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Costs of attention, while central to choice behavior, have proven hard to measure. We introduce a simple method of recovering them from choice data. Our recovery method rests on the observation that costs of attention play precisely the same role in consumer choice as do a competitive firm's...
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Series Introduction. Volume Introduction. PART I: SETTING THE STAGE. 1. The Case for Mindless Economics, Faruk Gul and Wolfgang Pesendorfer. 2. The Case for Mindful Economics, Colin Camerer. 3. Whats So Informative about Choice?, Andrew Schotter. 4. On Two Points of View Regarding Revealed...
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