Previous studies have shown that individuals exhibit a tendency to acquire an excessive amount of private information if information can only be communicated through a small and discrete action space. In this experiment we investigate demand for information when theaction space is continuous. (...)

The cost of information is an often ignored factor in economic situations although the information acquisition behavior of the decision makers has a crucial influence on the outcome. (...)

The cost of information is an often ignored factor in economic situations although the information acquisition behavior of the decision makers has a crucial influence on the outcome. In this experiment, we study an information aggregation process in which participants decide in a random...

Previous studies have shown that individuals acquire an excessive amount of private information if the action space is small and discrete. In this experiment we use a continuous action space to investigate information acquisition. Participants sequentially assess their subjective probability...

In this experimental study we investigated how people aggregate two sets of signals about the state of the world to reach a single probability judgment. The signal sets may differ in the way signals are presented, in their number as well as their quality. By varying the presentation mode of the...