 In October 2015, it was announced that, together with funding for studentships and new faculty positions, the El-Erian Institute for Human Behavior and Economic Policy would be established in partnership with Queens' College and the Faculty of Economics at Cambridge.The work of the institute will look to appropriately combine economics and finance with neuroscience, psychology, politics and behavioral finance to better understand how people actually make decisions rather than how narrow theory assumes they will.El-Erian is a widely recognized thought leader and is credited with developing the post-global financial crisis concept of the "New Normal".