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Information Costs and Sequential Information Sampling
Hebert, Benjamin - 2018
We propose a new approach to modeling the cost of information structures in rational inattention problems, the "neighborhood-based" cost functions. These cost functions have two properties that we view as desirable: they summarize the results of a sequential evidence accumulation problem, and...
Persistent link: https://www.econbiz.de/10012907127
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Information Costs and Sequential Information Sampling
Hébert, Benjamin - 2018
We propose a new approach to modeling the cost of information structures in rational inattention problems, the "neighborhood-based" cost functions. These cost functions have two properties that we view as desirable: they summarize the results of a sequential evidence accumulation problem, and...
Persistent link: https://www.econbiz.de/10012480967
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Rational inattention and sequential information sampling
Hébert, Benjamin; Woodford, Michael - 2017
Persistent link: https://www.econbiz.de/10011740960
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Rational Inattention and Sequential Information Sampling
Hébert, Benjamin - 2017
introduce a continuous-time model of sequential information sampling, and show that, in a broad class of cases, the choice … alternative rational inattention theory better conform with evidence from perceptual discrimination experiments …
Persistent link: https://www.econbiz.de/10012453924
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Rational Inattention and Sequential Information Sampling
Hebert, Benjamin - 2017
introduce a continuous-time model of sequential information sampling, and show that, in a broad class of cases, the choice … alternative rational inattention theory better conform with evidence from perceptual discrimination experiments …
Persistent link: https://www.econbiz.de/10012948078
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Risk Aversion as a Perceptual Bias
Khaw, Mel - 2017
The theory of expected utility maximization (EUM) proposed by Bernoulli explains risk aversion as a consequence of … bias | but one that represents an optimal Bayesian decision, given the limitations of the mental representation of the …
Persistent link: https://www.econbiz.de/10012956867
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Risk Aversion as a Perceptual Bias
Khaw, Mel - 2017
The theory of expected utility maximization (EUM) explains risk aversion as due to diminishing marginal utility of … need for a nonlinear utility-of-wealth function, and instead results from a sort of perceptual bias — but one that …
Persistent link: https://www.econbiz.de/10012959374
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Risk aversion as a perceptual bias
Khaw, Mel Win; Li, Ziang; Woodford, Michael - 2017
Persistent link: https://www.econbiz.de/10011649386
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Risk aversion as a perceptual bias
Khaw, Mel Win; Li, Ziang; Woodford, Michael - 2017
Persistent link: https://www.econbiz.de/10011654992
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Risk aversion as a perceptual bias
Khaw, Mel Win; Li, Ziang; Woodford, Michael - 2017
The theory of expected utility maximization (EUM) proposed by Bernoulli explains risk aversion as a consequence of … bias | but one that represents an optimal Bayesian decision, given the limitations of the mental representation of the …
Persistent link: https://www.econbiz.de/10011638247