Equilibrium Fictions: A Cognitive Approach to Societal Rigidity

Karla Hoff, Joseph E. Stiglitz

NBER Working Paper No. 15776
Issued in March 2010

---- Acknowledgements -----

We thank Roland Bénabou and Varun Gauri for valuable comments, and Alana Bevan and Rebecca Wieters for excellent research assistance. Financial support from the World Bank is gratefully acknowledged. This paper is a much shortened version of an earlier paper. The views expressed here are those of the authors and not necessarily those of the World Bank or the National Bureau of Economic Research.

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