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		Featured Research: Better wisdom from crowds The notion that the average judgment of a large group is more accurate than that of any individual, including experts, is widely accepted and influential. This "wisdom of the crowd" principle, however, has serious limitations, as it is biased against the latest knowledge that is not widely shared. A new study, co-authored by joint Economics-Sloan Professor, Drazen Prelec, proposes an alternative principle - the "surprisingly popular" principle - that requires people to answer a question and also predict how others will answer it. By selecting the answer that is more popular than people predict, the "surprisingly popular" algorithm outperforms the wisdom of crowds.

		Rob Townsend to Lead Society for the Advancement of Economic Theory On January 1, Robert M. Townsend, the Elizabeth & James Killian Professor of Economics, began his tenure as President of the Society for the Advancement of Economic Theory (SAET). Founded in 1990 and dedicated to advancing knowledge in theoretical economics, SAET publishes the journals Economic Theory and Economic Theory Bulletin, names Economic Theory Fellows, and bestows the Aliprantis Prize for Excellence to a young researcher. SAET also facilitates communication among researchers in economics, mathematics, game theory, and other fields that have the potential to inform and shape economic theory.

		John Van Reenen awarded OBE for services to Economics and Public Policy John Van Reenen, Professor in MIT Department of Economics and Sloan was made an officer of the Order of the British Empire (OBE) in Queen Elizabeth II's New Year's Honors for services to Economics and Public Policy Making. The Order of the British Empire is an honor conferred by the Queen to those who have made significant achievements in public life and committed themselves to serving and helping the United Kingdom.

		Parag Pathak elected Fellow of the Econometric Society Jane Berkowitz Carlton and Dennis William Carlton Professor Parag Pathak, along with colleagues Alberto Abadie and Jon Gruber, is one of the 16 new Fellows of the Econometric Society elected in 2016.

		Jonathan Gruber elected Fellow of the Econometric Society Ford Professor Jonathan Gruber, along with colleagues Alberto Abadie and Parag Pathak, is one of the 16 new Fellows of the Econometric Society elected in 2016.

		Alberto Abadie elected Fellow of the Econometric Society Professor Alberto Abadie, along with colleagues Jon Gruber and Parag Pathak, is one of the 16 new Fellows of the Econometric Society elected in 2016.

		MicroMasters in Data, Economics, and Development Policy (DEDP) Announced J-PAL and MIT's Department of Economics has announced an innovative online MITx MicroMasters credential in Data, Economics, and Development Policy (DEDP), as well as a unique blended MIT Master's program in DEDP, which combines online learning with one semester in residence at MIT. The DEDP MicroMasters program equips learners with the practical skills and theoretical knowledge to address challenges that the poor face in both developing and developed countries. Through a series of five online courses taught by J-PAL affiliated professors and MIT professors of economics, learners will gain a strong foundation in microeconomics, development economics, probability and statistics, and engage with cutting-edge research in the field. The DEDP MicroMasters is also unique in its focus on the practicalities of running randomized evaluations to assess the effectiveness of social programs and its emphasis on hands-on skills in data analysis. While the MITx DEDP MicroMasters is open to all learners, the highly selective MIT blended Master's program will consider only students who have earned-and excelled in-the MicroMasters by successfully completing all courses and corresponding in-person exams. If accepted, students will earn MIT credit for the MicroMasters courses and will be able to pursue an accelerated on-campus Master's degree at MIT. The DEPD MicroMasters is now open for enrollment for courses beginning in February 2017. (Photo credit: Francisca de Irruarrizaga)

		Featured Research: Decoding the medical cost mystery A unique study co-authored by Amy Finkelstein, the John and Jennie S. MacDonald Professor of Economics, and Heidi Williams, the Class of 1957 Career Development Associate Professor of Economics, provides a new answer to the medical cost mystery: By scrutinizing millions of Medicare patients who have moved from one place to another, the researchers have found that patients and providers account for virtually equal shares of the differences in regional spending. Specifically, the study finds that nearly 50 percent of the spending differences across geographic areas stems from the characteristics of patients, meaning both their basic health and their varying preferences concerning the intensiveness of medical care. The rest of the spending differences derive from place-specific factors, potentially due to disparities in provider practices and incentives. The finding could help analysts and policymakers better understand the components of medical costs, and could add nuance to the debate about possible inefficiencies in health care spending.

		Featured Research: Making a splash in health care economics Class of 1957 Career Development Associate Professor of Economics, Heidi Williams, builds all-new data sets to answer questions about innovation and biomedical research. Do gene patents restrict or enhance medical advances? What is the effect of patent law on cancer research? To what extent does the use of medical technology drive health care cost growth?

		Olivier Blanchard elected President of American Economics Association for 2017 Robert M. Solow Professor of Economics, Emeritus, Oliver Blanchard has been elected President of the American Economics Association for 2017.

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