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Choosing in a Large World: The Role of Focal Points as a Mindshaping Device

Lauren Larrouy and Guilhem Lecouteux ()

No 2018-29, GREDEG Working Papers from Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France

Abstract: The aim of this paper is to offer a theory of coordination that considers the role of the context within which the individuals interact, and to develop a rigorous analysis of salience and focal points. This requires dealing with how agents choose in ‘large worlds’ (in Savage’s sense). We highlight the role of mindshaping in the formation of individual preferences and beliefs and show how social focal points can generate prior beliefs. We conclude by discussing normative implications of our analysis, since it suggests that agents are socially-embedded entities, whose preferences and beliefs are shaped by social dynamics and norms.

Keywords: coordination; mindshaping; belief formation; preference formation; large world (search for similar items in EconPapers)
JEL-codes: B41 C72 D81 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2018-11
New Economics Papers: this item is included in nep-gth, nep-hpe and nep-mic
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