A theory of discrete choice with information costs

被引：18

作者：

Cheremukhin, Anton ^{[1
]}

Popova, Anna ^{[2
]}

Tutino, Antonella ^{[1
]}

机构：

[1] Fed Reserve Bank Dallas, Dallas, TX 75201 USA

[2] Univ Illinois, Champaign, IL 61820 USA

来源：

JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION | 2015年 / 113卷

基金：

美国国家科学基金会;

关键词：

Bounded rationality; Information theory; Rational inattention; Discrete choice; Behavioral experiments; RATIONAL INATTENTION; DECISION-MAKING; STICKY PRICES; PROBABILITY; UTILITY;

D O I：

10.1016/j.jebo.2015.02.022

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We present a theory of discrete choice with information costs that supports deliberate stochastic choice. We use a unique experimental dataset to distinguish between errors arising from limitations on a decision maker's cognitive abilities and conscious disregard of information. Experimental evidence strongly favors the latter explanation. The data also allows us to directly estimate the shape and size of information costs for individual participants. Furthermore, in line with a dynamic extension of our theory, we find that accumulated knowledge of the environment improves response consistency. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：34 / 50

页数：17

共 50 条

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