LaRiviere, Jacob; Czajkowski, Mikolaj; Hanley, Nick; … - Environmental Economics Research Group, Department of … - 2015
: that new information leads to new knowledge and that new knowledge can affect economic decisions. In the experiment, we … elicit subjects’ prior knowledge state about a good’s attributes, exogenously vary how much new information about good … consistent with a model of incomplete learning, fatigue and either confirmation bias or costly search coupled with unbiased …