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- W90620873 abstract "This paper proposes a psychological bounded rationality algorithm that uses partially myopic option value calculations to allocate scarce cognitive resources. The model can be operationalized even when decision problems require an arbitrarily large number of state variables. We evaluate the model using experimental data on a class of complex one-person games with full information. The model explains the experimental data better than the rational actor model with zero cognition costs. JEL classi cation: C70, C91, D80. Keywords: directed cognition, myopia, optimization, bounded rationality, heuristics, biases, experimental economics. Gabaix: Department of Economics, MIT, and NBER, Cambridge, MA 02142, xgabaix@mit.edu. Laibson: Department of Economics, Harvard University, and NBER, Cambridge, MA 02138, dlaibson@harvard.edu. We are grateful for the advice of Philippe Aghion, Abhijit Banerjee, Gary Becker, Glenn Ellison, Drew Fudenberg, Lars Hansen, Oliver Hart, Robert Lucas, Paul Milgrom, Antonio Rangel, Andrei Shleifer, Al Roth, Richard Thaler, Martin Weitzman, and Richard Zeckhauser. Our paper bene tted from the comments of seminar participants at CEPR, Chicago, Gerzensee, Harvard, Michigan, MIT, Princeton, and Toulouse. Numerous research assistants helped implement and analyze the experiment; we are particularly indebted to Meghana Bhatt, Guillermo Moloche, and Stephen Weinberg. The authors acknowledge nancial support from the National Science Foundation (SES-0099025). Gabaix also thanks the Russell Sage Foundation, and Laibson the National Institutes of Health (R01-AG-16605)." @default.
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- W90620873 date "2005-01-01" @default.
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- W90620873 title "Bounded Rationality and Directed Cognition" @default.
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