Myopia and Anchoring

نویسندگان

چکیده

We develop an equivalence between the equilibrium effects of incomplete information and those two behavioral distortions: myopia, or extra discounting future; anchoring current behavior to past behavior, as in models with habit persistence adjustment costs. show how these distortions depend on higher-order beliefs GE mechanisms, they can be disciplined by evidence expectations. finally illustrate use our toolbox a quantitative application context inflation, bridge HANK literature, extension networks. (JEL C53, D83, D85, E12, E31, E37)

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ژورنال

عنوان ژورنال: The American Economic Review

سال: 2021

ISSN: ['2640-205X', '2640-2068']

DOI: https://doi.org/10.1257/aer.20191436