Revealed Preference, Rational Inattention, and Costly Information Acquisition

• 成果类型: Article
• 署名作者: Caplin, Andrew; Dean, Mark
• 署名单位: New York University; New York University; Brown University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20140117
• 发表日期: 2015
• 页码: 2183-2203
• 关键词: search; ECONOMICS; CHOICE

摘要

Apparently mistaken decisions are ubiquitous. To what extent does this reflect irrationality, as opposed to a rational trade-off between the costs of information acquisition and the expected benefits of learning? We develop a revealed preference test that characterizes all patterns of choice mistakes consistent with a general model of optimal costly information acquisition and identify the extent to which information costs can be recovered from choice data. (JEL D11, D81, D83)