-consistent expectations. This implicitly assumes unrealistic cognitive abilities on the part of economic decision makers. The relevant … question, however, is not whether the assumption can be literally correct, but how much it would matter to model decision … problems such as chess or go, in which decision makers look ahead only a finite distance into the future, and use a value …

the cost of generating the information used to make a decision through a dynamic evidence accumulation process. We … alternative rational inattention theory better conform with evidence from perceptual discrimination experiments …

report ongoing progress that is more fully developed elsewhere. I present some results from a new model in which the decision …