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...