Bounded rationality and market fluctuations Conlisk, John

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Conlisk, John
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Journal of Economic Behavior & Organization
Consumer behavior -- Research; Rational expectations (Economics) -- Analysis; Economics
The impact of bounded rationality on market fluctuations is examined through a market model which considers the possibility that bounded rationality disturbs otherwise efficient decision making, the possibility that it causes optimizing behavioral guidelines with relatively inflexible guidelines, and the possibility that it introduces the cost of deliberating about a decision. Findings reveal that bounded rationality can either increase or decrease market fluctuations.
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