Long-Range Research Priorities in Economics, Finance, and the Behavioral Sciences

Abstract

In macroeconomic theory, I suggest supporting agent-based models of decentralized market systems with sophisticated financial sectors, as well as theoretical research that provides the analytical foundation for the phenomena discovered through agent-based models. In rational choice and game theory, I suggest increasing support for laboratory and field experiments in choice and strategic interaction, as well as support for analytical modeling of the phenomena discovered through experimental interventions. Finally, I urge the formation of a transdisciplinary department of NSF devoted to peer reviewed support of transdisciplinary work, with advisors drawn from all the behavioral sciences.