A theory of subjective learning

• 成果类型: Article
• 署名作者: Dillenberger, David; Lleras, Juan Sebastian; Sadowski, Philipp; Takeoka, Norio
• 署名单位: University of Pennsylvania; Duke University; Yokohama National University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2014.07.003
• 发表日期: 2014
• 页码: 287-312
• 关键词: Subjective learning; Partitional learning; preference for flexibility; Valuing insurance acts; Subjective filtration; Dated-menus

摘要

We study an individual who faces a dynamic decision problem in which the process of information arrival is unobserved by the analyst. We elicit subjective information directly from choice behavior by deriving two utility representations of preferences over menus of acts. One representation uniquely identifies information as a probability measure over posteriors and the other identifies information as a partition of the state space. We compare individuals who expect to learn differently in terms of their preference for flexibility. On the extended domain of dated-menus, we show how to accommodate gradual learning over time by means of a subjective filtration. (C) 2014 Elsevier Inc. All rights reserved.