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Revealed preference, rational inattention, and costly information acquisition

Author: Andrew Caplin; Mark Dean; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2014.
Series: Working paper series (National Bureau of Economic Research), no. 19876.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We develop a revealed preference test for optimal acquisition of costly information. The test encompasses models of rational inattention, sequential signal processing, and search. We provide limits on the extent to which attention costs can be recovered from choice data. We experimentally elicit state dependent stochastic choice data of the form the tests require. In simple cases, tests confirm that subjects adjust  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Andrew Caplin; Mark Dean; National Bureau of Economic Research.
OCLC Number: 870641828
Notes: Title from http://www.nber.org/papers/19876 viewed February 17, 2014.
"January 2014."
Description: 1 online resource (51, [9] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 19876.
Responsibility: Andrew Caplin, Mark Dean.

Abstract:

We develop a revealed preference test for optimal acquisition of costly information. The test encompasses models of rational inattention, sequential signal processing, and search. We provide limits on the extent to which attention costs can be recovered from choice data. We experimentally elicit state dependent stochastic choice data of the form the tests require. In simple cases, tests confirm that subjects adjust their attention in response to incentives as the theory dictates.

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