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"This paper uses basic empirical facts from attention and perception psychology for a behavioral approach to equilibrium analysis at the industry and the macroeconomic level. The paper endogenously determines whether an economy is information-rich and whether scarcity of attention complements economic scarcity. A conventional economic equilibrium results if subjects have free attention capacity. At the positive level, the impacts of IT-progress, international integration and media on equilibrium diversity and level of attention-seeking activities are shown. At the normative level, welfare, efficiency and optimal policy interventions are characterized. Finally, behavioral effects of intensified attention-seeking on market power, sectoral economic structure and work-leisure choice are considered"--Forschungsinstitut zur Zukunft der Arbeit web site.
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Subjects
Attention, Equilibrium (Economics), Information society, ScarcityShowing 1 featured edition. View all 1 editions?
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Limited attention as the scarce resource in an information-rich economy
2005, IZA
Electronic resource
in English
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Book Details
Edition Notes
Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 4/15/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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