Paper #1186

Título:

What comes to mind

Autores:

Nicola Gennaioli y Andrei Shleifer

Fecha:

Febrero 2009

Resumen:

We present a model of intuitive inference, called �local thinking,� in which an agent combines data received from the external world with information retrieved from memory to evaluate a hypothesis. In this model, selected and limited recall of information follows a version of the respresentativeness heuristic. The model can account for some of the evidence on judgment biases, including conjunction and disjunction fallacies, but also for several anomalies related to demand for insurance.

Palabras clave:

Local thinking, representativeness, stereotypes, insurance.

Área de investigación:

Macroeconomía y Economía Internacional

Publicado en:

Quarterly Journal of Economics, 125 (4), 1399-1433, 2010

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