How Much Irrationality Does the Market Permit?
نویسندگان
چکیده
منابع مشابه
How Much Irrationality Does the Market Permit?
This article asks whether competition can ameliorate the consequences of cognitive error. Consumers differ cognitively, some being more prone to err (the “naive”) than others (the “sophisticated”). Competition among firms is analyzed with a search equilibrium model. Firms offer an exploitative contract or a naive contract to a consumer population partitioned in two ways: some consumers are soph...
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Several methods have been developed for forecasting land use change, with varying degrees of sensitivity to the influence of transportation networks. The simplest types of models for forecasting land use change are Markovian models (1–3) such as Markov chain models, which tend to treat land use change as a stochastic process. Assuming that rates of change between land use types are more or less...
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The economic benefits of sharing a currency like the euro continue to be debated. In theory, countries that use the same currency face lower trade costs and exchange rate risk and are able to compare prices across borders more easily. These advantages should help increase trade among the economies involved. New estimates suggest that this has been the case in Europe, though perhaps to a lesser ...
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ژورنال
عنوان ژورنال: The Journal of Legal Studies
سال: 2008
ISSN: 0047-2530,1537-5366
DOI: 10.1086/519963