Incentive compatibility is core to mechanism design. The success of auctions, matching algorithms, and voting systems all hinge on the ability to select incentives that make it in the individual's ...

Climate change is among the largest threats to humanity. The current gradual government action is insufficient in effectively reducing greenhouse gases (GHG) pollution. In fact, at the current ...

It is a bit difficult to say what criteria should be used to judge the success or failure of a research initiative on the scale of merging psychology and economics. Two reasonable criteria, at least ...

Despite an abundance of strong economic theory compiled over the decades, it’s still notoriously difficult to predict what economic systems will do. That’s because the economy is driven by an ...

Behavioral economics helps investors understand irrational market behaviors and customer choices. Examples of behavioral economic theories include loss aversion and sunk-cost fallacy. Recognizing ...

For more than a century, UChicago scholars’ groundbreaking theories have redefined the field of economics—from Milton Friedman’s ideas on monetary policy and Gary Becker’s theory of human capital to ...

In just a few years, the world has witnessed major challenges, including the disastrous impact of climate change, political polarization, economic downturns, and violent conflict, as well as a global ...

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