Information preferences, reference points and hedonic editing: experimental evidence
通过实验研究人们在收益和损失情境下对信息聚合或分离的偏好，发现人们偏好分开了解收益信息，但对损失信息无明确偏好，且整体上偏好尽早获取信息。
Abstract We experimentally investigate preferences for clumping-versus-separating information in the gain and the loss domains, and also preferences for timing. Our design is motivated by the idea that information preferences may depend on reference points. Subjects participate in two monetary lotteries and choose how to receive the outcome information. For half of the subjects, the lotteries are framed as two gain lotteries; for the other half, as two loss lotteries. Based on Thaler (1985) one can expect that people want to learn the outcomes of the gain lotteries separately and the outcomes of the loss lotteries clumped together (cf. hedonic editing hypothesis). On the other hand, a different reference dependent model by Koszegi and Rabin (2009) relies on expectations-based reference points, and predicts that subjects should prefer clumped information irrespective of the frame. The results of our experiment show a preference for separating information about gains, and no preference for clumping or separating information about losses. Regarding timing, we find a weak overall preference for receiving information sooner. These findings provide new insights into information preferences. We conclude by discussing policy implications, as well as our additional contributions to related literature.