A Memory-Based Model of Bounded Rationality
Abstract
In order to investigate the impact of limited memory on human behavior, I develop a model of memory grounded in psychological and biological research. I assume that people take their memories as accurate and use them to make inferences. The resulting model predicts both over- and underreaction but provides enough structure to predict when each effect dominates. I then use this framework to study the consumption decision. The results match...
Paper Details
Title
A Memory-Based Model of Bounded Rationality
Published Date
Aug 1, 2002
Volume
117
Issue
3
Pages
735 - 774
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