We focus on innovative research through a broad range of projects that seek to solve the real problems faced by global society.
Our research networks focus on addressing some of the most challenging subjects of our time, including:
- Designing financial markets that deliver financial and macroeconomic stability.
- Helping regional developing nations transition towards socially, economically and environmentally sustainable development paths.
- Envisioning the role of culture and cultural products in our economic thinking.
- Providing policy makers with the necessary tools to understand opportunities and trade-offs to enhance the welfare of societies.
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Stream leader: David Throsby
Stream members: Jordi McKenzie, Joseph Macri, Paul Crosby
The REACH network conducts applied research in the economics of the arts and culture including the creative economy, culture in sustainable development, arts professionals, demand for cultural goods and services, evaluation of cultural heritage, copyright and digital rights management and the impact of digital distribution platforms.
The REACH network has an extraordinary record of international collaborative activities involving universities, international organisations, federal and state government agencies, NGOs and business corporations in the arts and culture including UNESCO, the World Bank, the Australia Council for the Arts and the Australian Federal Government.
One of the many projects currently being undertaken by the REACH network is the National Survey of Remote Aboriginal and Torres Strait Islander Artists, which aims to yield benefits for cultural maintenance, Indigenous employment and participation, and community development. The results of the project will provide essential data on which to base new strategies for advancement of Aboriginal and Torres Strait Islander arts and culture, and for the sustainable economic development of remote Indigenous communities.
Recent projects include the latest Individual Artists Survey, and the ARC-funded study, The Australian Book Industry: Authors, publishers and readers in a time of change.
Distinguished Professor David Throsby
Associate Professor Jordi McKenzie
Stream leader: Lyla Zhang
Stream members: Rohan Best, Wylie Bradford, Craig McMillan, Maroš Servátka
As part of their investigations, the network members consider incentives, as well as the role of behavioural factors, in the economic decision-making of individuals, businesses, and governments.
The current research agenda, combining theory with laboratory and field experiments, focuses on:
- formation of informal agreements capable of fostering trust and cooperation in the absence of written contracts
- behavioural factors influencing firm boundaries
- links between governance structure and wage compression
- generosity, charitable giving, and volunteering
- behavioural underpinnings of reciprocity
- organisation of markets and market entry decisions
- finance micro-structure, namely trade execution algorithms and their impact on trader behaviour and marker quality
- duration estimation biases in project management
- time delay effects in sequential search
- time constraints and decision-making in health
- social preferences in the workplace, and
- incentives and norms of compliance behaviour in finance sector.
About economic's experiments: The use of economics experiments in studying markets and economic behavior has been increasing rapidly in recent years. There are numerous phenomena that affect the decisions of economic agents in an uncontrolled manner when studying their behavior using traditional methods in the field. Moreover, many variables relevant to these decisions are not directly observable, thereby requiring the use of estimation techniques, which can at times be imprecise and variable.
By employing cutting-edge techniques in experimental economics, we can observe all relevant variables in a controlled environment as well as implement truly exogenous changes. Data collected in experiments (decisions of real people who are motivated by monetary payments to create real-world incentives) are used to test the validity of economic theories, address open policy questions, and solve industry-relevant economic issues. Experiments are used to help understand how and why markets and other exchange systems function as they do.
The network members conduct their experiments in the Vernon L. Smith Experimental Economics Laboratory.
Stream leaders: Jeffrey Sheen, Geoffrey Kingston
Stream members: Lance Fisher, Chris Heaton, Roselyne Joyeux, George Milunovich, Daehoon Nahm, Natalia Ponomareva, Shuping Shi, Ben Wang
The MAFS research network has its origin in a long tradition of research in macroeconomics, financial economics and econometrics at Macquarie University. The network focuses on research in international macroeconomics and finance, financial econometrics, the linkages between the real economy and financial market developments, and on time series methods. Major areas of interest in macroeconomics and finance include financial bubbles, consumer sentiment, economics forecasting, fiscal and monetary policies, energy markets, financial market developments and related econometric issues.
The network regularly invites prominent researchers in financial econometrics and macroeconomics to conduct workshops and participates in the activities of the Centre for Financial Risk. Members of the network regularly provide commentary on economic policy, covering both monetary and fiscal policy, and on retirement saving policy.
Professor Jeffrey Sheen
Professor Geoff Kingston
Stream leader: Pundarik Mukhopadhaya
Stream members: Sean Turnell, Andrea Chareunsy, Alexander Blair, Michael Dobbie, Lisa Magnani, Craig MacMillan, Daehoon Nahm, Alison Vicary, Ha Vu.
The LEAD network addresses broad issues of economic advancement such as education, women’s empowerment, poverty, inequality, global labour issues, productivity and wages with an eye to the rapid evolution of the Asia-Pacific region. The network has published outputs in the form monographs and books and high-impact research articles in the highly ranked journals. The members form an influential economic policy network throughout the Southeast, East and South Asian regions. Importantly, members of this network are advisers of governments and non-government organisations that promote economic development and political change in our region.
Contact: Associate Professor Pundarik Mukhopadhaya
Our particular interest is in Burma, Vietnam and Laos on the economics of transition, the environment, financial markets, and poverty alleviation. Our work has generated a wide range of published outputs including monographs and articles in specialist journals devoted to the region. In particular, a large number of Southeast Asian research students have benefited from their connections with our experts and now form an influential policy network throughout the region.
Contact: Dr Andrea Chareunsy
Professor David Throsby AO is internationally known for his work in the economics of the arts and culture. Professor Throsby’s research interests include the role of culture in economic development, the economic situation of individual artists, the economics of the performing arts, the creative industries, the economics of heritage and the relationship between cultural and economic policy.
The economics of the arts and culture
Professor Throsby’s research on the economics of the arts and culture has had a range of national and international impacts. His research has had a significant impact on Australian national cultural policy through analyses of the cultural industries, through the development and conduct of artist surveys every five to seven years, and through path-breaking empirical work on the economics of the Australian book industry. The research has had impact through the development and implementation of methodology for a national survey of remote Indigenous artists.
At an international level, the work has had a range of impacts on policy-making in institutions such as the World Bank and UNESCO.
Vernon L. Smith Experimental Laboratory
The experimental economics laboratory is the home of cutting-edge experimental research and teaching in social science. The lab was formally opened by Nobel Laureate and the world’s leading thinker in experimental economics Professor Vernon L. Smith in July 2015.
Experimental economics involves creating specifically designed economic environments for the purpose of answering research questions. Our laboratory is a state-of-the-art facility with 36 work stations and a separate experiment control room. It conducts and supports economic, investment, management, marketing and organisational behaviour research and explores applicability of recent discoveries to practical problems and situations.
For further information contact Professor Maroš Servátka, Director of the Vernon L. Smith Experimental Economics Laboratory: email@example.com
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Content owner: Department of Economics Last updated: 22 Jan 2020 9:38am