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Rational Inattention Via Ignorance Equivalence
Armenter, Roc - 2020
We present a novel approach to finite Rational Inattention (RI) models based on the ignorance equivalent, a fictitious action with state-dependent payoffs that effectively summarizes the optimal learning and conditional choices. The ignorance equivalent allows us to recast the RI problem as a...
Persistent link: https://www.econbiz.de/10012843760
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Rationally inattentive preferences and hidden information costs
Oliveira, Henrique de; Denti, Tommaso; Mihm, Maximilian; … - In: Theoretical economics : TE ; an open access journal in … 12 (2017) 2, pp. 621-654
We show how information acquisition costs can be identified using observable choice data. Identifying information costs from behavior is especially relevant when these costs depend on factors-such as time, effort, and cognitive resources-that are difficult to observe directly, as in models of...
Persistent link: https://www.econbiz.de/10011705099
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Rational inattention dynamics : inertia and delay in decision-making
Steiner, Jakub; Stewart, Colin; Matějka, Filip - In: Econometrica : journal of the Econometric Society, an … 85 (2017) 2, pp. 521-553
Persistent link: https://www.econbiz.de/10011778672
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Rational Inattention Via Ignorance Equivalence
Armenter, Roc; Muller-Itten, Michele; Stangebye, Zachary - 2021
We present a novel approach to finite Rational Inattention (RI) models based on the ignorance equivalent, a fictitious action with state-dependent payoffs that effectively summarizes the optimal learning and conditional choices. The ignorance equivalent allows us to recast the RI problem as a...
Persistent link: https://www.econbiz.de/10014048696
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The Devil You Know : Rational Inattention to Discrete Choices When Prior Information Matters
Pellegrino, Bruno - 2023
, decision makers can be biased, display aversion to prior uncertainty, and thus tend to select choices that are familiar (i … risk-averse investors who select risky projects in an environment characterized by epistemic uncertainty (risk …
Persistent link: https://www.econbiz.de/10014358846
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The Devil You Know : Rational Inattention to Discrete Choices when Prior Information Matters
Pellegrino, Bruno - 2023
, decision makers can be biased, display aversion to prior uncertainty, and thus tend to select choices that are familiar (i … risk-averse investors who select risky projects in an environment characterized by epistemic uncertainty (risk …
Persistent link: https://www.econbiz.de/10014348996
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Rationally Inattentive Preferences
de Oliveira, Henrique - 2017
temporal resolution of uncertainty (Kreps and Porteus [1978]), and describe a procedure to identify model parameters from …
Persistent link: https://www.econbiz.de/10012974280
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Mechanics of linear quadratic Gaussian rational inattention tracking problems
Fulton, Chad - 2017
This paper presents a general framework for constructing and solving the multivariate static linear quadratic Gaussian (LQG) rational inattention tracking problem. We interpret the nature of the solution and the implied action of the agent, and we construct representations that formalize how the...
Persistent link: https://www.econbiz.de/10011803264
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Rationally inattentive consumer : an experiment
Civelli, Andrea; Deck, Cary A.; LeBlanc, Justin D.; … - 2018
This paper presents a laboratory experiment that directly tests the theoretical predictions of consumption choices … reduce uncertainty about income by acquiring signals about it. The informativeness of the signals directly relates to the … of the theory: 1) Subjects optimally make stochastic consumption choices; 2) They respond to incentives and changes in …
Persistent link: https://www.econbiz.de/10012030042
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Competing to Persuade a Rationally Inattentive Agent
Jain, Vasudha - 2020
two senders, inwhich the receiver may garble each sender's experiment, subject to a cost increasing inthe informativeness …
Persistent link: https://www.econbiz.de/10012848500