Diminished-dimensional political economy |
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Affiliation: | 1. University of Essex, UK;2. Nova School of Business and Economics, Portugal |
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Abstract: | Economists base policy advice on models of responses by a variety of economic entities to policy adoptions. There is compelling evidence that these entities do not optimize as mainstream economics assumes. Rather, they limit decision-making to solving problems of much smaller dimensionality. We consider how political economy goes awry when ignoring diminished dimensionality, and some research avenues opened up by this realization. |
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Keywords: | Political economy Modeling economic policy impacts Dimensional size of mathematical problems |
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