Students in an economics experiment

Behavioural and Experimental Economics

Economics is being reinvigorated by increasing application of the experimental method to study economic decision making, and by behavioural models that embody departures from the benchmark of normative rationality.

Our Department has made a significant investment in Experimental Economics, both in the recruitment of new faculty as well as in the creation of physical and institutional infrastructure for running experiments (LExEL).

The topics of this group’s research overlap with those of economic theory on one side, and extend into areas where controlled experiments are the primary research instrument. The former include auctions, game-theoretic solution concepts, Bayesian information processing, dynamic decision making, and the axioms underpinning economic theory of choice under risk and uncertainty, while the latter include other-regarding preferences, trust and norms, bounded rationality, and heuristics and biases. The group’s research also investigates long-standing puzzles and paradoxes of decision making. Virtually no empirical economic context remains that has not been the beneficiary of vibrant behavioural modeling and experimental investigation.

Members of this group have published in leading general and field journals such as the Journal of Economic Behavior and Organization, Journal of Economic Theory, Games and Economic Behavior, Public Choice, and Risk Analysis, and are regular active participants in the Economic Science Association.

Potential PhD topics

The group would particularly welcome applications from well-qualified candidates interested in pursuing PhD study involving application of experimental investigation methods to Game Theory, Political and Public Economics, Behavioural Finance, and Decision Making Under Risk and Uncertainty.