Undergraduate economics lags behind cutting-edge economic theory. The author briefly reviews six related advances that profoundly extend and deepen economic analysis: game-theoretic modeling, collective-action problems, information economics and contracting, social preference theory, conceptualizing rationality, and institutional theory. He offers…

Workplace bullying or mobbing can be defined as the infliction of various forms of abuse (e.g., verbal, emotional, psychological) against a colleague or subordinate by one or more other members of a workplace. Even in the presence of academic tenure, workplace mobbing remains a prevalent issue in academe. This study develops an economic model that…

Research in both evolutionary economics and evolutionary psychology provides strong evidence that human behavior can be, and is, a complex mix of hedonism and altruism with a strong inclination toward cooperation under certain conditions. In this article, behavioral assumptions made in mainstream business theory are compared and contrasted with…

This paper analyzes the behavior of families in China regarding private tutoring, applying game theory to its discussion of their actions. It finds that families will definitely give their children private tutoring after school in order to obtain better educational opportunities in situations where the distribution of educational resources is…

The author develops a simple geometric analysis of Cournot-Nash equilibrium in the price-quantity space by exploiting the economic content of the first-order condition. The approach makes it clear that strategic interdependency in oligopoly originates from externalities among producers. This explains why cartels are unstable and casts oligopoly…

Undergraduate students are often interested in applications of economic principles. Although popular television shows and movies are not real-world examples, drawing from these sources can motivate disinterested students and provide a pedagogical tool that enhances instruction. In this article, the authors discuss several basic introductory…

The authors list economic concepts and issues covered in the children's books published by Theodor Geisel and discuss his treatment of concepts that appear most often and that are treated in greater depth. Some concepts are sophisticated and taught as formal concepts only in college-level economics courses. Others are basic and used in economics…

Monotone methods enable comparative static analysis without the restrictive assumptions of the implicit-function theorem. Ease of use and flexibility in solving comparative static and game-theory problems have made monotone methods popular in the economics literature and in graduate courses, but they are still absent from undergraduate…

The game SO LONG SUCKER was designed in the United States in 1964 with the aim of showing how potentially unethical behavior necessary for winning was inherent in the game's incentive structure. Sessions with East Asian participants, however, led to very different game dynamics in which collaborative rather than antagonistic behaviors occurred.…

The Monty Hall three-door, "Let's Make a Deal" game, named after the 1970s television show, is used widely in economics, econometrics, statistics, and game-theory-based teaching, as well as in many other disciplines. Its solutions and underlying assumptions arouse great passion and argument, in both the academic and popular press. Most economists…

In this paper the authors focus on the consequences of economies and cultures of speculation in the field of education. Education is one of the arenas where the logics of speculation are being played out. It is argued that the major shifts in educational policy over the past decades in Sweden derive from what Ian Baucom aptly called…

This study interconnects developmental psychology of fair and moral behavior with economic game theory. One hundred eighty-nine 9- to 17-year-old students shared a sum of money as individuals and groups with another anonymous group (dictator game). Individual allocations did not differ by age but did by gender and were predicted by participants'…

Although many decisions involve a stream of payoffs over time, political scientists have given little attention to how actors make the required tradeoffs between present and future payoffs, other than applying the standard exponential discounting model from economics. After summarizing the basic discounting model, we identify some of its leading…

This article focuses on the relationship between university research (in this case science research) and national economic productivity, particularly in the context of the emerging knowledge economy. It addresses the question of whether university research output should be treated as a public good or a private good, in economic terms, and analyses…

David Gale was one of the mathematicians responsible for the modern form of the theory of duality in linear programming and the associated proof of the minimax theorem in the theory of games. He is a member of the National Academy of Sciences and is Professor Emeritus of Mathematics and Operations Research at the University of California at…