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- W4281478048 abstract "• We investigate how incentives impact rational inattentive decision maker choices. • A lab experiment tests the theoretical predictions in a relatively complex setting. • Complexity is due to the large number of states and the linked payoff structure. • Behavior is broadly consistent with theory but a systematic difference is observed. • Difference is due to interplay of perceived payoff and cost differentials. We study how a rationally inattentive decision maker chooses state-contingent actions under uncertainty in complex environments. We explore a series of decision problems by varying the number of states as well as incentive structures. We fully characterize the theoretical solutions and compare them to choices made by subjects facing those problems in a controlled laboratory experiment. Observed behavior is broadly consistent with the theoretical model, with subjects responding to changes in complexity and incentives by varying their level of attention. Nevertheless, some interesting differences emerge from the experimental data. In particular, we find only mixed support for the invariance under compression property, that perceptual factors may be required to explain some aspects of subject behavior, and that complexity can affect the ratio of expected utility to information gains." @default.
- W4281478048 created "2022-05-26" @default.
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- W4281478048 date "2022-07-01" @default.
- W4281478048 modified "2023-09-29" @default.
- W4281478048 title "Attention and choices with multiple states and actions: A laboratory experiment" @default.
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- W4281478048 doi "https://doi.org/10.1016/j.jebo.2022.05.013" @default.
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