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This paper analyzes a boundedly rational decision maker who is uncertain about his preference and faces the following trade-off: adding a good to the choice set has a positive option value but increases the complexity of the choice problem. The increased complexity is modeled as a reduction of...
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Network (IBRN), established in 2012, brings together researchers from around the world with access to micro-data on individual …
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ability to generate new growth options. This simple theory predicts that Tobin's q falls with age. Further, competition in the …
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