| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8813 |
| DP8813 Boundedly Rational Dynamic Programming: Some Preliminary Results | |
| Xavier Gabaix | |
| 发表日期 | 2012-02-01 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | A key open question in economics is the practical, portable modeling of bounded rationality. In this short note, I report on ongoing progress that is more fully developed elsewhere. I present some results from a new model with boundedly rational features in which the decision-maker (DM) builds a simplified representation of the world. The model allows to model boundedly rational dynamic programming in a parsimonious and quite tractable way. I illustrate the approach via a boundedly rational version of the consumption-saving life cycle problem. The consumer can pay attention to the variables such as the interest rate and his income, or replace them, in his mental model, by their average values. Endogenously, the consumer pays little attention to interest rate but pays keen attention to his income. One consequence of this is that Euler equations will be biased, and the intertemporal elasticity of substitution will be biased toward 0, in a manner that is quantitatively important. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Behavioral economics Bounded rationality Inattention Intertemporal elasticity of substitution |
| URL | https://cepr.org/publications/dp8813 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537649 |
| 推荐引用方式 GB/T 7714 | Xavier Gabaix. DP8813 Boundedly Rational Dynamic Programming: Some Preliminary Results. 2012. |
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