Artikel
Rationally inattentive preferences and hidden information costs
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 rational inattention. Using willingness-to-pay data for opportunity sets-which require more or less information to make choices-we establish a set of canonical properties that are necessary and sufficient to identify information costs. We also provide an axiomatic characterization of the induced rationally inattentive preferences and show how they reveal the amount of information a decision-maker acquires.
- Sprache
-
Englisch
- Erschienen in
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Journal: Theoretical Economics ; ISSN: 1555-7561 ; Volume: 12 ; Year: 2017 ; Issue: 2 ; Pages: 621-654 ; New Haven, CT: The Econometric Society
- Klassifikation
-
Wirtschaft
Criteria for Decision-Making under Risk and Uncertainty
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
- Thema
-
Information costs
Blackwell order
information acquisition
menu choice
rational inattention
- Ereignis
-
Geistige Schöpfung
- (wer)
-
de Oliveira, Henrique
Denti, Tommaso
Mihm, Maximilian
Ozbek, Kemal
- Ereignis
-
Veröffentlichung
- (wer)
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The Econometric Society
- (wo)
-
New Haven, CT
- (wann)
-
2017
- DOI
-
doi:10.3982/TE2302
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- de Oliveira, Henrique
- Denti, Tommaso
- Mihm, Maximilian
- Ozbek, Kemal
- The Econometric Society
Entstanden
- 2017
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