Economic Theory
Economic theory emphasizes on the use of the theoretical and mathematical approach to analyze economic models.
Economic theory emphasizes on the use of the theoretical and mathematical approach to analyze economic models.
How are collective decisions made? and How do different “rules of the game” (institutions) affect the allocation of resources?
Usually behavioral economics goes hand and hand with experimental economics, the practice of designing, running, and analyzing controlled economics experiments. The predictions of theoretical models (both behavioral and standard) are tested in the laboratory, or in a field setting, with human subjects.