List of unsolved problems in economics

This is a list of some of the major unsolved problems, puzzles, or questions in neoclassical economics. Some of these are theoretical in origin and some of them concern the inability of orthodox economic theory to explain an empirical observation.

Behavioral economics

Main article: Behavioral economics

Financial economics

Main article: Financial economics

International economics


  1. 1 2 Oskar Morgenstern (1972). "Thirteen critical points in contemporary economic theory". Journal of Economic Literature. 10: 11631189. JSTOR 2721542.
  2. "Foundations of Behavioral and Experimental Economics: Daniel Kahneman and Vernon Smith" (PDF) (Press release). The Royal Swedish Academy of Sciences. 17 December 2002.
  3. 1 2 Machina, Mark (1987). "Choice under Uncertainty: Problems Solved and Unsolved" (PDF). Journal of Economic Perspectives. 1 (1): 121–154. doi:10.1257/jep.1.1.121.
  4. Krugman, Paul (2 September 2009), "How Did Economists Get It So Wrong?", The New York Times
  5. "Has Barro solved the equity premium puzzle?". New Economist weblog. 2005-09-29.
  6. Narayana R. Kocherlakota (March 1996). "The Equity Premium: It's Still a Puzzle" (PDF). Journal of Economic Literature. 34: 4271.
  7. Borges, Maria Rosa (July 2008), Is The Dividend Puzzle Solved ? (PDF)
  8. Prast, Henriette (March 2004), Investor psychology: a behavioral explanation of six finance puzzles (PDF)
  9. Bernheim, B. Douglas (1991). "Tax Policy and the Dividend Puzzle". RAND Journal of Economics. 22 (4): 455–476. doi:10.2307/2600982.
  11. Baggett, L. Scott; Thompson, James; Williams, Edward; Wojciechowski, William (October 2006). "Nobels for nonsense". Journal of Post Keynesian Economics. 29 (1): 3–18. doi:10.2753/pke0160-3477290101.
  12. 1 2 Hull, John; White, Alan (June 1987). "The Pricing of Options on Assets with Stochastic Volatilities". Journal of Finance. 42 (2): 281–300. doi:10.1111/j.1540-6261.1987.tb02568.x.
  13. 1 2 3 4 5 6 Obstfeld, Maurice; Rogoff, Kenneth (2000), "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?", in Bernanke, Ben; Rogoff, Kenneth, NBER Macroeconomics Annual 2000, 15, The MIT Press, pp. 339–390, ISBN 0-262-02503-5
  14. Edmond, Chris, Note 8a from course 316–632 "International Monetary Economics" (PDF) (Handout)
  15. Van Nieuwerburgh, Stijn; Veldkamp, Laura (July 2005). "Information Immobility and the Home Bias Puzzle". NYU Working Paper. FIN-04-026. ssrn 1294476.
  16. Backus, David K.; Kehoe, Patrick J.; Kydland, Finn E. (1992), "International Real Business Cycles", Journal of Political Economy, 100: 745–775, doi:10.1086/261838
  17. Backus, David K.; Kehoe, Patrick J.; Kydland, Finn E. (1995), "International Business Cycles: Theory and Evidence", in Cooley, Tom, Frontiers of Business Cycle Research, Princeton University Press, ISBN 0-691-04323-X

Further reading

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