corresponding classical models with full information …

The current paper defines the optimal sequential information gathering structure of a rational utility maximizer … of information from a set of multidimensional goods. We show how this problem, hardly ever considered in the literature …, does not admit a simple or intuitive solution. Indeed, while the standard sequential search and information gathering …

has emphasized the dysfunctional aspects of judgmental heuristics, and yet, other findings suggest that these can be … novel methodology developed to specify the effectiveness of heuristics in different environments and allows direct … in the same tasks. Our results highlight the trade-off between linear models and heuristics. Whereas the former are …

-makers have unbounded cognitive ability to optimally process and use information. To address these two issues, we propose a new … heuristic decision process called the Value of Perfect Information (VPI), which extends the idea first proposed by Howard (1966 … of exploring uncertain alternatives. In VPI, a decision-maker investigates the benefits of a subset of information, which …