David M. Kreps

My research broadly concerns on dynamic choice in economic environments and on market and nonmarket institutions in which such choices are made. Thus, I have done work on axiomatic models of choice in dynamic contexts, especially concerning temporal resolution of uncertainty, preference for flexibility, and choice in the presence of unforeseen contingencies; equilibrium in financial markets where assets are long-lived and trading reopens as information is received; the role of beliefs in the equilibria of dynamic games, especially beliefs following an unanticipated or out-of-equilibrium action by another; the role of reputation in economic exchange and interaction; boundedly rational behavior in dynamic contexts; especially concerning adaptive learning in dynamic games; and the employment relationship and its management.