Behavioral Economics

Simply put, Behavioral Economics studies how people actually make decisions. It gives insights into the way consumers make choices in markets. These insights can be utilized to design products and services by firms accordingly.

 

Experimental Economics

Experimental Economics uses incentive-based controlled experiments to understand people's choices. This approach can be immensely helpful when there is no data or data available is not able to clearly distinguish consumer decision-making underlying choices.

 

Design of Mechanism

Design of Mechanism refers to an approach of designing an incentive structure to achieve desirable behavior. This can be useful in designing features of products and services and further fine-tuning based on feedback from empirical regularities found.

 

Data Science

Data Science is a collection of empirical methods drawn from different subject areas like Machine Learning, Artificial Intelligence, and Statistics. These methods are run on data using information technologies to draw insights. These empirical insights when correlated with knowledge in broader economics research can give correct actionables to improve businesses.