I n the epilogue of their blockbuster book Mostly Harmless Econometrics (2009), Josh Angrist and Steve Pischke write, “If applied econometrics were easy, theorists would do it.” As academic jokes go, ...

Positive economics is a fact-based analysis of what is occurring in an economy, without making prescriptions of what should or should not be happening.

Economic theory has evolved into a multifaceted discipline that not only articulates the fundamental principles governing resource allocation and decision‐making but also integrates classical ideas ...

Regret theory postulates that decision‐makers do not solely evaluate outcomes based on traditional expected utility; they also incorporate the anticipated emotional response resulting from realising ...

What if you could predict your competitor’s next move before they even made it? Game theory gives you the tools to do just that. Have you ever noticed how a new product launched by one brand often ...

Philipp Strack, a scholar of microeconomic theory who has achieved key advances in the field of game theory and behavioral economics, was recently appointed the Cowles Foundation Professor of ...