Rationally inattentive preferences and hidden information costs
利用可观测的选择数据来识别信息获取成本,通过机会集的支付意愿数据建立识别信息成本的规范性质,并给出理性疏忽偏好的公理刻画,揭示决策者获取的信息量。
We show how information acquisition costs can be identified using observable choice data. Identifying information costs from behavior is especially relevant when these costs depend on factors-such as time, effort, and cognitive resources-that are difficult to observe directly, as in models of rational inattention. Using willingness-to-pay data for opportunity sets-which require more or less information to make choices-we establish a set of canonical properties that are necessary and sufficient to identify information costs. We also provide an axiomatic characterization of the induced rationally inattentive preferences and show how they reveal the amount of information a decision-maker acquires.