Behavioral Economics

    Research increasingly demonstrates that neoclassical models of human behavior and markets are too narrow. Our researchers are reconnecting with the social sciences, exploring psychology and human behavior in order to develop a more realstic approach to economics.

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    How Dated Theories & Underlying Research Misguide Policy

    The financial crisis of 2008 was unforeseen to a significant extent. One reason is that the dominant academic theories influencing political decision makers ignore recent advances and instead rely largely on models and decision science dating back to the Second World War. Read more

    The Fourth Law of Behavior Genetics

    Behavior genetics is the study of the relationship between genetic variation and psychological traits. Turkheimer (2000) proposed “Three Laws of Behavior Genetics” based on empirical regularities observed in studies of twins and other kinships. On the basis of molecular studies that have measured DNA variation directly, we propose a Fourth Law of Behavior Genetics: “A typical human behavioral trait is associated with very many genetic variants, each of which accounts for a very small percentage of the behavioral variability.” Read more