@TechReport{iza:izadps:dp1538,
            	author={Falkinger, Josef},
            	title={Limited Attention as the Scarce Resource in an Information-Rich Economy},
            	year={2005},
	month={Mar},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={1538},
            	url={https://www.iza.org/publications/dp1538},
	abstract={This paper uses basic empirical facts from attention and perception psychology for a behavioral approach to equilibrium analysis at the industry and the macroeconomic level. The paper endogenously determines whether an economy is information-rich and whether scarcity of attention complements economic scarcity. A conventional economic equilibrium results if subjects have free attention capacity. At the positive level, the impacts of IT-progress, international integration and media on equilibrium diversity and level of attention-seeking activities are shown. At the normative level, welfare, efficiency and optimal policy interventions are characterized. Finally, behavioral effects of intensified attention-seeking on market power, sectoral economic structure and work-leisure choice are considered.},
	keywords={diversity;limited attention;information-rich economies;media;behavioral equilibrium analysis},
            }