Details

Autor(en) / Beteiligte

• Gabaix, Xavier
• Laibson, David
• Moloche, Guillermo
• Weinberg, Stephen

Titel

Costly Information Acquisition: Experimental Analysis of a Boundedly Rational Model

Ist Teil von

• The American economic review, 2006-09, Vol.96 (4), p.1043-1068

Ort / Verlag

Nashville: American Economic Association

Erscheinungsjahr

2006

Quelle

EBSCOhost Business Source Ultimate

Beschreibungen/Notizen

• The directed cognition model assumes that agents use partially myopic option-value calculations to select their next cognitive operation. The current paper tests this model by studying information acquisition in two experiments. In the first experiment, information acquisition has an explicit financial cost. In the second experiment, information acquisition is costly because time is scarce. The directed cognition model successfully predicts aggregate information acquisition patterns in these experiments. When the directed cognition model and the fully rational model make demonstrably different predictions, the directed cognition model better matches the laboratory evidence.