ERC Starting Grant
Daniel was awarded an ERC Starting Grant in 2016 for the following project:
Building economic theories from a dynamic perspective - DYNMECH
Most economic environments are intrinsically dynamic. Transactions and players evolve over time and so can the preferences and choices of a consumer, or the perceived quality and value of a specific product. What are the implications of these changes and fluctuations for economic behaviour? Much remains to be learned about this question.
For Prof. Daniel Garrett, behaviour can only be fully understood from a dynamic perspective. In his ERC research he focuses precisely on "dynamic mechanisms", i.e. the agreements between sellers and buyers, employers and employees, regulators and firms in the long term. He tackles questions such as how competition affects long-term contracts; how to ensure that an economic transaction can be engaged at the first possible opportunity in time; or which factors can influence the early allocation of capacity, for instance in pre-event ticket sales and travel booking.
Prof. Garrett’s grant will support work that seeks to explain dynamic behaviour and which could have a significant impact in a wide range of fields, from understanding employment practices to informing competition rules and taxation policies.