Subjective information choice processes

We propose a class of dynamic models that capture subjective (and hence unobservable) constraints on the amount of information a decision maker can acquire, pay attention to, or absorb, via an Information Choice Process (ICP). An ICP specifies the information that can be acquired about the payoff-re...

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Published in:Theoretical economics 2023-05, Vol.18 (2), p.529-559
Main Authors: Dillenberger, David, Krishna, R. Vijay, Sadowski, Philipp
Format: Article
Language:English
Subjects:
Consumption
D80
D81
D90
Decision making
Dominance
dynamic Blackwell dominance
Dynamic models
Dynamic preferences
Economic theory
Human capital
information choice process
Information sources
Markov analysis
rational inattention
subjective Markov decision process
Workers
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Krishna, R. Vijay
Sadowski, Philipp
description We propose a class of dynamic models that capture subjective (and hence unobservable) constraints on the amount of information a decision maker can acquire, pay attention to, or absorb, via an Information Choice Process (ICP). An ICP specifies the information that can be acquired about the payoff-relevant state in the current period, and how this choice affects what can be learned in the future. In spite of their generality, wherein ICPs can accommodate any dependence of the information constraint on the history of information choices and state realizations, we show that the constraints imposed by them are identified up to a dynamic extension of Blackwell dominance. All the other parameters of the model are also uniquely identified.
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subjects Consumption
D80
D81
D90
Decision making
Dominance
dynamic Blackwell dominance
Dynamic models
Dynamic preferences
Economic theory
Human capital
information choice process
Information sources
Markov analysis
rational inattention
subjective Markov decision process
Workers
title Subjective information choice processes
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