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A blog about cognitive and behavioural economics. Building mathematical models of how psychology influences economic systems.


The Cognitive Microfoundations Project: a behavioural economics world tour

Thu, 07 Jun 2012 17:31:51 GMT

There has been much talk about microfoundations on the economics blogs in the last few months [Noahpinion, Mark Thoma, Simon Wren-Lewis twice, Andrew Gelman twice, Karl Smith, Paul Krugman twice, Robert Waldmann, Rajiv Sethi from 2009]. The idea of microfoundations is that a model of the overall economy should be consistent with how individual people act. The aggregate behaviour of variables like GDP, government deficits and unemployment should be derived by adding up the choices...

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