Tag Archives: economics

Terrorism and the media in a game-theoretic setting

Are terrorists rational? Economics focuses on individual choice, assumes individual rationality and employs mathematical models to analyze human behavior. So, what can economics contribute to the study of terrorism – and how realistic is the assumption of rationality for terrorists? First of all, definitions of rationality can vary substantially. In a thick sense, rationality implies […]

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Towards an Acceptable Level of Violence: Institutional Lessons from Northern Ireland

Institutions have returned to the forefront of economic analysis in recent decades. By way of illustration, Nobel Prizes were awarded to Ronald Coase and Douglass North in the 1990s for their pioneering work in developing the theoretical and applied framework of what has become known as the ‘New Institutional Economics’. Oliver Williamson and the late […]

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