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Expectations, Learning and Monetary Policy: An Overview of Recent Research
(University of OregonUniversity of St AndrewsBank of FinlandUniversity of Cambridge, 2008)
Expectations about the future are central for determination of current macroeconomic outcomes and the formulation of monetary policy. Recent literature has explored ways for supplementing the benchmark of rational expectations ...
Payoff levels, loss avoidance, and equilibrium selection in the Stag Hunt: an experimental study
(University of AberdeenKyushu UniversitySangyo University, 2008)
Game theorists typically assume that changing a game’s payoff levels—by adding the same constant to, or subtracting it from, all payoffs—should not affect behavior. While this invariance is an implication of the theory ...