With Herb Gintis at SFI  (photo by Masahiko Aoki)

The second research area concerns the causes and consequences of economic inequality, with emphasis on the relationship between wealth inequalities, incomplete contracts, and governance of economic transactions in firms, markets, families and communities. Included are studies of the use and abuse of power in competitive exchange, the transmission of inequality across generations, wealth inequality as a source of allocative inefficiency, the very long term evolution of hierarchical institutions, transitions between egalitarian and unequal institutional regimes, and the relationship between globalization and redistribution.

Both areas of research are part of the  Behavioral Sciences Program of the Santa Fe Institute, which I direct.