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We analyze differences in consumption and wealth that arise because of different degrees of rationality of households … other fraction possesses less cognitive ability. We identify the rationality bias of boundedly rational agents, defined as a … rationality bias can be decomposed into three individual components: the consumption expectation bias, the real interest rate bias …
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alternative evolutionary explanation of EU regional policy which is able to overcome the theory-immanent contradiction of the …
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China has been experiencing urbanization at an unprecedented rate over the last two decades. This study analyzes the impact of urbanization on land occupation. Cities are clustered by their functions and development stages, which is illustrated by a cluster tree, a dynamic tree that depicts the...
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We provide experimental evidence for the hypothesis that bounded rationality is an important element of the theory of … of perfect rationality (Maskin 2002). We test whether this mechanism is able to perfectly solve our experimental holdup …
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