The First Summer School of Econometric Society in Seoul

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Economic Theory is in the midst of a major transformation. The traditional assumption that economic agents are rational, with respect to both the manner in which they make decisions, i.e. advancing towards a well-specified target, and the targets themselves, has been heavily criticized for several decades. However, only in the last decade have economists been willing to replace that assumption. For example, models of Bounded Rationality offer detailed alternative procedures of choice and behavioral economists bring psychological motives into the discussion. In this summer school, a number of researchers will present their perspectives on the new models as they apply to various areas of economics: Micro Theory, Applied Theory, Game Theory and Macro Economics.

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