Diminished-Dimensional Political Economy

Economists' policy advice is based on models of responses by a variety of economic entities to policy adoptions. There is compelling evidence that these entities do not optimize in at all the fashion that mainstream economics assumes. Rather, they limit decision-making to solving problems of much smaller dimensionality. We consider how political economy goes awry when ignoring diminished dimensionality, and some research avenues opened up by this realization.

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Year of publication:	2014-08-06
Authors:	Harstad, Ronald M. ; Selten, Reinhard
Institutions:	Economics Department, University of Missouri
Subject:	political economy \| policy advice \| problem complexity \| dimensionality

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Extent:	application/pdf
Series:	Working Papers.
Type of publication:	Book / Working Paper
Notes:	Number 1414 8 pages longpgs.
Classification:	D6 - Welfare Economics ; B41 - Economic Methodology ; H42 - Publicly Provided Private Goods ; H11 - Structure, Scope, and Performance of Government
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011147364