Habits as adaptations: An experimental study

• 成果类型: Article
• 署名作者: Matyskova, Ludmila; Rogers, Brian; Steiner, Jakub; Sun, Keh-Kuan
• 署名单位: University of Bonn; Washington University (WUSTL); University of Zurich; Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences
• 刊物名称: GAMES AND ECONOMIC BEHAVIOR
• ISSN/ISSBN: 0899-8256
• DOI: 10.1016/j.geb.2020.04.013
• 发表日期: 2020
• 页码: 391-406
• 关键词: habit formation; rational inattention

摘要

When observable cues correlate with optimal choices, habit-driven behavior can alleviate cognition costs. We experimentally study the degree of sophistication in habit formation and cue selection. To this end, we compare lab treatments that differ in the information provided to subjects, holding fixed the serial correlation of optimal actions. We find that a particular cue - own past action - affects behavior only in treatments in which this habit is useful. The result suggests that caution is warranted when modeling habits via a fixed non-separable utility. Despite this sophistication, lab behavior also reveals myopia in information acquisition. (C) 2020 The Author(s). Published by Elsevier Inc.