Modelling imperfect attention

Arbeitspapier

We propose a novel method to model an agent who is imperfectly attentive in the sense that she may consider only some of the alternatives available. Our methodology departs from the standard 'revealed preference' one: we make plausible assumptions on the values to the imperfectly attentive agent of different choice situations. We derive in this way a simple reduced-form model that is compatible with several cognitive processes underlying choice: the agent stochastically forms a consideration set by noticing each alternative with a given probability and then maximises a deterministic utility function over the consideration set.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Paper ; No. 744

Classification and Topics

• Classification: Wirtschaft
• Subject: Attention ; Bounded rationality ; Stochastic choice

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Manzini, Paola ; Mariotti, Marco
• Event: Veröffentlichung
• (who): Queen Mary University of London, School of Economics and Finance
• (where): London
• (when): 2015

Further information

• Handle: http://hdl.handle.net/10419/122083
• Last update: 10.03.2025, 11:45 AM CET