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| Author: | Kuran, T. |
| Title: | Cognitive limitations and preference evolution |
| Journal: | Journal of Institutional and Theoretical Economics
1991 : JUNE, VOL. 147:2, p.241-273 |
| Index terms: | ECONOMICS SOCIAL ECONOMICS |
| Language: | eng |
| Abstract: | The paper presents a model that treats both preferences and collective choices as endogenous. The proposed mechanism rests on the cognitive limitations of individuals, which make them partition interconnected issues. As a consequence, the administration has discretion. Because of feedback from actual outcomes to individual beliefs, an error in implementation may have a lasting and growing effect on the distribution of preferences. |
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