Optimal Dynamic Allocation of Attention

• 成果类型: Article
• 署名作者: Che, Yeon-Koo; Mierendorff, Konrad
• 署名单位: Columbia University; University of London; University College London
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20171000
• 发表日期: 2019
• 页码: 2993-3029
• 关键词: media bias; rational inattention; INFORMATION; CHOICE; slant; MODEL

摘要

We consider a decision maker (DM) who, before taking an action, seeks information by allocating her limited attention dynamically over different news sources that are biased toward alternative actions. Endogenous choice of information generates rich dynamics: the chosen news source either reinforces or weakens the prior, shaping subsequent attention choices, belief updating, and the final action. The DM adopts a learning strategy biased toward the current belief when the belief is extreme and against that belief when it is moderate. Applied to consumption of news media, observed behavior exhibits an echo-chamber effect for partisan voters and a novel anti-echo-chamber effect for moderates.