0566494 20250310153251.220230106235959.9 85144450704 000915237900001 10.1016/j.jedc.2022.104585 18 s. E cav_un_epca*02511950165-1889146Elsevier Behavioral heuristics Heuristic switching model Intensity of choice Simulated maximum likelihood cav_un_auth*0293468 Kukačka Jiří UTIA-B Ekonometrie Department of Econometrics E E Department of Econometrics CZ Ústav teorie informace a automatizace AV ČR, v. v. i. cav_un_auth*0442560 Sacht S. DE http://library.utia.cas.cz/separaty/2023/E/kukacka-0566494.pdf https://www.sciencedirect.com/science/article/pii/S0165188922002883?via%3Dihub GA20-14817S GA ČR cav_un_auth*0397554 This paper addresses the issue of empirical validation of macroeconomic models with behavioral heuristics and a nonlinear switching mechanism. Heuristic switching is an important feature of modeling strategy since it uses simple decision rules of boundedly rational heterogeneous agents. The simulation study shows that the proposed simulated maximum likelihood method well identifies behavioral effects that remain hidden under standard econometric approaches. In the empirical application, we estimate the structural and behavioral parameters of the US economy. We are specifically able to reliably identify the intensity of choice that governs the models’ nonlinear dynamics. Our empirical results thus lay the foundation for studying monetary and fiscal policy in a behavioral macroeconomic framework. WOS AH 50000 50200 50202 2024 2 R hod 4 4rh 4 20250310151820.0 4 20250310153251.2 RVO:67985556 https://hdl.handle.net/11104/0337813 S 104585 Article Economics C ECONOMICS 1.9 0.4 11.7 0.00689 1.206 5647 106 1.799 54.83 2.05 917 Q1 1.800 116 Q2 62.7 Q2 Q1* 0.66 Q2 62.7 2023 Soubory v repozitáři: kukacka-0566494.pdf 85144450704 SCOPUS PUBMED 000915237900001 WOS cav_un_epca*0251195 Journal of Economic Dynamics & Control 0165-1889 1879-1743 Roč. 146 January 2023 Elsevier