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Endogenous public information and welfare
Vives, Xavier - 2011
This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible...
Persistent link: https://www.econbiz.de/10009153832
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Once upon a time preference : how rationality and risk aversion change the rationale for discounting
Traeger, Christian - 2012
that are imposed in the evaluation of uncertain scenarios. Imposing all rationality constraints jointly eliminates pure …
Persistent link: https://www.econbiz.de/10009533970
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Theories of fairness and reciprocity : evidence and economic applications
Fehr, Ernst; Schmidt, Klaus M. - 2000
Most economic models are based on the self-interest hypothesis that assumes that all people are exclusively motivated by their material self-interest. In recent years experimental economists have gathered overwhelming evidence that systematically refutes the self-interest hypothesis and suggests...
Persistent link: https://www.econbiz.de/10011397676
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Restraining the genuine homo economicus : why the economy cannot be divorced from its governance
Skaperdas, Stergios - 2003
The Homo economicus of traditional economics is far from being completely self-interested, rational, or as individualistic as he is purported to be; he will haggle to death over price but will not take what he wants by force. Implicitly, he is assumed to behave ruthlessly within a welldefined...
Persistent link: https://www.econbiz.de/10011507656
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Behavioral political economy : a survey
Schnellenbach, Jan; Schubert, Christian - 2014
Explaining individual behavior in politics should rely on the same motivational assumptions as explaining behavior in the market: That’s what Political Economy, understood as the application of economics to the study of political processes, is all about. In its standard variant, those who...
Persistent link: https://www.econbiz.de/10010412852
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Electoral competition with rationally inattentive voters
Matĕjka, Filip; Tabellini, Guido Enrico - 2016 - This version: January 2016
How do voters allocate costly attention to alternative political issues? And how does selective ignorance of voters interact with policy design by politicians? We address these questions by developing a model of electoral competition with rationally inattentive voters. Rational inattention...
Persistent link: https://www.econbiz.de/10011451105
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Equilibrium and efficiency in the tug-of-war
Konrad, Kai A. (contributor);  … - 2005
We characterize the unique Markov perfect equilibrium of a tug-of-war without exogenous noise, in which players have the opportunity to engage in a sequence of battles in an attempt to win the war. Each battle is an all-pay auction in which the player expending the greater resources wins. In...
Persistent link: https://www.econbiz.de/10003202472
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The weak rationality principle in economics
Kirchgässner, Gebhard (contributor) - 2005
The weak rationality principle is not an empirical statement but a heuristic rule of how to proceed in social sciences …-foundation and, therefore, employ the rationality assumption in economic models. Then, with reference to the ‘bounded rationality … a part of the rationality assumption. We conclude with some remarks on handling the problems of ‘free will’ as well as …
Persistent link: https://www.econbiz.de/10002730896
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Dynamic rational inattention and the Phillips curve
Afrouzi, Hassan; Yang, Choongryul - 2021
-driven theory of dynamic pricing in which the Phillips curve slope is endogenous to systematic aspects of monetary policy. In our …
Persistent link: https://www.econbiz.de/10012417763
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Quantifying qualitative survey data : new insights on the (ir)rationality of firms' forecasts
Botsis, Alexandros; Görtz, Christoph; Sakellarēs, … - 2020
Using a novel dataset that contains qualitative firm survey data on sales forecasts as well as balance-sheet data on realized sales, we document that only major forecast errors are predictable and display autocorrelation. This result is a particular violation of the Full Information Rational...
Persistent link: https://www.econbiz.de/10012174792