000			00990nam a22001337a 4500
999			_c518492 _d518492
008			210927b ||||| |||| 00| 0 eng d
100			_aAngeletos, George-Marios and Huo, Zhen _927712
245			_aMyopia and anchoring
260			_aThe American Economic Review
300			_a111(4), Apr, 2021: p.1166-1200
520			_aWe develop an equivalence between the equilibrium effects of incomplete information and those of two behavioral distortions: myopia, or extra discounting of the future; and anchoring of current behavior to past behavior, as in models with habit persistence or adjustment costs. We show how these distortions depend on higher-order beliefs and GE mechanisms, and how they can be disciplined by evidence on expectations. We finally illustrate the use of our toolbox with a quantitative application in the context of inflation, a bridge to the HANK literature, and an extension to networks. – Reproduced
773			_aThe American Economic Review
942			_cAR