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In traditional economic models, memories of past experiences a ect choices only to the extent that they represent information. We review recent advances in economic research that have introduced a role for long-lasting e ects of personal past experiences and the memory thereof into economics. We rst document the
Apr 4, 2005 · 5. Conclusion. In this paper, we have argued that the introduction of memory imperfections into models of economic decision making creates a natural role for anticipatory emotions. The combination of memory imperfections and anticipatory emotions has striking behavioural implications.
- B. Douglas Bernheim, Raphael Thomadsen
- 2005
Mar 1, 2018 · Heterogeneous memory capacity is largely neglected in the economics literature, although it may have profound economic implications. Adopting the concept of “memory utility” proposed by Gilboa, Postlewaite, and Samuelson (2016), we explore the relationship between memory capacity and individual discounting behavior by building a simple two-period model and comparing its predictions with ...
- Te Bao, Xiaohua Yu
- 2018
Oct 1, 2016 · We propose a theory of “optimal memory management” that unveils causal relationships between memory systems and the characteristics of the information retrieved. Our model shows that if the declarative memory is more accurate but also more costly than the procedural memory, then it is optimal to retrieve exceptional experiences with the ...
- Isabelle Brocas, Isabelle Brocas, Juan D. Carrillo, Juan D. Carrillo
- 2016
Summary. Long memory models are statistical models that describe strong correlation or dependence across time series data. This kind of phenomenon is often referred to as “long memory” or “long-range dependence.”. It refers to persisting correlation between distant observations in a time series. For scalar time series observed at equal ...
- Peter Robinson
- 2010
Aug 1, 2002 · 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.
Aug 1, 1998 · Memory is defined as knowledge on the part of an agent of the full histories of all agents with whom he has had direct or indirect contact in the past. Money is defined as an object that does not enter utility or production functions, and is available in fixed supply. The main proposition is that any allocation that is feasible in an ...
