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A research project conducted by the Office of the Chief Economist at the Inter-American Development Bank has found preliminary but compelling evidence that the budgetary institutions in Latin America have a significant bearing on fiscal results. The researchers have developed an index of budget...
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Formal rationality plays a limited role in human cognition, which originated in the creation of patterns to interpret …
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perceive and process information, whereas rationality refers to how these processes are modelled. Within institutional … particular, the notion of perfect rationality is increasingly questioned. At the same time human cognition has become a major … regarding the proper modelling of rationality in order to explain institutional change …
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