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Rational inattention dynamics: inertia and delay in decision-making


Steiner, Jakub; Stewart, Colin; Matějka, Filip (2017). Rational inattention dynamics: inertia and delay in decision-making. Econometrica, 85(2):521-553.

Abstract

We study the impact of manipulating the attention of a decision-maker who learns sequentially about a number of items before making a choice. Under natural assumptions on the decision-maker's strategy, directing attention toward one item increases its likelihood of being chosen regardless of its value. This result applies when the decision-maker can reject all items in favor of an outside option with known value; if no outside option is available, the direction of the effect of manipulation depends on the value of the item.

Abstract

We study the impact of manipulating the attention of a decision-maker who learns sequentially about a number of items before making a choice. Under natural assumptions on the decision-maker's strategy, directing attention toward one item increases its likelihood of being chosen regardless of its value. This result applies when the decision-maker can reject all items in favor of an outside option with known value; if no outside option is available, the direction of the effect of manipulation depends on the value of the item.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Uncontrolled Keywords:Rational inattention, stochastic choice, dynamic logit, information acquisition
Language:English
Date:March 2017
Deposited On:17 Sep 2019 14:29
Last Modified:25 Sep 2019 00:46
Publisher:Wiley-Blackwell Publishing, Inc.
ISSN:0012-9682
OA Status:Green
Publisher DOI:https://doi.org/10.3982/ecta13636

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