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models are of central importance for BPM. Most prominently, process models define the behaviour that is performed to achieve … of process models serving different purposes. Existing work on consistency analysis builds upon behaviour equivalences … analysis of behaviour consistency that takes a fundamentally different approach. As a first step, an alignment between …
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This paper estimates a New Keynesian model with new and old behavioral elements. Agents in the model exhibit cognitive discounting, or myopia: they discount variables far into the future at higher rates than typically implied in the benchmark model. We investigate the model under different...
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