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For the village in the Czech Republic, see Řepeč. This article relies too much on references to primary sources. Sponsored by the Research Division of the Federal Reserve Bank of St. Louis and using its IDEAS database, RePEc provides links to over 1,200,000 full text articles.
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Andrei Shleifer is currently the highest ranked economist, followed by Joseph Stiglitz and James Heckman. RePEc promotes Open Access journals and also benefits from Open Access for its own citation analysis efforts. University of Connecticut, Department of Economics. Behavioral economics is primarily concerned with the bounds of rationality of economic agents.
Framing: The collection of anecdotes and stereotypes that make up the mental filters individuals rely on to understand and respond to events. Market inefficiencies: These include mis-pricing and non-rational decision making. In 2002, psychologist Daniel Kahneman was awarded the Nobel Memorial Prize in Economic Sciences «for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty». During the classical period of economics, microeconomics was closely linked to psychology. Neo-classical economists did incorporate psychological explanations: this was true of Francis Edgeworth, Vilfredo Pareto and Irving Fisher.
Bounded rationality is the idea that when individuals make decisions, their rationality is limited by the tractability of the decision problem, their cognitive limitations and the time available. Decision-makers in this view act as satisficers, seeking a satisfactory solution rather than an optimal one. Bounded rationality implicates the idea that humans take shortcuts that may lead to suboptimal decision-making. Behavioral economists engage in mapping the decision shortcuts that agents use in order to help increase the effectiveness of human decision-making. In 1979, Kahneman and Tversky published Prospect Theory: An Analysis of Decision Under Risk, that used cognitive psychology to explain various divergences of economic decision making from neo-classical theory. Prospect theory has two stages: an editing stage and an evaluation stage.
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The binary value 1 is represented by a two transitions — one at the start and the second in the middle of the bit period.
It is these forces of evil that ultimately lead to the breakdown of Othello.