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Individuals must often choose among discrete actions with imperfect information about their payoffs. Before choosing, they have an opportunity to study the payoffs, but doing so is costly. This creates new choices such as the number of and types of questions to ask. We model these situations using the rational inattention approach to information frictions.… (More)

- Andrew Caplin, Mark Dean, +8 authors Kemal Ozbek
- 2014

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… (More)

- Filip Matějka
- 2010

Optimal actions of an agent facing a Shannon capacity constraint on the translation of an uncertain signal into an action can easily turn out to be discretely distributed, even when the objective function and the initial distribution of uncertainty contain no discrete elements. We show this result analytically in a broad class of cases. It has implications… (More)

- Vojtěch Bartoš, Michal Bauer, +6 authors Lenka Švejdová
- 2014

We link two important ideas: attention is scarce and lack of information about an individual drives discrimination in selection decisions. Our model of allocation of costly attention implies that applicants from negatively stereotyped groups face “attention discrimination”: less attention in highly selective cherry-picking markets, where more attention… (More)

- Peter Bachmann, Rebecca Bramwell, +7 authors Meredith Pedde
- Journal of wildlife diseases
- 1990

A series of experiments are described on the acceptance, by red foxes (Vulpes vulpes) and other species, of two types of vaccine-baits intended to deliver liquid rabies vaccine. The baits consisted of a cube of sponge coated in a mixture of tallow and wax, or a plastic blister-pack embedded in tallow. All baits contained tetracycline as a biological marking… (More)

- Filip Matějka
- 2010

This paper presents a model of a rationally inattentive seller responding to shocks to unit input cost. The model generates price series simultaneously exhibiting all three of the following features that can be found in data. 1) Prices change frequently. 2)Responses of prices to aggregate variables are delayed. 3)Prices move back and forth between a few… (More)

We study a market with rationally inattentive consumers who are unsure of the terms of the offers made by firms, but can acquire information about the terms at a cost. In a symmetric equilibrium, the price set by firms is continuously increasing in the cost of information for consumers and decreasing in the number of firms operating. In addition, favorable… (More)

[To be added.] for providing the time to write this paper.

- Andrew Caplinyand, Mark Deanz, +5 authors Pietro Ortoleva
- 2013

Economists are increasingly interested in how attention impacts behavior, and therefore in models of rational inattention. We characterize choice behaviors associated with a general model of rational inattention. Our model encompasses all those currently in the literature. The necessary and su¢ cient conditions on the data are simple and intuitive. We… (More)

We solve a general class of dynamic rational-inattention problems in which an agent repeatedly acquires costly information about an evolving state and selects actions. The solution resembles the choice rule in a dynamic logit model, but it is biased towards an optimal default rule that is independent of the realized state. The model provides the same fit to… (More)