| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26413 |
| 来源ID | Working Paper 26413 |
| Inattentive Economies | |
| George-Marios Angeletos; Karthik Sastry | |
| 发表日期 | 2019-10-28 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We study the efficiency of competitive markets when people are rationally inattentive. Appropriate amendments of the Welfare Theorems hold if attention costs satisfy an invariance condition, which amounts to free disposal of decision-irrelevant aspects of the state of nature. This condition is satisfied by the Shannon mutual information formulation of attention costs. More generally, inefficiency emerges and Hayek’s (1945) argument about the informational optimality of prices fails. Markets are the best means of allocating scarce attention when agents gain nothing from directly contemplating prices rather than the entire state of nature. |
| 主题 | Microeconomics ; General Equilibrium ; Welfare and Collective Choice ; Economics of Information ; Macroeconomics |
| URL | https://www.nber.org/papers/w26413 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584087 |
| 推荐引用方式 GB/T 7714 | George-Marios Angeletos,Karthik Sastry. Inattentive Economies. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26413.pdf（392KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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