Social Choice Theory

    In the sixty-five years since Arrow's Impossibility Theorum, economists have questioned how we think about utility, individuals and communities. Using philosophical, mathematical and other toolkits, our scholars explore the nature and role of preference maps and utility theory in economics today.

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    Life after “Rational Expectations”? Imperfect Knowledge, Behavioral Insights and the Social Context

    Many people regard the recent financial crisis as a painful addition to an already massive body of evidence that demonstrates the inadequacy of today’s economic models of “rational” markets. Read more

    Market Psychology, Animal Spirits and Reflexivity

    Neoclassical economics has abolished the role of psychology in decision making by assuming that all individuals are rational optimizers with rational expectations about future events. Read more