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Social Conformity and Bounded Rationality in Arbitrary Games with Incomplete Information: Some First Results

Cartwright, Edward; Wooders, Myrna - 2003

In has been frequently observed, in both economics and psychology, that individuals tend to conform to the choices of other individuals with whom thy identify. Can such conformity be consistent with self-interested behaviour? To address this question we use the framework of games with incomplete...

Persistent link: https://www.econbiz.de/10011325147

Cheap Talk, Gullibility, and Welfare in an Environmental Taxation Game

Deissenberg, Christophe; Dawid, Herbert; Sevcik, Pavel - 2004

We consider a simple dynamic model of environmental taxation that exhibits time inconsistency. There are two categories of firms, Believers, who take the tax announcements made by the Regulator to face value, and Non-Believers, who perfectly anticipate the Regulator's decisions, albeit at a...

Persistent link: https://www.econbiz.de/10011325007

Near-rational exuberance

Bullard, James; Evans, George W.; Honkapohja, Seppo - 2005

We study how the use of judgement or “add-factors” in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in standard macroeconomic...

Persistent link: https://www.econbiz.de/10011604601

Learning to Play Approximate Nash Equilibria in Games with Many Players

Cartwright, Edward - 2004

We illustrate one way in which a population of boundedly rational individuals can learn to play an approximate Nash equilibrium. Players are assumed to make strategy choices using a combination of imitation and innovation. We begin by looking at an imitation dynamic and provide conditions under...

Persistent link: https://www.econbiz.de/10011324955

Competitive politics, simplified heuristics, and preferences for public goods

Schläpfer, Felix; Schmitt, Marcel; Roschewitz, Anna - 2007

This paper examines the role of simplified heuristics in the formation of preferences for public goods. Political … scientists have suggested that voters use simplified heuristics based on the positions of familiar parties to infer how a … relied on simplified heuristics. (5) Respondents who knew the party positions were more sensitive to the tax attribute. (6 …

Persistent link: https://www.econbiz.de/10010315585

Models of individual behaviour and implications for environmental policy

van den Bergh, Jeroen C. J. M.; Ferrer-i-Carbonell, Ada; … - 1998

behaviour, formulated in terms of maximisation of utility in general, or profits in particular. The standard theory of … environmental economics behavioural assumptions have been most significant for the development of economic valuation theory and … environmental policy theory. The focus here will be on environmental policy theory. …

Persistent link: https://www.econbiz.de/10011608445

Adaptive control schemes for parameterized heuristic scheduling

Schirmer, Armin - 1998

heuristics do better. In priority rule-based scheduling, attempts to remedy this have been made by combining simple priority …

Persistent link: https://www.econbiz.de/10011558738

DSGE-Modelling: when agents are imperfectly informed

De Grauwe, Paul - 2008

individuals use simple rules of thumb (heuristics) to forecast the future inflation and output gap. We compare this model with the …

Persistent link: https://www.econbiz.de/10011604943

Macroeconomic modeling when agents are imperfectly informed

De Grauwe, Paul - 2008

individuals use simple rules of thumb (heuristics) to forecast the future inflation and output gap. We compare this model with the …

Persistent link: https://www.econbiz.de/10010273776

Booms and busts: New Keynesian and behavioral explanations

De Grauwe, Paul - 2010

in economic growth. Every macro-economic theory should attempt to explain these endemic business cycle movements. In this …

Persistent link: https://www.econbiz.de/10010274846

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