Rational Inattention (2017, Rosie Heinrich), live choir performance, 4 minutes, with introduction by the artist.
6. október, kl. 12.45-13.00, hátíðarsalur, Aðalbygging.
Through the synthesis of an economic behavioural model and the much-loved lullaby, Sofðu Unga Ástin Mín (Sleep, My Young Love), Rational Inattention is an economic formula sung to the melody of one of the nation’s favourite bedtime songs.
Essentially, the model rejects the enduring assumption that those working in the financial markets are ‘rational beings’ and embraces uncertainty as characteristic of economic behaviour. Despite decades of work, this model does not yet function.
The lullaby – also dubbed as Iceland’s ‘national anthem’ – is about a mother leaving her child to die in the wilderness, an historic act in the face of untenable economic and harsh weather conditions, known as bera út.
The freshly published songbook of Rational Inattention will be used in the performance
Song text: econometrician Christopher A. Sims
Conductor: Hilmar Örn Agnarsson
Arrangement: Jón Ásgeirsson
Chorus: Birna Bragadóttir, Gerður Gestsdóttir, Jakob Falur Garðarsson, Ólafur Þór Gunnarsson, Rannveig Iðunn Ásgeirsdóttir, Sigurður Vignir Jóhannsson, Þorsteinn Magni Björnsson.