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The 2024 John Bates Clark Medal of the American Economic Association was awarded to Philipp Strack, Professor of Economics at Yale University, for his pathbreaking contributions to the study of individual decision making, which have introduced new techniques, improved our understanding of important economic phenomena, and helped spark a new wave of research on the economics of information while building bridges between modern economic theory and a wide range of adjacent disciplines. This article summarizes some of Philipp’s papers, and explains how they build on and improve previous work.more » « lessFree, publicly-accessible full text available February 1, 2026
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Fudenberg, Drew; Wolitzky, Alexander (, American Economic Review: Insights)We study community enforcement in a large population with noisy monitoring. We focus on equilibria in the prisoner’s dilemma that are coordination proof, meaning that matched partners never play a Pareto-dominated Nash equilibrium in the one-shot game induced by the equilibrium continuation payoffs at their current histories. We show that a noise-tolerant version of contagion strategies is optimal among all coordination-proof equilibria. Welfare under tolerant contagion strategies decreases in the noise level and the gain from defection faster than welfare in a fixed partnership does. Thus, community enforcement has a comparative advantage in supporting “ low-stakes”relationships. (JEL C72, C73, C78, Z13)more » « less
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