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Chaos and Complexity Economics (with J. Doyne Farmer)

EconTalk

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Bridging Behavioral Insights with Economic Modeling

Utilizing refined models of human behavior enhances economic predictions, a notion broadly supported by economists. However, a discrepancy exists between the principles of behavioral economics, which detail actual human behaviors in economic contexts, and the macroeconomic models employed by institutions like the Federal Reserve and US Treasury. This cognitive dissonance highlights the need for integration of behavioral insights into macroeconomic frameworks to improve policy outcomes.

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