Information Choice Technologies
用一个统一框架比较了理性疏忽、信息市场等不同信息选择技术,解释为何有些会产生递增收益,而有些(尤其是选择观察多少公共信息时)会导致多重均衡,帮助应用理论研究者选择合适的技术并理解其后果。
Theories based on information costs or frictions have become increasing popular in macroeconomics and macro-finance. The literature has used various types of information choices, such as rational inattention, inattentiveness, information markets and costly precision. Using a unified framework, we compare these different information choice technologies and explain why some generate increasing returns and others, particularly those where agents choose how much public information to observe, generate multiple equilibria. The results can help applied theorists to choose the appropriate information choice technology for their application and to understand the consequences of that modeling choice.