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#BoundedRationality

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Dennis Alexis Valin Dittrich<p>Experimental Evidence on Attitudes Toward Inequality and Fairness <a href="https://www.annualreviews.org/content/journals/10.1146/annurev-economics-073124-083232" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">annualreviews.org/content/jour</span><span class="invisible">nals/10.1146/annurev-economics-073124-083232</span></a><br>WP: <a href="https://www.danielweishaar.net/files/AHW2024_ExperimentalEvidence.pdf" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">danielweishaar.net/files/AHW20</span><span class="invisible">24_ExperimentalEvidence.pdf</span></a><br>"Although inequality aversion seems important in some contexts– particularly where resources are “manna from heaven”, many experiments also reveal <a href="https://fediscience.org/tags/inequality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>inequality</span></a> acceptance, particularly in situations where available resources are linked to the discretionary production choices of individuals. Many people reward effort or productivity when making distributive choices, i.e., they are choice egalitarian or meritocratic. However, across the contexts that we have considered, there are also other prevalent <a href="https://fediscience.org/tags/fairness" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>fairness</span></a> positions, such as egalitarians, who object to inequalities regardless of how they come about, and libertarians, who accept market allocations and object to redistribution regardless of how inequality comes about."<br><a href="https://fediscience.org/tags/ExperimentalEcon" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>ExperimentalEcon</span></a> <a href="https://fediscience.org/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a></p>
Dennis Alexis Valin Dittrich<p>Noise and Bias: The Cognitive Roots of Economic Errors <a href="https://d.repec.org/n?u=RePEc:lan:wpaper:423483206&amp;r=&amp;r=exp" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">d.repec.org/n?u=RePEc:lan:wpap</span><span class="invisible">er:423483206&amp;r=&amp;r=exp</span></a><br>"… formalizes the idea that decision makers might follow a mixture of rules of behavior combining cognitively imprecise value maximization and computationally simpler shortcuts. <br>… findings suggest that neither cognitive imprecision nor multiplicity of behavioral rules suffice to explain received patterns in economic decision making.… jointly modeling (cognitive) noise in value maximization and <a href="https://fediscience.org/tags/biases" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>biases</span></a> arising from simpler, cognitive shortcuts delivers a unified framework which can parsimoniously explain deviations from normative prescriptions across domains."<br><a href="https://fediscience.org/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a> <a href="https://fediscience.org/tags/heuristics" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>heuristics</span></a> <a href="https://fediscience.org/tags/ExperimentalEcon" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>ExperimentalEcon</span></a></p>
Dennis Alexis Valin Dittrich<p>The Benefits and Dangers of <a href="https://fediscience.org/tags/DecisionMmaking" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>DecisionMmaking</span></a> by Algorithm <a href="https://conversableeconomist.com/2025/03/27/the-benefits-and-dangers-of-decision-making-by-algorithm/" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">conversableeconomist.com/2025/</span><span class="invisible">03/27/the-benefits-and-dangers-of-decision-making-by-algorithm/</span></a><br>"Even if the <a href="https://fediscience.org/tags/algorithm" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>algorithm</span></a> does a better job than most humans, some humans will do better than the algorithm.<br>The gain from using algorithms in many contexts is relatively small in percentage terms, although a small percentage gain applied to a large number of people can certainly be meaningful. <br>People are more unforgiving of algorithmic error than of human error. <br>Greater complexity will limit the benefit of an algorithm. <br>Algorithms are not good, and perhaps cannot be good, at what are sometimes called path-dependent events"<br><a href="https://fediscience.org/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a> <a href="https://fediscience.org/tags/bias" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>bias</span></a> <a href="https://fediscience.org/tags/heuristic" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>heuristic</span></a></p>
Dennis Alexis Valin Dittrich<p>Summer Institute on <a href="https://fediscience.org/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a> <br><a href="https://fediscience.org/tags/DecisionMaking" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>DecisionMaking</span></a> in a Digital World | June 17–25, 2025 | MPIB, Berlin, Germany<br><a href="https://www.mpib-berlin.mpg.de/research/research-centers/adaptive-rationality/summer-institute" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">mpib-berlin.mpg.de/research/re</span><span class="invisible">search-centers/adaptive-rationality/summer-institute</span></a><br><a href="https://fediscience.org/tags/SocialRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>SocialRationality</span></a> <a href="https://fediscience.org/tags/EcologicalRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>EcologicalRationality</span></a></p>
Dennis Alexis Valin Dittrich<p>Overconfidence and gender gaps in career outcomes: insights from a promotion signaling model <a href="https://d.repec.org/n?u=RePEc:hhs:ifauwp:2024_021&amp;r=&amp;r=lma" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">d.repec.org/n?u=RePEc:hhs:ifau</span><span class="invisible">wp:2024_021&amp;r=&amp;r=lma</span></a><br>"… male <a href="https://fediscience.org/tags/overconfidence" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>overconfidence</span></a>, combined with competitive workplace incentives affects gender equality in the labor market: overconfident workers exert more effort, are more likely to be promoted, and ultimately earn higher wages across job levels despite having lower expected ability conditional on promotion. The higher effort not only increases their chances of promotion, but also contributes to human capital accumulation through learning-by-doing, leading to higher productivity<br>… overconfidence can be a double-edged sword: while it can lead to higher promotions and wages (serving as a “self-serving bias”), it also imposes higher effort costs and discourages peers<br>… policies aimed at limiting working hours could help mitigate the effects of overconfidence, potentially reducing the gender gap in career progression and <a href="https://fediscience.org/tags/wages" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>wages</span></a>."<br><a href="https://fediscience.org/tags/LaborMarkets" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>LaborMarkets</span></a> <a href="https://fediscience.org/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a> <a href="https://fediscience.org/tags/gpg" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>gpg</span></a></p>
Lupposofi<p><span class="h-card" translate="no"><a href="https://mementomori.social/@turvanen" class="u-url mention" rel="nofollow noopener" target="_blank">@<span>turvanen</span></a></span> Uskomusten ja toiminnan välimatka on toisinaan pitkä ja mutkikas. SEP:ssa äskettäin uusittu entry tavoittaa siitä vain siivun, <a href="https://plato.stanford.edu/entries/bounded-rationality/" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">plato.stanford.edu/entries/bou</span><span class="invisible">nded-rationality/</span></a>, ja viime vuonna perusteellisesti uusittu Action RE:yineen kaikkineenkin lähinnä kontekstoi, <a href="https://plato.stanford.edu/entries/action/" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">plato.stanford.edu/entries/act</span><span class="invisible">ion/</span></a>. Kysymys siitä, miksi tiedosta (ja tahdosta) ei seuraa tietynlaista toimintaa, on liian iso tähän vuodenaikaan.</p><p>Se on varmaan totta, että kukaan ei halua tauteja läheiselleen, ja useimmat kai uskovat, että voisi tartuttaa, ja että sitä voisi ainakin hillitä, ellei aivan estää. Samaten aika monet, ellei peräti useimmat, arvelevat voittavansa lotossa, jos käyttäytymisestä päättelisi.</p><p>Itse en useinkaan tiedä, mistä ohjaudun, vaikka yhä osaan (oheismateriaalin tai konteksti-vihjeiden avulla) perustella toimintaani pätevästi, jos sille päälle satun. Kliseisiin en kuitenkaan sorru, ja mieluummin jatkan ymmälläni.</p><p><a href="https://mementomori.social/tags/rationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>rationality</span></a> <a href="https://mementomori.social/tags/reason" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>reason</span></a> <a href="https://mementomori.social/tags/knowledge" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>knowledge</span></a> <a href="https://mementomori.social/tags/boundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>boundedRationality</span></a> <a href="https://mementomori.social/tags/action" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>action</span></a> <a href="https://mementomori.social/tags/toiminta" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>toiminta</span></a> <a href="https://mementomori.social/tags/covid" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>covid</span></a></p>
Dennis Alexis Valin Dittrich<p>Careless thinking: A theory of bad thinking <a href="https://nathanpmyoung.substack.com/p/careless-thinking" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">nathanpmyoung.substack.com/p/c</span><span class="invisible">areless-thinking</span></a><br>"Much thinking is inattentive and error prone, without updating, including for very important topics.</p><p>Longform articles, reports, government decision making, twitter interactions. My theory is that in all these places most thinking is more like “getting it done” than careful sober minded decision making."<br><a href="https://fediscience.org/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a> <a href="https://fediscience.org/tags/attention" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>attention</span></a></p>
Dennis Alexis Valin Dittrich<p>Worker Beliefs About Outside Options <a href="https://microeconomicinsights.org/worker-beliefs-about-outside-options/" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">microeconomicinsights.org/work</span><span class="invisible">er-beliefs-about-outside-options/</span></a><br>"…anchoring &amp; misperceptions about the wage distribution can be a source of <a href="https://fediscience.org/tags/LaborMarkets" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>LaborMarkets</span></a> imperfections<br>…in standard models, workers are assumed to have perfect information about the wage distribution, their position therein, and hence their outside options<br>The presence of misperceptions also gives rise to distinct policy remedies, such as <a href="https://fediscience.org/tags/PayTransparency" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>PayTransparency</span></a> mandates"<br><a href="https://fediscience.org/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a> <a href="https://fediscience.org/tags/wages" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>wages</span></a></p>
Dr Robert N. Winter<p>This week I explore trust developing through iterative interactions that are shaped by cultural, structural, and relational factors.</p><p><a href="https://social.winter.ink/tags/HighTrustEnvironments" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>HighTrustEnvironments</span></a> <a href="https://social.winter.ink/tags/Satisficing" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>Satisficing</span></a> <a href="https://social.winter.ink/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a> <a href="https://social.winter.ink/tags/Leadership" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>Leadership</span></a> <a href="https://social.winter.ink/tags/OrganisationalCulture" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>OrganisationalCulture</span></a></p><p><a href="https://robert.winter.ink/the-speed-of-higher-trust-leaders-part-2/" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">robert.winter.ink/the-speed-of</span><span class="invisible">-higher-trust-leaders-part-2/</span></a></p>
Dennis Alexis Valin Dittrich<p>Fairness in a Society of Unequal Opportunities <a href="https://d.repec.org/n?u=RePEc:rco:dpaper:506&amp;r=&amp;r=exp" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">d.repec.org/n?u=RePEc:rco:dpap</span><span class="invisible">er:506&amp;r=&amp;r=exp</span></a><br>"…a majority of people are willing to accept <a href="https://fediscience.org/tags/inequality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>inequality</span></a> caused by unequal opportunities, a position that markedly contrasts with their responses to inequality caused by <a href="https://fediscience.org/tags/luck" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>luck</span></a><br>…Americans and right-wing voters exhibiting a greater acceptance of the resulting inequality, reŕecting both differences in <a href="https://fediscience.org/tags/fairness" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>fairness</span></a> views and attribution biases… "<br><a href="https://fediscience.org/tags/ExperimentalEcon" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>ExperimentalEcon</span></a> <a href="https://fediscience.org/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a></p>
Dennis Alexis Valin Dittrich<p>The Cognitive Turn in <a href="https://fediscience.org/tags/BehavioralEconomics" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BehavioralEconomics</span></a> <a href="https://benjamin-enke.com/pdf/Cognitive_turn.pdf" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">benjamin-enke.com/pdf/Cognitiv</span><span class="invisible">e_turn.pdf</span></a><br>"cognitive simplification strategies can be consolidated into five categories: (i) noisy approximations and resulting behavioral attenuation; (ii) comparative thinking; (iii) reducing cardinality by overweighting what’s salient, gets cued in memory, or is deemed important; (iv) thinking in analogies and categories; and (v) devaluing or shying away from objects one cannot properly evaluate"<br><a href="https://fediscience.org/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a> <br><a href="https://fediscience.org/tags/CognitiveEconomics" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>CognitiveEconomics</span></a></p>
Dennis Alexis Valin Dittrich<p>Incorporating Conditional <a href="https://fediscience.org/tags/Morality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>Morality</span></a> into Economic Decisions <a href="https://d.repec.org/n?u=RePEc:tut:cremwp:2024-04&amp;r=&amp;r=exp" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">d.repec.org/n?u=RePEc:tut:crem</span><span class="invisible">wp:2024-04&amp;r=&amp;r=exp</span></a><br>"…a moral standard may be a moral imperative, or may be derived from social influences including <a href="https://fediscience.org/tags/mimicry" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>mimicry</span></a> or <a href="https://fediscience.org/tags/fairness" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>fairness</span></a> considerations resulting from others’ behavior …<br>Additional <a href="https://fediscience.org/tags/heterogeneity" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>heterogeneity</span></a> stems from the fact that one’s moral obligation may be either unconditional, or malleable and subject to the influence of others’ behavior."<br><a href="https://fediscience.org/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a></p>
Dennis Alexis Valin Dittrich<p>Mental Models and Learning: The Case of Base-Rate Neglect <a href="http://d.repec.org/n?u=RePEc:cdl:ucsdec:qt8cb387t8&amp;r=exp" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">http://</span><span class="ellipsis">d.repec.org/n?u=RePEc:cdl:ucsd</span><span class="invisible">ec:qt8cb387t8&amp;r=exp</span></a><br>"…findings suggest mistakes are more likely to be persistent when they are driven by incorrect mental models that miss or misrepresent important aspects of the environment. Such models induce confidence in initial answers, limiting engagement with and <a href="https://fediscience.org/tags/learning" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>learning</span></a> from feedback."<br><a href="https://fediscience.org/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a> <a href="https://fediscience.org/tags/attention" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>attention</span></a> <a href="https://fediscience.org/tags/ExperimentalEcon" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>ExperimentalEcon</span></a></p>
Dennis Alexis Valin Dittrich<p>Are <a href="https://fediscience.org/tags/AI" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>AI</span></a> chatbots behaviorally similar to humans?<br><a href="https://a-ortmann.medium.com/are-ai-chatbots-behaviorally-similar-to-humans-f5bc5bf361bb" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">a-ortmann.medium.com/are-ai-ch</span><span class="invisible">atbots-behaviorally-similar-to-humans-f5bc5bf361bb</span></a>?<br>Andreas does not fully agree with <a href="https://www.pnas.org/doi/10.1073/pnas.2313925121" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">pnas.org/doi/10.1073/pnas.2313</span><span class="invisible">925121</span></a><br>and argues "…that this is a mis-specified (not to say: silly) question as it depends on the circumstances in which humans find themselves."</p><p>I tend to agree with him.</p><p><a href="https://fediscience.org/tags/ExperimentalEcon" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>ExperimentalEcon</span></a> <br><a href="https://fediscience.org/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a> <br><a href="https://fediscience.org/tags/BehavioralEconomics" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BehavioralEconomics</span></a></p>
Dennis Alexis Valin Dittrich<p>David Dunning: Overcoming <a href="https://fediscience.org/tags/Overconfidence" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>Overconfidence</span></a> <a href="https://www.openmindmag.org/articles/david-dunning-on-expertise" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">openmindmag.org/articles/david</span><span class="invisible">-dunning-on-expertise</span></a><br>"On any particular topic, people who are not experts lack the very expertise they need in order to know just how much expertise they lack." </p><p>HT Timothy Taylor <a href="https://conversableeconomist.com/2024/04/17/interview-with-david-dunning-of-dunning-kruger-fame/" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">conversableeconomist.com/2024/</span><span class="invisible">04/17/interview-with-david-dunning-of-dunning-kruger-fame/</span></a><br><a href="https://fediscience.org/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a></p>
Dennis Alexis Valin Dittrich<p>Failures in <a href="https://fediscience.org/tags/Kindness" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>Kindness</span></a><br><a href="https://www.lesswrong.com/posts/GLpFovxZdwXYwmbkJ/failures-in-kindness" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">lesswrong.com/posts/GLpFovxZdw</span><span class="invisible">XYwmbkJ/failures-in-kindness</span></a><br>"…doing the other person a favor by being open &amp; flexible<br>…this is computationally unkind: it offloads all the effort of coming up with ideas &amp; making decisions to the other person. So while it is kind on one level (respecting their object level preferences), it's unkind on another (effort, and respecting their possible meta level preferences about the planning process)."<br><a href="https://fediscience.org/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a> <a href="https://fediscience.org/tags/ComputationalKindness" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>ComputationalKindness</span></a><br><a href="https://fediscience.org/tags/choiceArchitecture" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>choiceArchitecture</span></a><br><a href="https://fediscience.org/tags/decisionMaking" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>decisionMaking</span></a></p>
Dennis Alexis Valin Dittrich<p>The Missing Type: Where are the Inequality Averse (Students)?<br><a href="https://dx.doi.org/10.2139/ssrn.4767248" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">dx.doi.org/10.2139/ssrn.476724</span><span class="invisible">8</span></a><br>"Younger &amp; more educated individuals not only tend to have lower degrees of other-regardingness but this reduction in other-regardingness nullifies behindness aversion among students. Differences in income do not seem to affect <a href="https://fediscience.org/tags/socialPreferences" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>socialPreferences</span></a>. <br>…provide a new cautionary tale that insights from student populations might not extrapolate to the general population."<br><a href="https://fediscience.org/tags/ExperimentalEcon" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>ExperimentalEcon</span></a> <a href="https://fediscience.org/tags/boundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>boundedRationality</span></a></p>
Dennis Alexis Valin Dittrich<p>Biased expectations and labor market outcomes: Evidence from German survey data and implications for the East-West wage gap <a href="http://d.repec.org/n?u=RePEc:zbw:rwirep:282989&amp;r=lma" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">http://</span><span class="ellipsis">d.repec.org/n?u=RePEc:zbw:rwir</span><span class="invisible">ep:282989&amp;r=lma</span></a><br>"East Germans are significantly more pessimistic than West Germans.… Removing the biases could substantially increase <a href="https://fediscience.org/tags/wages" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>wages</span></a> and expected lifetime income in East Germany. The difference in biases in labor market expectations explains part of the East-West German wage gap."<br><a href="https://fediscience.org/tags/LaborMarkets" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>LaborMarkets</span></a> <a href="https://fediscience.org/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a></p>
Dennis Alexis Valin Dittrich<p>Earn More Tomorrow: <a href="https://fediscience.org/tags/Overconfidence" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>Overconfidence</span></a>, Income Expectations and Consumer <a href="https://fediscience.org/tags/Indebtedness" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>Indebtedness</span></a> <a href="http://d.repec.org/n?u=RePEc:diw:diwwpp:dp2065&amp;r=exp" rel="nofollow noopener" translate="no" target="_blank"><span class="invisible">http://</span><span class="ellipsis">d.repec.org/n?u=RePEc:diw:diww</span><span class="invisible">pp:dp2065&amp;r=exp</span></a><br>"… participants with higher income expectations initially borrow more. Overconfident participants scale back their consumption after income feedback. However, they remain in higher <a href="https://fediscience.org/tags/debt" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>debt</span></a> at the end of the experiment, which has real financial consequences."<br><a href="https://fediscience.org/tags/ExperimentalEcon" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>ExperimentalEcon</span></a> <a href="https://fediscience.org/tags/BoundedRationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>BoundedRationality</span></a></p>
Dennis Alexis Valin Dittrich<p>What is incoherence?<br><a href="https://aeon.co/essays/is-it-possible-to-hold-truly-contradictory-beliefs-together" rel="nofollow noopener" target="_blank"><span class="invisible">https://</span><span class="ellipsis">aeon.co/essays/is-it-possible-</span><span class="invisible">to-hold-truly-contradictory-beliefs-together</span></a></p><p>Many of us hold incoherent beliefs but never consider them together, allowing us to sustain the <a href="https://fediscience.org/tags/incoherence" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>incoherence</span></a>. Transparent incoherence is bizarre because it implies a lack of tendency to make mental states coherent. We tend to revise or reinterpret our mental states when our incoherence is brought to our <a href="https://fediscience.org/tags/attention" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>attention</span></a>, suggesting a baseline level of coherence is built into human <a href="https://fediscience.org/tags/cognition" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>cognition</span></a>. </p><p><a href="https://fediscience.org/tags/rationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>rationality</span></a> <a href="https://fediscience.org/tags/boundedrationality" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>boundedrationality</span></a> <br><a href="https://fediscience.org/tags/philosophy" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>philosophy</span></a></p>
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