Beacon - Page 5

Richard H Thaler developed Herbert Simon’s concept of bounded rationality to recognise cognitive biases in decision making, apart from assessing the...

While Oliver D’Arcy Hart is best-known for his work on incomplete contracts and allocation of residual rights, Bengt Robert Holmström worked on design...

Angus Deaton is known for extensively analysing data around individual consumer choices, and linking it with aggregate consumption, to shape policies...

Building upon the concepts regulating monopolies and oligopolies, Jean Tirole used game theory and industrial organisation to present a general theory...

While Eugene Francis Fama attributed the difficulty in short-run predictions to efficient markets and Robert James Shiller contradicted him by holding...

While the prolific game theorist Lloyd Stowell Shapley laid out the theoretical ground in the form of Gale-Shapley algorithm, Alvin Elliot Roth...

Analysing the effects of external shocks on macroeconomy, Thomas John Sargent factored in rational expectations and their impact, while Christopher...

Diamond, Mortensen and Pissarides formulated a theoretical framework for search markets in which buyers and sellers do not always make contact with...

While Elinor Ostrom dealt with overcoming collective action dilemmas in managing natural resources, Oliver Eaton Williamson is well-known for building...

Taking cue from the growing intra-industry trade, Paul Robin Krugman incorporated economies of scale and consumers’ preference for diverse goods to...

While Leonid ‘Leo’ Hurwicz gave the theory of incentive compatibility in mechanism design, Eric Stark Maskin and Roger Bruce Myerson extended his work...

Apart from providing microeconomic foundation to macroeconomic theories, Edmund Strother Phelps, going beyond the Keynesian hypothesis, clarified the...