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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Limited attention as a scarce resource in information-rich economies |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Economic Journal |
| Publisher | Wiley-Blackwell |
| Geographical Reach | international |
| ISSN | 0013-0133 |
| Volume | 118 |
| Number | 532 |
| Page Range | 1596 - 1620 |
| Date | 2008 |
| Abstract Text | This article uses basic facts from the psychology of attention to show how the limited attention of consumers affects economic competition. The article determines endogenously whether an economy is information rich or information poor. A conventional economic equilibrium results if subjects have spare attention capacity. At the positive level, the respective impacts of advances in information technology, international integration and the media on equilibrium diversity and level of attention-seeking activities are shown. At the normative level, the issues of welfare, efficiency and optimal policy interventions are addressed. |
| Digital Object Identifier | 10.1111/j.1468-0297.2008.02182.x |
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| Additional Information | The definitive version is available at www.blackwell-synergy.com |