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BEHAVFRICTIONS SIGNED

Behavioral Implications of Information-Processing Frictions

Total Cost €

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EC-Contrib. €

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Partnership

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Project "BEHAVFRICTIONS" data sheet

The following table provides information about the project.

Coordinator
NARODOHOSPODARSKY USTAV AKADEMIE VED CESKE REPUBLIKY VEREJNA VYZKUMNA INSTITUCE 

Organization address
address: Politickych veznu 7
city: PRAHA 1
postcode: 111 21
website: http://www.ei.cas.cz

contact info
title: n.a.
name: n.a.
surname: n.a.
function: n.a.
email: n.a.
telephone: n.a.
fax: n.a.

 Coordinator Country Czech Republic [CZ]
 Total cost 1˙321˙487 €
 EC max contribution 1˙321˙487 € (100%)
 Programme 1. H2020-EU.1.1. (EXCELLENT SCIENCE - European Research Council (ERC))
 Code Call ERC-2017-COG
 Funding Scheme ERC-COG
 Starting year 2018
 Duration (year-month-day) from 2018-06-01   to  2023-05-31

 Partnership

Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    NARODOHOSPODARSKY USTAV AKADEMIE VED CESKE REPUBLIKY VEREJNA VYZKUMNA INSTITUCE CZ (PRAHA 1) coordinator 871˙302.00
2    UNIVERSITAT ZURICH CH (ZURICH) participant 450˙185.00

Map

 Project objective

BEHAVFRICTIONS will use novel models focussing on information-processing frictions to explain choice patterns described in behavioral economics and psychology. The proposed research will provide microfoundations that are essential for (i) identification of stable preferences, (ii) counterfactual predictions, and (iii) normative conclusions.

(i) Agents who face information-processing costs must trade the precision of choice against information costs. Their behavior thus reflects both their stable preferences and the context-dependent procedures that manage their errors stemming from imperfect information processing. In the absence of micro-founded models, the two drivers of the behavior are difficult to disentangle for outside observers. In some pillars of the proposal, the agents follow choice rules that closely resemble logit rules used in structural estimation. This will allow me to reinterpret the structural estimation fits to choice data and to make a distinction between the stable preferences and frictions. (ii) Such a distinction is important in counterfactual policy analysis because the second-best decision procedures that manage the errors in choice are affected by the analysed policy. Incorporation of the information-processing frictions into existing empirical methods will improve our ability to predict effects of the policies. (iii) My preliminary results suggest that when an agent is prone to committing errors, biases--such as overconfidence, confirmatory bias, or perception biases known from prospect theory--arise under second-best strategies. By providing the link between the agent's environment and the second-best distribution of the perception errors, my models will delineate environments in which these biases shield the agents from the most costly mistakes from environments in which the biases turn into maladaptations. The distinction will inform the normative debate on debiasing.

 Publications

year authors and title journal last update
List of publications.
2019 Philippe Jehiel, Jakub Steiner
Selective Sampling with Information-Storage Constraints*
published pages: , ISSN: 0013-0133, DOI: 10.1093/ej/uez068
The Economic Journal 2020-02-13
2018 Olivier Gossner, Jakub Steiner
On the cost of misperception: General results and behavioral applications
published pages: 816-847, ISSN: 0022-0531, DOI: 10.1016/j.jet.2018.08.003
Journal of Economic Theory 177 2019-10-15

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The information about "BEHAVFRICTIONS" are provided by the European Opendata Portal: CORDIS opendata.

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