Preferences for the resolution of uncertainty and the timing of information

• 成果类型: Article
• 署名作者: Nielsen, Kirby
• 署名单位: California Institute of Technology
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2020.105090
• 发表日期: 2020
• 关键词: Resolution of uncertainty; Information preferences; Anticipatory emotions

摘要

We present results from a laboratory experiment designed to elicit preferences over the resolution of uncertainty and timing of non-instrumental information acquisition in a rich choice set. Treatments vary whether the uncertainty is framed as a compound lottery or information structure. We find that individuals prefer to delay uncertainty resolution when the choice is framed as a compound lottery and prefer to expedite uncertainty resolution when framed as an information structure. Preferences are strict, as individuals are willing to pay for information in one treatment and they pay to avoid information in the other. We find no evidence of an aversion to gradual resolution in either context. (c) 2020 Elsevier Inc. All rights reserved.