Recent advances in evolutionary game theory have employed stochastic processes of noise in decisionmaking to select in favor of certain equilibria in coordination games. Noisy decisionmaking is justified on bounded rationality grounds, and consequently the sources of noise are left unmodelled....

This article demonstrates how learning dynamics select among equilibria in a statistical discrimination model of employment. The static market model exhibits multiple equilibria. The belief revision dynamics generate a Markov market process which, in the long run, is mostly near one and only one...

Social interactions provide a set of incentives for regulating individual behavior. Chief among these is stigma, the status loss and discrimination that results from the display of stigmatized attributes or behaviors. The stigmatization of behavior is the enforcement mechanism behind social...

Although the Russian economy performed poorly in the first seven years following the collapse of the USSR, the reforms of the 1990s laid the foundation for strong growth in 1998–2008. The early 2000s also saw successful reforms, such as the flat income tax and streamlined regulations....

Randomised controlled trials (RCTs) are a major source of individual patient level data (IPD) on the clinical outcomes, costs and other measures of health consequences associated with alternative healthcare interventions. These data are typically used to establish the ‘value for...

There is disagreement about whether large and complex financial institutions should be allowed to use US bankruptcy law to reorganise when they get into financial difficulty. We look at the events surrounding the Lehman Brothers bankruptcy filing for lessons as to whether bankruptcy law could be...

Lloyd Shapley is considered one of the pioneers of game theory. His most prominent contributions are the inception and study of value theory and core theory. These two theories are the key to solving problems involving the allocation of goods or payoffs achievable through cooperation....

After rapidly cutting short-term interest rates to their effective lower bounds during the financial crisis of 2008–09, central banks in the USA and UK turned to quantitative easing (QE) in order to sustain aggregate demand and avoid a Japanese style deflationary spiral. The European...

Following the Internet’s widespread adoption, much economic work has studied ‘online platforms’: firms that mainly interact with consumers in cyberspace. This article surveys such work, focusing on the ways in which traditional economic models have been adapted to incorporate...