This US survey examines (a) When evaluating the consequences of any shifts in economic policy regimes, it is essential to consider potential changes in the behavior of economic agents due to revised expectations; (b) The empirical evidence on how monetary policy affects the economy in the short run is most consistent with the assumption that economic agents form rational expectations; (c) Economic research has established that the welfare consequences of differences in countries’ growth and level of development are substantially higher than the welfare costs of business cycles
Keyword: rationality
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This week's IGM European Economic Experts Panel statement:
Insights from psychology about individual behavior – examples of which include limited rationality, low self-control, or a taste for fairness – predict several important types of observed market outcomes that fully-rational economic models do not.
This week's IGM Economic Experts Panel Statement:
Insights from psychology about individual behavior – examples of which include limited rationality, low self-control, or a taste for fairness – predict several important types of observed market outcomes that fully-rational economic models do not.
This week’s IGM Economic Experts Panel statement:
Behavior in many complex and seemingly intractable strategic settings can be understood more clearly by working out what each party in the game will choose to do if they realize that the other parties will be solving the same problem. This insight has helped us understand behavior as diverse as military conflicts, price setting by competing firms and penalty kicking in soccer.
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