Arbeitspapier
Searching for information
This paper provides a microfounded information acquisition technology based on a simple framework with information search. When searchable information is limited, an agent encounters increasingly more redundant information in his search for new information. Redundancy slows down the learning process and generates decreasing returns. Furthermore, as multiple agents search for information from the same source, limited searchability leads to covariance as the acquired information becomes increasingly more overlapped among agents. Using an asymptotic approach, we construct a tractable mapping from resource (attention) allocations to the precision and the correlation of agents.information under varying degrees of searchability of information. We study two economic applica- tions with endogenous information acquisition using our model: (i) a "beauty contest" coordination game, and (ii) a noisy rational expectations equilibrium.
- Sprache
-
Englisch
- Erschienen in
-
Series: Sveriges Riksbank Working Paper Series ; No. 300
- Klassifikation
-
Wirtschaft
Miscellaneous Mathematical Tools
Information, Knowledge, and Uncertainty: General
Criteria for Decision-Making under Risk and Uncertainty
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
Portfolio Choice; Investment Decisions
Information and Market Efficiency; Event Studies; Insider Trading
- Thema
-
information processing
concavity
precision
asymptotic analysis
coordination games
portfolio choice
financial equilibrium
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Han, Jungsuk
Sangiorgi, Francesco
- Ereignis
-
Veröffentlichung
- (wer)
-
Sveriges Riksbank
- (wo)
-
Stockholm
- (wann)
-
2015
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Han, Jungsuk
- Sangiorgi, Francesco
- Sveriges Riksbank
Entstanden
- 2015
Ähnliche Objekte (12)
The Quest for Prosperity Without Inflation
Estimating New-Keynesian Phillips Curves: A Full Information Maximum Likelihood Approach
Sticky information vs. sticky prices: A horse race in a DSGE framework
Medium-Term Forecasts of Potential GDP and Inflation Using Age Structure Information
Testing for the Lucas Critique: A Quantitative Investigation
Targeting Inflation with a Prominent Role for Money
Up for count? Central bank words and financial stress
Monetary policy surprises, central bank information shocks, and economic activity in a small open economy
Excess Sensitivity and Volatility of Long Interest Rates: The Role of Limited Information in Bond Markets
GARCH, Implied Volatilities and Implied Distributions: An Evaluation for Forecasting Purposes
Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability
Oil prices in a real-business-cycle model with precautionary demand for oil
The Quest for Prosperity Without Inflation
Estimating New-Keynesian Phillips Curves: A Full Information Maximum Likelihood Approach
Sticky information vs. sticky prices: A horse race in a DSGE framework
Medium-Term Forecasts of Potential GDP and Inflation Using Age Structure Information
Testing for the Lucas Critique: A Quantitative Investigation
Targeting Inflation with a Prominent Role for Money
Up for count? Central bank words and financial stress
Monetary policy surprises, central bank information shocks, and economic activity in a small open economy
Excess Sensitivity and Volatility of Long Interest Rates: The Role of Limited Information in Bond Markets
GARCH, Implied Volatilities and Implied Distributions: An Evaluation for Forecasting Purposes
Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability
Oil prices in a real-business-cycle model with precautionary demand for oil
The Quest for Prosperity Without Inflation
Estimating New-Keynesian Phillips Curves: A Full Information Maximum Likelihood Approach
Sticky information vs. sticky prices: A horse race in a DSGE framework
Medium-Term Forecasts of Potential GDP and Inflation Using Age Structure Information
Testing for the Lucas Critique: A Quantitative Investigation
Targeting Inflation with a Prominent Role for Money
Up for count? Central bank words and financial stress
Monetary policy surprises, central bank information shocks, and economic activity in a small open economy
Excess Sensitivity and Volatility of Long Interest Rates: The Role of Limited Information in Bond Markets
GARCH, Implied Volatilities and Implied Distributions: An Evaluation for Forecasting Purposes
Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability