| dc.contributor.author | Angeletos, George-Marios | |
| dc.contributor.author | Huo, Zhen | |
| dc.date.accessioned | 2022-08-25T16:34:55Z | |
| dc.date.available | 2022-08-25T16:34:55Z | |
| dc.date.issued | 2021 | |
| dc.identifier.uri | https://hdl.handle.net/1721.1/144442 | |
| dc.description.abstract | <jats:p> We develop an equivalence between the equilibrium effects of incomplete information and those of two behavioral distortions: myopia, or extra discounting of the future; and anchoring of current behavior to past behavior, as in models with habit persistence or adjustment costs. We show how these distortions depend on higher-order beliefs and GE mechanisms, and how they can be disciplined by evidence on expectations. We finally illustrate the use of our toolbox with a quantitative application in the context of inflation, a bridge to the HANK literature, and an extension to networks. (JEL C53, D83, D85, E12, E31, E37) </jats:p> | en_US |
| dc.language.iso | en | |
| dc.publisher | American Economic Association | en_US |
| dc.relation.isversionof | 10.1257/AER.20191436 | en_US |
| dc.rights | Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use. | en_US |
| dc.source | American Economic Association | en_US |
| dc.title | Myopia and Anchoring | en_US |
| dc.type | Article | en_US |
| dc.identifier.citation | Angeletos, George-Marios and Huo, Zhen. 2021. "Myopia and Anchoring." American Economic Review, 111 (4). | |
| dc.contributor.department | Massachusetts Institute of Technology. Department of Economics | |
| dc.relation.journal | American Economic Review | en_US |
| dc.eprint.version | Final published version | en_US |
| dc.type.uri | http://purl.org/eprint/type/JournalArticle | en_US |
| eprint.status | http://purl.org/eprint/status/PeerReviewed | en_US |
| dc.date.updated | 2022-08-25T16:27:36Z | |
| dspace.orderedauthors | Angeletos, G-M; Huo, Z | en_US |
| dspace.date.submission | 2022-08-25T16:27:37Z | |
| mit.journal.volume | 111 | en_US |
| mit.journal.issue | 4 | en_US |
| mit.license | PUBLISHER_POLICY | |
| mit.metadata.status | Authority Work and Publication Information Needed | en_US |
