Myerson: Five Rules to Get State-Building Right

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In a recent Wall Street Journal essay, Roger Myerson assesses the difficult lessons we've learned from recent wars with Iraq and Afghanistan, outlining several key measures and considerations necessary to successful long-term state-building, including decentralized governance and sustainable commitments to friendly governments facing insurgences.

Myerson also recommends the development of a new agency "devoted explicitly to state-building missions, with its own deep bench of Americans with specialized skills." "Done right, state-building can mean not just a freer and more stable world but a stronger and more secure U.S.," he writes, "without the prolonged military entanglements that have cost us and our local partners so dearly." Myerson is the Glen A. Lloyd Distinguished Service Professor of Economics and the College at the University of Chicago.

Nobel Laureate Lars Hansen Interviewed in Món Empresarial

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The David Rockefeller Distinguished Service Professor in Economics, Statistics & the College, Lars Peter Hansen, recently spoke with Barcelona business journal Món Empresarial to talk about his economics roots, the development of Generalized Method of Moments, and receiving the 2013 Nobel Memorial Prize in Economic Sciences. His interview is featured on the cover of the publication's Third Quarter 2016 issue.

Robert E. Lucas Jr. to Receive Phoenix Prize

Nobel laureate Robert E. Lucas, Jr. will join a short, distinguished list of faculty to receive the Phoenix Prize, the highest honor the Division of Social Sciences can bestow. The Prize is awarded only periodically to those who "through the course of their careers, have changed the trajectory of research in the social sciences and have thus contributed to the cycle of intellectual renewal across the disciplines." The first Phoenix Prize recipient in 15 years, Lucas' commitment to the University and the Division has been exceptional and lifelong: he has been a member of the faculty since 1973, and is a college and graduate alumnus. A conference will be held in his honor October 7 & 8, hosted by the Department of Economics, the Becker Friedman Institute, and the Division of Social Sciences.

List and Hortacsu: Trading Experience Changes How Brain Processes Selling Decisions

Recently published research by John List, Ali Hortaçsu, et al. suggests that trading changes how the human brain evaluates the sale of goods, decreasing economic bias known as the "endowment effect," with experienced traders having reduced activity in brain regions associated with pain and negative emotions. “We were excited to see that our brief intervention can reduce the endowment effect, both in terms of the behavioral response and the brain mechanisms involved," said Hortacsu, in a UChicago News feature. Using magnetic resonance imaging (MRI) to create images of the brain, the researchers found that "specific economic experiences can modify how the brain responds, changing the process people use to make future decisions."

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