Three Essays on Behavioral Economics

Nowadays, behavioral economics has lured the attention of an increasing number of economists. This is due to the recent financial crisis of 2007-09 that forced economists to realize that psychological biases could modifiy rational equilibria since, on avarage, arbitrageurs are not always able to bring back the economy to the rational path. Taking into account limits of arbitrage and limits in cognitive capacities, an economy can be vulnerable to the sensitiveness of agents to new information. If this sensitiveness is of a certain size, such that arbitrageurs behavior is negligible, then sensitive agents (also called local thinkers in the following essays) can enter into the formation of an equilibrium modifying its dynamics.