  Google Scholar 

  44. Scholes, M., et al.: Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, vol. 608. John, Hoboken (2010)

    Google Scholar 

  45. Searle, J.: The Construction of Social Reality. Free Press, New York (1995)

    Google Scholar 

  46. Suárez-Figueroa, M.C., Gómez-Pérez, A., Fernández-López, M.: The NeOn methodology for ontology engineering. In: Suárez-Figueroa, M.C., Gómez-Pérez, A., Motta, E., Gangemi, A. (eds.) Ontology Engineering in a Networked World, pp. 9–34. Springer, Heidelberg (2012). https://doi.org/10.1007/978-3-642-24794-1_2

    Chapter  Google Scholar 

  47. Ziemer, J.: Financial regulation ontology. http://finregont.com/fro/html_widoco/index-en.html. Accessed 16 Dec 2021

Download references

Acknowledgments

CAPES (PhD grant# 88881.173022/2018-01) and NeXON project (UNIBZ).

Author information

Authors and Affiliations

  1. CORE/KRDB, Free University of Bozen -Bolzano, Bolzano, Italy

    Glenda Amaral, Tiago Prince Sales & Giancarlo Guizzardi

  2. Services & Cybersecurity, University of Twente, Enschede, The Netherlands

    Giancarlo Guizzardi

Authors
  1. Glenda Amaral
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Tiago Prince Sales
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Giancarlo Guizzardi
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Glenda Amaral .

Editor information

Editors and Affiliations

  1. University of Madeira, Funchal, Portugal

    David Aveiro

  2. Luxembourg Institute of Science and Technology, Esch-sur-Alzette, Luxembourg

    Henderik A. Proper

  3. University of Lisbon, Lisbon, Portugal

    Sérgio Guerreiro

  4. University of Pretoria, Pretoria, South Africa

    Marne de Vries

Rights and permissions

Reprints and permissions

Copyright information

© 2022 Springer Nature Switzerland AG

About this paper

Check for updates. Verify currency and authenticity via CrossMark

Cite this paper

Amaral, G., Sales, T.P., Guizzardi, G. (2022). Towards an Ontology Network in Finance and Economics. In: Aveiro, D., Proper, H.A., Guerreiro, S., de Vries, M. (eds) Advances in Enterprise Engineering XV. EEWC 2021. Lecture Notes in Business Information Processing, vol 441. Springer, Cham. https://doi.org/10.1007/978-3-031-11520-2_4

Download citation

  • DOI: https://doi.org/10.1007/978-3-031-11520-2_4

  • Published:

  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-031-11519-6

  • Online ISBN: 978-3-031-11520-2

  • eBook Packages: Computer ScienceComputer Science (R0)

Publish with us

Policies and ethics

Search

Navigation