Three Departures from Maximizing Behavior and Their Keynesian Features: A Simple Exposition

Eskander Alvi

Economic Theory, 1994, vol. 4, issue 2, 287-93

Abstract: This exposition addresses three reasonable departures from fully maximizing behavior that exhibit important Keynesian features. These departures involve inertial, imitative, and error-conscious behaviors. A simple general framework is used to model the three departures in an otherwise fully optimizing model. This makes transparent the differences in the underlying mechanisms and the sources of the Keynesian results.

Date: 1994
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