Revealed preference, rational inattention, and costly information acquisition Abstract To what extent do mistaken decisions reflect a trade-off between the […]
Naive play and the process of choice in guessing games Abstract We introduce a “choice process” protocol that allows us
The Dual‐Process Drift Diffusion Model: Evidence from Response Times Abstract We introduce a model of response time and choice in
Wishful thinking Abstract We model agents who get utility from their beliefs and therefore interpret information optimistically. They may exhibit
Rational inattention, competitive supply, and psychometrics Abstract We show that rational inattention gives rise to consideration sets. We introduce linear
Rational inattention, competitive supply, and psychometrics Abstract We recover attention costs from choice data based on a precise analogy with
Comparison of Decisions Under Unknown Experiments Abstract An econometrician wants to determine which of two experiments provides higher expected utility
Rationally Inattentive Behavior: Characterizing and Generalizing Shannon Entropy Abstract We provide a full behavioral characterization of the standard Shannon model