Before they got focused on equilibrium, economists (most prominently, Cambridge’s Alfred Marshall) actually explored markets behaviour without assuming that it somehow converges to equilibrium. This endeavour was put on the back burner however, because of lack of tools (mathematical framework and analysis; experimental methodology). We have worked at addressing this situation, engaging in a dialogue between theory and (experimental) data in order to discover basic principles that govern behaviour of markets off equilibrium.
Leverhulme International Professorship in Neuroeconomics at the University of Cambridge Faculty of Economics
