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Economic Theory

Organisational unit: Research Group

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Organisation profile

The Economic Theory group joins together researchers who use rigorous theoretical analysis to make significant contributions in all areas of economics.

Our interests cover a wide range of areas in economics. Among others behavioural economics, decision theory, dynamic macroeconomics, economics of information, game theory (cooperative and non-cooperative), general equilibrium,  network economics, resource economics and social choice.

Group members have published in top Economics journals such as American Economic Review, Econometrica, Journal of Economic Theory, Journal of Monetary Economics, European Economic Review, Economic Theory, Games and Economic Behavior, Proceedings of the National Academy of Sciences, Journal of Economic Growth, Journal of Public Economics, Journal of Development Economics, and Journal of Economics Behavior & Organization.


PhD Study

This year we are prioritising proposals for PGR studies in two areas of Economic Theory; Psychological Game Theory and Network Theory.

Psychological Game Theory is a formal framework for studying strategic interaction when players have belief-dependent motivations, such as intentions-based reciprocity, emotions (e.g. anger, guilt, regret, disappointment, anxiety), or concern with others’ opinion (e.g. social respect). The framework was first introduced by Geanakoplos, Pearce and Stacchetti (1989) and further developed by Battigalli and Dufwenberg (2009). We invite PhD research proposals with a connection to psychological game theory. The proposal may for example aim to theoretically identify the implications of a particular emotion in a particular game or economic context.

You are welcome to contact Amrish Patel (amrish.patel@uea.ac.uk) or Mark Le Quement (m.le-quement@uea.ac.uk) to hear more about the topic and discuss.

Network Theory:  To quote a couple of recent introductions to the topic:

  1. "In recent years there has been a growing public fascination with the complex "connectedness" of modern society. This connectedness is found in many incarnations: in the rapid growth of the Internet and the Web, in the ease with which global communication now takes place, and in the ability of news and information as well as epidemics and financial crises to spread around the world with surprising speed and intensity. These are phenomena that involve networks, incentives, and the aggregate behavior of groups of people; they are based on the links that connect us and the ways in which each of our decisions can have subtle consequences for the outcomes of everyone else."

  2. "Networks pervade social and economic life, and they play a prominent role in explaining a huge variety of social and economic phenomena. Standard economic theory did not give much credit to the role of networks until the early 1990s, but since then the study of the theory of networks has blossomed. At the heart of this research is the idea that the pattern of connections between individual rational agents shapes their actions and determines their rewards. The importance of connections has in turn motivated the study of the very processes by which networks are formed."

Networks have been used to study everything from social networks (who is friend with whom) to fragility of the banking sector including the economics of the internet, patterns in international trade and labour market outcomes.

You are welcome to contact Arnold Polanski (a.polanski@uea.ac.uk) or Mich Tvede (m.tvede@uea.ac.uk) to hear more about the topic or discuss.





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