The Behavioural Economist’s Guide to Winning at Valentine’s Day

By Dr Sheheryar Banuri

So it has come to this… Two days to go and you are worried about your Valentine’s Day plans.  You’re not quite certain what you need to plan, and how seriously you need to treat this day.  After all, it is not a holiday, and you might have only been out with your partner on number of dates (where ∈ R).  Should you do anything? How much should you spend (in terms of time, effort, money, or any combination thereof)? Continue reading “The Behavioural Economist’s Guide to Winning at Valentine’s Day”

Reciprocity and the Paradox of Trust in Psychological Game Theory

In a famous paper written in 1982, the American economist George Akerlof argued that employers sometimes pay more than the market wage rate in the expectation that this will induce their workers to be conscientious even when they are not being monitored.

According to the theory of rational choice, this kind of trust relationship is not possible between fully rational individuals. Continue reading “Reciprocity and the Paradox of Trust in Psychological Game Theory”

Super Bowl Economics: Pluralist Economics on ‘Any Given Tuesday’

By Dr Duncan Watson

I’m raging against the dying of the light; multi-tasking to maximise how much I can eek out of the rest of the day. Perusing ‘The Superiority of Economists’ , as I look for astute observations relevant to a rewrite of the latest research paper, I’m also watching the Super Bowl journey of the Los Angeles Rams and New England Patriots. Continue reading “Super Bowl Economics: Pluralist Economics on ‘Any Given Tuesday’”

Neuroeconomics Soap: How the Christmas Grinch Stole My Equilibrium

By Dr Duncan Watson

“Christmas waves a magic wand over this world, and behold, everything is softer and more beautiful”. I can’t help but be seduced by Norman Peale’s quote. I love Christmas. I spend months collecting presents, planning ahead for the look of surprise and awe on the kid’s faces. I even look forward to consuming the lowly sprout. Continue reading “Neuroeconomics Soap: How the Christmas Grinch Stole My Equilibrium”

Damned Lies, Statistics, and Economics Education: what are economic forecasts, really?

By Dr Fabio Arico

In yesterday’s online edition of BBC News, BBC Business Editor Simon Jack explains what an economic forecast is. The article expands on the heated debate on whether Brexit will make the UK poorer, so it is extremely important that the public is correctly informed about what economic forecasts are. Continue reading “Damned Lies, Statistics, and Economics Education: what are economic forecasts, really?”

The Apprentice: Has Lord Sugar read The Ragged Trousered Philanthropists?

By Dr Duncan Watson

I am an avid watcher of The Apprentice. The competitors are undoubtedly high powered and innovative at things beyond my understanding. That doesn’t explain my fascination. I am not a wilful celebrant of their journey towards a house purchase in Chelsea. Neither does it provide me with a constructive learning experience. Continue reading “The Apprentice: Has Lord Sugar read The Ragged Trousered Philanthropists?”

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