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Imagine that prices evolve according to a function. Furthermore, assume that expectations are partially backward-looking, i.e., we have. Imagine that the cost of information gathering

Imagine that prices evolve according to a function. Furthermore, assume that expectations are partially backward-looking, i.e., we have. Imagine that the cost of information gathering and processing is equal to. Do you expect agents in this economy to engage in information gathering and processing in the long run?


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