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Author Info
Andrew Caplin
John Leahy

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Abstract

How much information should a policy maker pass on to an ill-informed citizen? In this paper, we address this classic question of Crawford and Sobel (1982)in a setting in which beliefs impact utility, as in Kreps and Porteus (1978). We show that this question cannot be answered using a utility function with standard revealed preference foundations. To solve the model, we go beyond the classical model in two respects, relying on the psychological expected utility model of Caplin and Leahy (2001) to capture preferences, and the psychological game model of Geanakoplos "et al". (1989) to capture strategic interactions. Copyright 2004 Royal Economic Society.

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Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 114 (2004)
Issue (Month): 497 (07)
Pages: 487-505
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Handle: RePEc:ecj:econjl:v:114:y:2004:i:497:p:487-505

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  1. J. Atsu Amegashie, 2006. "A psychological game with interdependent preference types," Levine's Bibliography 321307000000000511, UCLA Department of Economics. [Downloadable!]
    Other versions:
  2. Francesca Barigozzi & Rosella Levaggi, 2008. "Emotional Decision-Makers and Anomalous Attitudes towards Information," CHILD Working Papers wp02_09, CHILD - Centre for Household, Income, Labour and Demographic economics - ITALY. [Downloadable!]
    Other versions:
  3. Kfir Eliaz & Ran Spiegler, 2003. "Anticipatory Feelings and Attitudes to Information," Levine's Bibliography 506439000000000212, UCLA Department of Economics. [Downloadable!]
  4. F. Barigozzi & R. Levaggi, 2006. "A Rationale for Searching (Imprecise) Health Information," Working Papers 559, Dipartimento Scienze Economiche, Universita' di Bologna. [Downloadable!]
  5. Larry G. Epstein, 2007. "Living with risk," RCER Working Papers 534, University of Rochester - Center for Economic Research (RCER). [Downloadable!]
    Other versions:
  6. Isabelle Brocas & Juan D. Carrillo, 2005. "Biases in Perceptions, Beliefs and Behavior," Levine's Bibliography 172782000000000063, UCLA Department of Economics. [Downloadable!]
  7. Anat Bracha & Donald J. Brown, 2007. "Affective Decision Making: A Behavioral Theory of Choice," Cowles Foundation Discussion Papers 1633R, Cowles Foundation, Yale University, revised Apr 2009. [Downloadable!]
  8. Brocas, Isabelle & Carrillo, Juan D, 2002. "Are We All Better Drivers than Average? Self-Perception and Biased Behaviour," CEPR Discussion Papers 3603, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  9. Anat Bracha & Donald J. Brown, 2008. "Affective Decision Making and the Ellsberg Paradox," Cowles Foundation Discussion Papers 1667R, Cowles Foundation, Yale University, revised Aug 2008. [Downloadable!]
  10. Amegashie, J.A., 2006. "Guilt Aversion and Insincerity-Induced Disutility," Working Papers 2006-11, University of Guelph, Department of Economics. [Downloadable!]
  11. F. Barigozzi & R. Levaggi, 2005. "New Developments in Physician Agency: the Role of Patient Information," Working Papers 550, Dipartimento Scienze Economiche, Universita' di Bologna. [Downloadable!]
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