Lecture 21: Bounded Rationality, Part 2 // TRAIN BRAIN

Lecture 21: Bounded Rationality, Part 2

MIT 14.271 Industrial Organization I, Fall 2022
Instructor: Glenn Ellison
View the complete course: https://ocw.mit.edu/courses/14-271-industrial-organization-i-fall-2022
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62xkEY0YzLJSoquVBjPOl9S
Glenn Ellison continues the discussion from the previous lecture about bounded rationality. This lecture looks at it from the approach of rule-of-thumb consumers and computational costs. He also looks at models of advertising and how it affects purchasing.
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