Bounded rationality in Keynesian beauty contests: A lesson for central bankers?
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- Mauersberger, Felix & Nagel, Rosemarie & Bühren, Christoph, 2020. "Bounded rationality in Keynesian beauty contests: A lesson for central bankers?," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 14, pages 1-38.
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More about this item
Keywords
beauty contest game; expectation formation; equilibration; level-k reasoning; macroeconomics; game theory; experimental economics;All these keywords.
JEL classification:
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
- E7 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics
- D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
- D9 - Microeconomics - - Micro-Based Behavioral Economics
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
NEP fields
This paper has been announced in the following NEP Reports:- NEP-EXP-2019-12-02 (Experimental Economics)
- NEP-GTH-2019-12-02 (Game Theory)
- NEP-MAC-2019-12-02 (Macroeconomics)
- NEP-MON-2019-12-02 (Monetary Economics)
- NEP-PKE-2019-12-02 (Post Keynesian Economics)
Statistics
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