New tools from decision theory under uncertainty and the theory of networks are needed if we are to address problems of globalization, unemployment, increased economic inequalities, the financial crises, and regulation of financial institutions.The Institute for New Economic Thinking at USC Dornsife is a new economic research institute in the Economics Department at the University of Southern California. The Institute is funded jointly by the Institute for New Economic Thinking and USC Dornsife. It is inspired by the increasing awareness that the analysis of economic problems can no longer be based on idealized concepts of representative agents and competitive markets alone. Standard economic theorizing alone cannot succeed and must be augmented with the analysis of disaggregated transaction data, as well as experimental and survey data on individual behavior and their interactions.
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