Applied Microeconomics
Applied Microeconomics
The Applied Microeconomics research group unites researchers working on a broad array of topics within such areas as labour economics, economics of education, health economics, family economics, urban economics, environmental economics, and the economics of science and innovation. The group operates in close collaboration with the CAGE Research Centre.
The group participates in the CAGE seminar on Applied Economics, which runs weekly on Tuesdays at 2:15pm. Students and faculty members of the group present their ongoing work in two brown bag seminars, held weekly on Tuesdays and Wednesdays at 1pm. Students, in collaboration with faculty members, also organise a bi-weekly reading group in applied econometrics on Thursdays at 1pm. The group organises numerous events throughout the year, including the Research Away Day and several thematic workshops.
Our activities
Work in Progress seminars
Tuesdays and Wednesdays 1-2pm
Students and faculty members of the group present their work in progress in two brown bag seminars. See below for a detailed scheduled of speakers.
Applied Econometrics reading group
Thursdays (bi-weekly) 1-2pm
Organised by students in collaboration with faculty members. See the Events calendar below for further details
People
Academics
Academics associated with the Applied Microeconomics Group are:
Research Students
Events
MIWP (Microeconomics Working in Progress) - Peter Hammond
Title - Rationality of Decisions That Avoid Predictably Regrettable Consequences (in working progress)
Abstract - A novel characterization of rationality is offered which relies on the hypothesis that under no predictable circumstances should behaviour in any finite decision tree ever lead to a consequence which, relative to the predicted feasible set F, belongs to a specified subset R(F) of regrettable consequences. The hypothesis is applied to behaviour that is defined on an unrestricted domain of finite decision trees, including continuation subtrees, with:
(i) decision nodes where the decision maker must make a move;
(ii) chance nodes at which a “roulette lottery” with exogenously specified strictly positive probabilities is resolved;
(iii) event nodes at which a “horse lottery” is resolved.
Building on earlier discussions of consequentialist behaviour, the hypothesis is shown to imply that behaviour must maximize a complete and transitive preference relation over consequence lotteries, with preferences that satisfy the independence axiom of expected utility theory, as well as a strict form of Anscombe and Aumann's extension of Savage's sure thing principle. Assuming continuity, non-trivial consequence domains, and a generalized form of state independence, the hypothesis is equivalent to a refined form of Bayesian rationality that excludes zero probabilities.