Given the scope of the subject, your choice of a topic for your economics assignment can’t ever be exciting enough to impress your economics professor. That’s why days and nights become dull for many grads as soon they are loaded with this task of "Topic Hunting” by professors. But we hear you! And that’s why we have brought you a list 3 Nobel prize winning economic theories that you could choose to work on for your next assignment. And if you face any kind of difficulty while pursuing the themes of such advanced topics, you can get in touch with any efficient economics assignment help services.

An American political scientist, Elinor Ostrom became the first woman to win the Nobel Memorial Prize in Economic Sciences for her work with the abovementioned theory.

Ostrom’s theory was in acute contradiction to "Tragedy of the Commons”, given by Garrett Hardin's in 1968. Through this theory of hers, Ostrom attempts to explore why a well-planned social sharing of natural resources doesn’t always lead to a disastrous end. The central theme of her work is to debunk the "The Tragedy…..” by giving examples of many communities around the world that flourished only after sharing the available resources with each other.

Also known as Information failure, Asymmetric information studies and explains the effects of transactions in which one party has more, or better, information than the other.

• Three American economists won the "Nobel Prize in Economics Sciences” in 2001, for their analyses of markets with asymmetric information. They were:
• George A. Akerlof, professor at Georgetown University and University of California
• Andrew Michael Spence, famous for "Job-market signaling model”
• Joseph E. Stiglitz, Professor at Columbia University and a public policy analyst

Asymmetric information theory explains why big and monumental decisions, in which two or more parties are involved, fail because of the informational gap or asymmetric distribution of knowledge among parties. Other than financial markets and institutions, the theory also covers big war decisions taken by either governments or army generals. Fields to which Asymmetric information model is applied to include:

• Finance
• Insurance
• Health
• Architecture
• Legals

The theory promotes corporate transparency and the importance of subjugation of informational monopoly. It could prove to be an interesting topic for an economic assignment given its scope

Daniel Kahneman, Israeli-American psychologist and economist, received the 2002 "Nobel Memorial Prize in Economic Sciences” for his works that connect economics and human psychology. Contrary to the "Expected utility maximization” theory, Kahneman aims to explain why people do not always act out of rational self-interest.

With their work, Daniel and Amos Tversky point out the reasons responsible for making people take irrational decisions when undergoing through big and small transactions. One such reason, as the theory explains, is that people or parties think of them in complete control of the situation, termed as the "Anchor effect”. In the very field of Behavioral economics, Kahneman includes the "Prospect Theory”. According to this theory, when in uncertain situations, people tend to decide based on perceived profits rather than the looses. According to many professionals at economics assignment help services, behavioral economics makes up for an interesting topic for both economic and psychology assignment.

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Posted by: best assignment help online at October 16, 2019 05:46 AM (5qs2F)

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