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- W2053293854 abstract "While standard theory assumes rational, optimizing agents under full information, the latter is rarely found in reality. Information has to be acquired and processed—both involving costs. In rational-inattentiveness models agents update their information set only when the benefit outweighs the information cost. We test the rational-inattentiveness model in a controlled laboratory environment. Our design is a forecasting task with costly information and a clear cost–benefit structure. While we find numerous deviations from the model predictions on the individual level, the aggregate results are consistent with rational-inattentiveness and sticky information models rejecting simpler behavioral heuristics." @default.
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- W2053293854 date "2013-10-01" @default.
- W2053293854 modified "2023-09-26" @default.
- W2053293854 title "Rational inattentiveness in a forecasting experiment" @default.
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- W2053293854 doi "https://doi.org/10.1016/j.jebo.2013.08.013" @default.
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