VIENNA JOINT ECONOMICS SEMINAR	INVITATION
The University of Vienna and the Institute for Advanced Studies cordially invite you to the following Vienna Joint Economics Seminar Thursday, December 1, 2016 University of Vienna, Oskar-Morgenstern-Platz 1, 1090 Vienna, Skylounge, 12th floor 4:00 pm Paola Manzini and Ernst Fehr University of St. Andrews                            University of Zürich Bounded Cognition and Population Choices (Paola Manzini) Recent theoretical advances identify the unobservable cognitive parameters underlying various alternative models of choices made by boundedly rational consumers. However such models are impractical for applications, as they assume that a large number of observations are available, often all subsets of a starting universal set of alternatives. In this paper we show how to retrieve the unknown distribution of cognitive parameters in a population of agents from a single dataset recording grocery store sales of painkillers, and provide a simple example to illustrate how to apply our methodology with actual data. Paper jointly with Valentino Dardanoni, Marco Mariotti and Christopher Tyson and Degustibus est disputandum - How Society Shapes Preferences (Ernst Fehr) Economists assume that preferences are exogenously given and stable. Therefore, they are not interested in examining how society shapes preferences. Sociologists believe that it is obvious that society affects individuals' preferences and therefore they also do not examine this question - apart from the fact that they largely lacked the tools to do so. However, methodological progress makes it now possible to tackle this question. We show, by example, that important economic phenomena such as excess volatility of asset price, the role of business culture, the economic impact of education and parental style or the long run impact of catastrophic events can be better understood by also studying how they affect preferences. We are looking forward to seeing you! Institute for Advanced Studies Josefstädter Straße 39, 1080 Vienna, Austria Tel.: +43 1 599 91 232 e-Mail: economics@ihs.ac.at http://www.ihs.ac.at		LINKS DIRECTIONS TO UNIVERSITY OF VIENNA on Google maps VIENNA JOINT ECONOMICS SEMINAR on Google calendar ECONOMICS SEMINARS IN VIENNA on Google calendar Institute for Advanced Studies @IHS_Vienna
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