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Only Paul Could Go To Changchun

Behavioral Macroeconomics: A new way to think about the macroeconomy

10/6/2019

 
Here.

Objective of this lecture

To present a model in which agents have cognitive limitations and do not understand the whole picture (the underlying model). Instead they only understand small bits and pieces of the whole model o and use simple rules to guide their behavior. Rationality will be introduced through a selection mechanism in which agents evaluate the performance of the rule they are following and decide to switch or to stick to the rule depending on how well the rule performs relative to other rules.


From:
Paul De Grauwe
Yuemei Ji


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