A MODEL OF NONBELIEF IN THE LAW OF LARGE NUMBERS

People believe that, even in very large samples, proportions of binary signals might depart significantly from the population mean. We model this "nonbelief in the Law of Large Numbers" by assuming that a person believes that proportions in any given sample might be determined by a rate di...

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Veröffentlicht in:	Journal of the European Economic Association 2016-04, Vol.14 (2), p.515-544
Hauptverfasser:	Benjamin, Daniel J., Rabin, Matthew, Raymond, Collin
Format:	Artikel
Sprache:	eng
Schlagworte:	B49 Belief & doubt Binary system D03 D14 D83 Economic models Economic theory G11 Population
Online-Zugang:	Volltext
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