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Substantial evidence has accumulated in recent empirical works on the limited ability of the Nash equilibrium to rationalize observed behavior in many classes of games played by experimental subjects. This realization has led to several attempts aimed at finding tractable equilibrium concepts...
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The use of coarse categories is prevalent in various situations and has been linked to biased economic outcomes, ranging from discrimination against minorities to empirical anomalies in financial markets. In this paper we study economic rationales for categorizing coarsely. We think of the way...
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of the expert, the decision-maker takes action at every period according to his posterior beliefs. At the end of each … round of play, the true current state is verifiable. The distinctive assumption of the paper is that the decision …
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