Economic Decision Making with Limited Attention

Published papers​

• "Rational Inattention, Optimal Consideration Sets and Stochastic Choice", Andrew Caplin, Mark Dean and John Leahy, Review of Economic Studies, Vol 86(3), May 2019, pp. 1061-1094.

• "Discrete Adjustment to a Changing Environment: Experimental Evidence", Mel Win Khaw, Luminita Stevens, Michael Woodford, Journal of Monetary Economics, Vol. 15, December 2017, pp. 469-473.

• "Limited Attention and Status Quo Bias", Mark Dean, Özgür Kıbrıs and Yusufcan Masatlioglu, Journal of Economic Theory, Vol 169, May 2017, pp. 93-127.

• "Saticficing and Stochastic Choice", Victor Aguilar, Maria Jose Boccardi and Mark Dean, Journal of Economic Theory, Vol. 166, November 2016, pp. 445-482.

• "Revealed Preference, Rational Inattention and Costly Information Acquisition", Andrew Caplin and Mark Dean, American Economic Review, July 2015, 105 (7): 2183-2203.

• "Stochastic Choice: An Optimizing Neuroeconomic Model" Michael Woodford, The American Economic Review, January 2014, 104.5: 495-500.

• "The Price of Flexibility: Towards a Theory of Thinking Aversion" Pietro Ortoleva,  Journal of Economic Theory, May 2013, Vol. 148, No. 3, 903–934.

• "Prospect theory as efficient perceptual distortion" Michael Woodford, The American Economic Review, May 2012, 102.3: 41-46.

• “Search and Satisficing” Andrew Caplin, Mark Dean and Daniel Martin), The American Economic Review, December 2011, 101 (7): 2899-2922.

• “Search, Choice and Revealed Preference"  Andrew Caplin and Mark Dean, Theoretical Economics, January 2011, 6: 19-48.

• "Information-constrained state-dependent pricing" Michael Woodford, Journal of Monetary Economics, June 2009, 56: S100-S124.

Working papers​

• "Cognitive Imprecision and Small-Stakes Risk Aversion", Mel Win Khaw, Ziang Li, and Michael Woodford, February 2019.

• "Information Costs and Sequential Information Sampling", Benjamin Hébert and Michael Woodford,  November 2018.  

• "Rational Inattention in Continuous Time", Benjamin Hébert and Michael Woodford,  November 2018.  

• "Rationally Inattentive Behavior: Characterizing and Generalizing Shannon Entropy", Andrew Caplin, Mark Dean, and John Leahy, February 2018.  

• "Experimental Tests of Rational Inattention", Mark Dean and Nathaniel Neligh, June 2017. 

• "Estimating information cost functions in models of rational inattention", Ambuj Dewan and Nathaniel Neligh, January 2017. 

• "Optimal Evidence Accumulation and Stochastic Choice", Michael Woodford, August 2016.

• “The Behavioral Implications of Rational Inattention with Shannon Entropy” Andrew Caplin and Mark Dean, August 2013.

• "Inattentive Valuation and Reference Dependent Choice" Michael Woodford, May 2012.

• "Inattention as a source of random discrete adjustments" Michael Woodford, April 2008.​

Bounded Rationality in Macroeconomics

Published papers

• "Robustly optimal monetary policy with near-rational expectations", Michael Woodford, American Economic Review, March 2010, 100(1):274-303.

• "Are low interest rates deflationary? A paradox of perfect-foresight analysis" Mariana García-Schmidt and Michael Woodford, National Bureau of Economic Research, October 2015 (new revision January 2018), No. w21614.

• "Macroeconomic Analysis without the Rational Expectations Hypothesis" Michael Woodford, Annual Review of Economics, August 2013, 5.1: 303-346.

Working papers​

• "Dynamic Rational Inattention and the Phillips Curve", Hassan Afrouzi and Choongryul Yang, October 2019.

• "Strategic Inattention, Inflation Dynamics and the Non-Neutrality of Money", Hassan Afrouzi, April 2019.

• "Noisy Memory and Over-Reaction to News", Rava Azeredo da Silveira and Michael Woodford, January 2019.

• "Deeper Habits", Mel Win Khaw and Oskar Zorrilla, November 2018.

• "Macroeconomic Analysis when Planning Horizons are Finite", Michael Woodford, March 2018.

​Links Between Behavioral and Economic Phenomena

Published papers

• “The Empirical Relationship Between Nonstandard Economic Behaviors”  Mark Dean and Pietro Ortoleva, Proceedings of the National Academy of Sciences of the United States of America, July 2016.

• “Allais, Ellsberg and Hedging” Mark Dean and  Pietro Ortoleva, Theoretical Economics, January 2017, 12:377-424.

Working papers

• "Econographics", Jonathan Chapman, Mark Dean, Pietro Ortoleva, Erik Snowberg, and Colin Camerer, November 2018. 

• "Willingness-To-Pay and Willingness-To-Accept are Probably Less Correlated Than You Think", Jonathan Chapman, Mark Dean, Pietro Ortoleva, Erik Snowberg, and Colin Camerer, October 2017. 

Incomplete Preferences

Published papers

• "Stochastic Choice and Preferences for Randomization" Marina Agranov and Pietro Ortoleva, Journal of Political Economy, February 2017, 125.1: 40-68.

• "Cautious Expected Utility and the Certainty Effect" Simone Cerreia-Vioglio, David Dillenberger and Pietro Ortoleva, Econometrica, March 2015, Vol. 83, No. 2, 693-728.

• "Incomplete Preferences under Uncertainty: Indecisiveness in Beliefs vs. Tastes" Efe Ok, Pietro Ortoleva and Gil Riella) Econometrica, July 2012,  Vol. 80, No. 4 , 1791 –1808.

• "Status Quo Bias, Multiple Priors and Uncertainty Aversion" Pietro Ortoleva, Games and Economic Behavior, July 2010, Vol. 69 pp. 411 – 424. 

Working papers

• "Deliberately Stochastic" Simone Cerreia-Vioglio, David Dillenberger, Pietro Ortoleva and Gil Riella, May 2015.

• “Status Quo Bias in Large and Small Choice Sets” Mark Dean, November 2008.

Neuroeconomics

Published papers​

• “Efficient Coding of Subjective Value” Rafael Polanía, Michael Woodford and Christian C. Ruff, Nature Neuroscience,  December 2018, 22: 134-142.

• “How can Neuroscience inform Economics?” Mark Dean and Ian Krajbich, Current Opinion in Behavioral Sciences, October 2015, 4: 51-57.

• "What Can Neuroeconomics Tell us About Economic Decision Making?” Mark Dean Chapter in Comparative Decision Making, Philip Crowley and Thomas Zentall, eds, May 2012.

• “Testing the Reward Prediction Error Hypothesis with an Axiomatic Model” Robb Rutledge, Mark Dean, Andrew Caplin and Paul Glimcher, Journal of Neuroscience, October 2010, 30(40): 13525-13535.

• “Measuring Beliefs and Rewards: A Neuroeconomic Approach” Andrew Caplin, Mark Dean, Paul Glimcher and Robb Rutledge, Quarterly Journal of Economics, August 2010, 125(3): 923-960.

• “Axiomatic Methods, Dopamine and Reward Prediction Error” Andrew Caplin and Mark Dena, Current Opinion in Neurobiology, August 2008, 18(2): 197-202.

• "Dopamine, Reward Prediction Error, and Economics" Andrew Caplin and Mark Dean, Quarterly Journal of Economics, May 2008 123(2): 663-701​.