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Bounded Rationality and Industrial Organization
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Bounded Rationality and Industrial Organization

Ran Spiegler

Abstract

This book synthesizes recent developments in the theory of Industrial Organization, incorporating aspects of consumer psychology that are absent from the standard model of rational choice. The book analyzes three classes of market models in which profit-maximizing firms interact with boundedly rational consumers, each capturing a different aspect of bounded consumer rationality: dynamically inconsistent preferences and biased beliefs regarding future preferences, limited ability to understand price complexity, and reference-dependent choice. These models address questions such as: Can we expla ... More

Keywords: bounded rationality, industrial organization, behavioral economics, behavioral industrial organization, price complexity, dynamically inconsistent preferences, biased beliefs, reference-dependent choice, consumer psychology, consumer protection, regulation, monopoly, competition

Bibliographic Information

Print publication date: 2011 Print ISBN-13: 9780195398717
Published to Oxford Scholarship Online: September 2011 DOI:10.1093/acprof:oso/9780195398717.001.0001

Authors

Affiliations are at time of print publication.

Ran Spiegler, author
Department of Economics, University College London
Author Webpage

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