Equilibrium Fictions: A Cognitive Approach to Societal Rigidity

Karla Hoff · Joseph Eugène Stiglitz

172 citations0/0 files storedAmerican Economic Review

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Economic Theory and Institutions Decision-Making and Behavioral Economics Economic theories and models

Abstract

Recently, economic theorists have investigated the construction of ideologies (see, e.g., Edward L. Glaeser 2005 and Roland Bénabou and Jean Tirole 2006). They have modeled individuals as trading off the benefits of subscribing to a particular ideology or of suppressing certain kinds of information, against the costs that that entails. Recent discussions of macroeconomics have assigned a role to Keynesian "animal spirits"--emotions that influence confidence--giving almost unfettered scope to changes in beliefs.

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2005Understanding the process of economic change 1988How Institutions Think.1994AN ENQUIRY CONCERNING THE PRINCIPLES OF MORALS 1969Asian Drama: An Inquiry into the Poverty of Nations 2004A Theory of Endogenous Institutional Change 2006Belief in a Just World and Redistributive Politics 1999First Impressions Matter: A Model of Confirmatory Bias 2002Castes of Mind

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