CORDIS Project
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This project creates a framework for understanding economic agents with limited rationality using Bayesian networks. It aims to model how these agents form subjective beliefs from objective data, addressing complex behaviors in fields like monetary policy and asset pricing.
This project will develop a new framework for modeling economic agents having ""boundedly rational expectations"" (BRE).
It is based on the concept of Bayesian networks (more generally, graphical models), borrowed from statistics and AI.
In the framework's basic version, an agent is characterized by a directed acyclic graph (DAG) over the set of all relevant random variables.
The DAG is the agent's ""type"" – it represents how he systematically distorts any objective probability distribution int…
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Israel, Tel Aviv
Type: University / higher education
Activity type: Higher or Secondary Education Establishments
SME: No
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