Simple and Inertial Behavior: An Optimizing Decision Model with Imprecise Perceptions

Fernando Vega-Redondo

Economic Theory, 1993, vol. 3, issue 1, 87-98

Abstract: Simplicity and inertial (or status-quo) bias are common features of actual decision rules used by real-life agents. In this paper, we provide one possible rationale for these features in terms of a model in which the decision maker is subject to imprecise perceptions about the consequences of action that differ from (an already experienced) status quo.

Date: 1993
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