Last edited by Mibar
Wednesday, July 29, 2020 | History

2 edition of Bounded rationality and strategic complementarity in a macroeconomic model found in the catalog.

Bounded rationality and strategic complementarity in a macroeconomic model

AntГєlio N. Bomfim

Bounded rationality and strategic complementarity in a macroeconomic model

policy effects, persistence and multipliers

by AntГєlio N. Bomfim

  • 209 Want to read
  • 23 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Subjects:
  • Rational expectations (Economic theory),
  • Reciprocity (Commerce) -- Econometric models.,
  • Decision making -- Econometric models.

  • Edition Notes

    StatementAntúlio N. Bomfim, Francis X. Diebold.
    SeriesNBER working paper series -- working paper 5482, Working paper series (National Bureau of Economic Research) -- working paper no. 5482.
    ContributionsDiebold, Francis X., 1959-, National Bureau of Economic Research.
    The Physical Object
    Pagination27 p. :
    Number of Pages27
    ID Numbers
    Open LibraryOL22414035M

      Bounded rationality (also sometimes called limited rationality) has become a foundation stone for subsequent developments in strategic management and organization theory as well as certain developments in economics. As a result of bounded rationality, decision makers in organizations do not maximize expected utility. Antulio N. Bomfim has written: 'Bounded rationality and strategic complementarity in a macroeconomic model' 'Macroeconomic management and the division of powers in Brazil' -- subject(s): Fiscal.

    Bounded Rationality and Strategic Complementarity in a Macroeconomic Model: Policy Effects, Persistence and Multipliers NBER Working Paper No. w Number of pages: 29 Posted: 21 May Last Revised: 28 Jun Herbert Simon explored the intersection of philosophy, science, politics, economics and a range of other fields and called into question the traditional idea that “economic man” acts rationally. Simon, who was a long-time professor at Carnegie Mellon University, received the Nobel Prize in Economics in Simon’s diverse research ranged across the fields of cognitive.

    Motivated by recent developments in the bounded rationality and strategic complementarity literatures, the authors examine an intentionally simple and stylized aggregative economic model, when the. Bounded rationality is the idea that rationality is limited, when individuals make decisions, by the tractability of the decision problem, the cognitive limitations of the mind, and the time available to make the decision. Decision-makers, in this view, act as satisficers, seeking a satisfactory solution rather than an optimal one.. Herbert A. Simon proposed bounded rationality as an.


Share this book
You might also like
Strangers guide through the city of Montreal, with engravings of the most prominent public buildings and churches in the city: together with railroad and steamboat routes, tables of distances, cab and carriage tariff, advertisements, &c

Strangers guide through the city of Montreal, with engravings of the most prominent public buildings and churches in the city: together with railroad and steamboat routes, tables of distances, cab and carriage tariff, advertisements, &c

history of the Church of St Peter, Northampton

history of the Church of St Peter, Northampton

League of Nations, a vital necessity in the modern world

League of Nations, a vital necessity in the modern world

Audio-Typing

Audio-Typing

Help available for elderly and handicapped people in Kenilworth.

Help available for elderly and handicapped people in Kenilworth.

Representation of the people act, 1918.

Representation of the people act, 1918.

Berry: the heart of France

Berry: the heart of France

Global service data for orthopaedic surgery.

Global service data for orthopaedic surgery.

Miscellaneous poems

Miscellaneous poems

collected tales.

collected tales.

Simplification of the Calendar

Simplification of the Calendar

Emily Brontë

Emily Brontë

The moral challenge of Alzheimer disease

The moral challenge of Alzheimer disease

Music and literature

Music and literature

Homeless

Homeless

Bounded rationality and strategic complementarity in a macroeconomic model by AntГєlio N. Bomfim Download PDF EPUB FB2

Strategic complementarity in an intentionally simple and stylized aggregative economic model, very much in the tradition of the one used by Sargent and Wallace (). This provides a simple framework to examine and to illustrate the macroeconomic effects of bounded rationality and strategic complementarity, and to contrast our results with the well-known stark results obtained under.

Motivated by recent developments in the bounded rationality and strategic complementarity literatures, we examine an intentionally simple and stylised aggregative economic model, when the assumptions of fully rational expectations and no strategic interactions are by: Motivated by recent developments in the bounded rationality and strategic complementarity literatures, we examine an intentionally simple and stylized aggregative economic model, when the assumptions of fully rational expectations and no strategic interactions are relaxed.

Bounded Rationality and Strategic Complementarity in a Macroeconomic Model: Policy Effects, Persistence and Multipliers Antulio N. Bomfim, Francis X. Diebold. NBER Working Paper No.

Issued in March NBER Program(s):Economic Fluctuations and GrowthCited by: Motivated by recent developments in the bounded rationality and strategic complementarity literatures, we examine an intentionally simple and stylized aggregative economic model when the assumptions of fully rational expectations and no strategic interactions are relaxed.

Abstract: Motivated by recent developments in the bounded rationality and strategic complementarity literatures, we examine an intentionally simple and stylized aggregative economic model, when the assumptions of fully rational expectations and no strategic interactions are relaxed.

Abstract Motivated by recent developments in the bounded rationality and strategic complementarity literatures, the authors examine an intentionally simple and stylized aggregative economic model, when the assumptions of fully rational expectations and no strategic interactions are relaxed.

CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): There is abundant evidence that many individuals violate the rationality assumptions routinely made in economics. However, powerful evidence also indicates that violations of individual rationality do not necessarily refute the aggregate predictions of standard economic models that assume full rationality of all agents.

Francis X. Diebold & Antulio N. Bomfim, "Bounded rationality and strategic complementarity in a macroeconomic model: policy effects, persistence, and multipliers," Working PapersFederal Reserve Bank of Philadelphia, revised   The concept of "bounded (or limited) rationality" is being developed to analyze behavior in such situations.

In this book Thomas Sargent describes and interprets the recent work in the area, especially in statistics, econometrics, networks and artificial by: Motivated by recent developments in the bounded rationality and strategic complementarity literatures, we examine an intentionally simple and stylised aggregative economic model, when the assumptions of fully rational expectations and no strategic interactions are relaxed.

Bounded rationality and strategic complementarity in a macroeconomic model: policy effects, persistence and multipliers Author: Antúlio N Bomfim ; Francis X Diebold ; National Bureau of Economic Research.

Bomfim, Antulio N., and Francis X. Diebold (). "Near-rationality and Strategic Complementarity in a Macroeconomic Model: Policy Effects, Persistence and Multipliers," Finance and Economics Discussion Series Board of Governors of the Federal Reserve.

Bounded Rationality and Strategic Complementarity in a Macroeconomic Model: Policy Effects, Persistence and Multipliers. [Francis X Diebold; Antulio N Bomfim; National Bureau of Economic Research.] -- Motivated by recent developments in the bounded rationality and strategic complementarity literatures, we examine an intentionally simple and stylized aggregative economic model, when the.

BOUNDED RATIONALITY AND STRATEGIC COMPLEMENTARITY IN A MACROECONOMIC MODEL: POLICY EFFECTS, PERSISTENCE AND MULTIPLIERS. Antúlio N. Bomfim; Francis X. Diebold; Pages: ; First Published: 27 January Motivated by recent developments in the bounded rationality and strategic complementarity literatures, we examine an intentionally simple and stylized aggregative economic model, when the assumptions of fully rational expectations and no strategic interactions are : Antulio N.

Bomfim and Francis X. Diebold. Bounded Rationality and Strategic Complementarity in a Macroeconomic Model: Policy Eects, Persistence and Multipliers," (). Collusive Behaviour in Oligopolies with Long but Finite Lives," (). Computing Equilibria of N-Person Games," Author: Luca Anderlini and David Canning.

This book is an excellent introduction to the concept of bounded rationality and heuristics. It is also a fresh perspective on decision-making.

Where current prevailing cognitive psychological theories focus on our biases and cognitive errors, this books focuses on why instead those heuristics make a lot of sense.

The Dynamic Bayesian Model of Expectations and Strategic Complementarity In this section we analyze the effect of strategic complementarity on price adjustment after fully anticipated one- Volkan Hacioglu / Procedia - Social and Behavioral Sciences () – time monetary shock in a dynamic macroeconomic model with Cited by: 1.

‘Rationality in Economics is a delight, garnished with fascinating historical detail, philosophical scientific insights, and an eye on current public policy issues. Vernon Smith, as always, shows a skeptical, irreverent attitude toward ‘rationality models’ based on assumptions that are not stress-tested with cash-motivated subjects in the Cited by:.

w Bounded Rationality and Strategic Complementarity in a Macroeconomic Model: Policy Effects, Persistence and Multipliers: Bordalo, Gennaioli, and Shleifer: w Salience Theory of Choice Under Risk: Almlund, Duckworth, Heckman, and Kautz: w Personality Psychology and Economics: Bordalo, Gennaioli, and Shleifer.It follows that a model is robust to bounded rationality if and only if it is structurally stable.

Thus, we can characterize which models will be robust to bounded rationality and which will not, independently of the exact form that the bounded rationality takes.

Journal of Economic Literature Classification Numbers: C69, C79, D51, ECited by: Offering alternative models based on such concepts as satisficing (acceptance of viable choices that may not be the undiscoverable optimum) and bounded rationality (the limited extent to which rational calculation can direct human behavior), Simon shows concretely why more empirical research based on experiments and direct observation, rather than just statistical analysis of economic Cited by: