Replication data for: Coarse Competitive Equilibrium and Extreme Prices
Principal Investigator(s): View help for Principal Investigator(s) Faruk Gul; Wolfgang Pesendorfer; Tomasz Strzalecki
Version: View help for Version V1
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| 2014-1287_code | 10/12/2019 02:35:AM | ||
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text/plain | 14.6 KB | 10/11/2019 10:35:PM |
Project Citation:
Gul, Faruk, Pesendorfer, Wolfgang, and Strzalecki, Tomasz. Replication data for: Coarse Competitive Equilibrium and Extreme Prices. Nashville, TN: American Economic Association [publisher], 2017. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113007V1
Project Description
Summary:
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We introduce a notion of coarse competitive equilibrium, to study agents' inability to tailor their consumption to prices. Our goal is to incorporate limited cognitive ability (in particular limited attention, memory, and complexity) into the analysis of competitive equilibrium. Compared to standard competitive equilibrium, our concept yields more extreme prices and, when all agents have the same endowment, riskier allocations. We provide a tractable model suitable for general equilibrium analysis as well as asset pricing.
Scope of Project
JEL Classification:
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D11 Consumer Economics: Theory
D51 Exchange and Production Economies
D91 Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
G10 General Financial Markets: General (includes Measurement and Data)
D11 Consumer Economics: Theory
D51 Exchange and Production Economies
D91 Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
G10 General Financial Markets: General (includes Measurement and Data)
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