全球智库信息集成服务系统(G2TT): Economic Agents as Imperfect Problem Solvers

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w27820
来源ID	Working Paper 27820
	Economic Agents as Imperfect Problem Solvers
	Cosmin L. Ilut; Rosen Valchev
发表日期	2020-09-14
出版年	2020
语种	英语
摘要	We develop a tractable model of limited cognitive perception of the optimal policy function, with agents using costly reasoning effort to update beliefs about this optimal mapping of economic states into actions. A key result is that agents reason less (more) when observing usual (unusual) states, producing state- and history-dependent behavior. Our application is a standard incomplete markets model with ex-ante identical agents that hold no a-priori behavioral biases. The resulting ergodic distribution of actions and beliefs is characterized by “learning traps”, where locally stable dynamics of wealth generate “familiar” regions of the state space within which behavior appears to follow past-experience-based heuristics. We show qualitatively and quantitatively how these traps have empirically desirable properties: the marginal propensity to consume is higher, hand-to-mouth status is more frequent and persistent, and there is more wealth inequality than in the standard model.
主题	Econometrics ; Estimation Methods ; Microeconomics ; Economics of Information ; Behavioral Economics ; Macroeconomics ; Consumption and Investment
URL	https://www.nber.org/papers/w27820
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/585492
推荐引用方式 GB/T 7714	Cosmin L. Ilut,Rosen Valchev. Economic Agents as Imperfect Problem Solvers. 2020.

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
w27820.pdf（1072KB）	智库出版物		限制开放	CC BY-NC-SA	浏览