Arbeitspapier
Inattention to rare events
The world recently experienced several rare events with disastrous consequences: the global financial crisis, the European sovereign debt crisis, and the Fukushima nuclear accident. These events have in common that key decision-makers were unprepared for them, which aggravated these events. We develop a model in which agents make state-contingent plans — prepare to act in different contingencies — subject to the constraint that agents can process only a finite amount of information. We identify the forces that make agents prepare little for some contingencies. We study whether a social planner would want agents to prepare more for rare events.
- ISBN
-
978-92-899-1654-7
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 1841
- Klassifikation
-
Wirtschaft
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
Central Banks and Their Policies
Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General
- Thema
-
disasters
efficiency
rare events
rational inattention
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Maćkowiak, Bartosz
Wiederholt, Mirko
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2015
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Maćkowiak, Bartosz
- Wiederholt, Mirko
- European Central Bank (ECB)
Entstanden
- 2015
Ähnliche Objekte (12)
Learning Rare Events
Rare events and long-run risks
Semiparametric Cross Entropy for Rare-Event Simulation
Investor fears and risk premia for rare events
Value-at-Risk and expected shortfall for rare events
Probabilistic Bounded Relative Error Property for Learning Rare Event Simulation Techniques
Logistic regression for extremely rare events: The case of school shootings
The Cross-Entropy Method With Patching For Rare-Event Simulation Of Large Markov Chains
Introduction to rare event simulation
Financial Returns to Collecting Rare Political Economy Books
How to estimate the probability of rare long-distance trips
Psychological Resilience to Major Socioeconomic Life Events
Learning Rare Events
Rare events and long-run risks
Semiparametric Cross Entropy for Rare-Event Simulation
Investor fears and risk premia for rare events
Value-at-Risk and expected shortfall for rare events
Probabilistic Bounded Relative Error Property for Learning Rare Event Simulation Techniques
Logistic regression for extremely rare events: The case of school shootings
The Cross-Entropy Method With Patching For Rare-Event Simulation Of Large Markov Chains
Introduction to rare event simulation
Financial Returns to Collecting Rare Political Economy Books
How to estimate the probability of rare long-distance trips
Psychological Resilience to Major Socioeconomic Life Events
Learning Rare Events
Rare events and long-run risks
Semiparametric Cross Entropy for Rare-Event Simulation
Investor fears and risk premia for rare events
Value-at-Risk and expected shortfall for rare events
Probabilistic Bounded Relative Error Property for Learning Rare Event Simulation Techniques
Logistic regression for extremely rare events: The case of school shootings
The Cross-Entropy Method With Patching For Rare-Event Simulation Of Large Markov Chains
Introduction to rare event simulation
Financial Returns to Collecting Rare Political Economy Books
How to estimate the probability of rare long-distance trips