Expectations with Endogenous Information Acquisition: An Experimental Investigation
通过调查实验，研究人们如何获取和处理信息，发现参与者偏好特定信号且信息成本降低并未减少预期分歧，为信息获取模型提供实证支持。
Abstract We use a survey experiment to generate direct evidence on how people acquire and process information. Participants can buy different information signals that could help them forecast future national home prices. We elicit their valuations and exogenously vary the cost of information. Participants put substantial value on their preferred signal and, when acquired, incorporate the signal in their beliefs. However, they disagree on which signal to buy. As a result, making information cheaper does not decrease the cross-sectional dispersion of expectations. We provide a model with costly acquisition and processing of information, which can match most of our empirical results.