01118 1111118 lnto the (total) cost curve, wh ch tellsUS deCs±ZnVhen bVf AUtPUt iS aSSUming 1 alWayS hire the number

ompensated budget. A compensated budget for a price change is the budget that incorporates thenew pt ice but includes sufficient monetary compensation to make the consumer as well offas shewas before the price change

Corner

heuristic

attention plays a crucial role in which policy designsand issues make it to the macro-political agenda

Focusing on attention instead of belief or preference change as a primary driverof policy decisions has important consequences for explanations of policy processdynamics

theoretical development, arguing narratives are strategi-cally deployed by competing groups to affect policy dynamics

demonstrate empir-ically cognitive processes which help explain how humans rely on and may be influ-enced by narratives and heuristic (cognitive short-cut) images

mostimportant to consider at the macro level,

AC

American politicalinstitutions exacerbate this tendency toward punctuated equilibria,