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Rational inattention and information provision experiments

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  • Maćkowiak, Bartosz

Abstract

In surveys with information provision experiments, researchers can observe how people change beliefs, and sometimes also actions, after having been confronted with information. This article interprets information provision experiments from the perspective of the theory of rational inattention, discussing what survey findings tell us about economic behaviour outside the survey and deriving implications for central bank communication. One implication is that there may be a weak response from individuals to certain kinds of real‑world policy communication even though they respond strongly during an information provision experiment. JEL Classification: D8, D9, E7

Suggested Citation

  • Maćkowiak, Bartosz, 2025. "Rational inattention and information provision experiments," Research Bulletin, European Central Bank, vol. 134.
    • Handle: RePEc:ecb:ecbrbu:2025:0134:
    Note: 1026376
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    References listed on IDEAS

    as
    1. Jianjun Miao & Jieran Wu & Eric R. Young, 2022. "Multivariate Rational Inattention," Econometrica, Econometric Society, vol. 90(2), pages 907-945, March.
    2. Jurado, Kyle, 2023. "Rational inattention in the frequency domain," Journal of Economic Theory, Elsevier, vol. 208(C).
    3. Ingar Haaland & Christopher Roth & Johannes Wohlfart, 2023. "Designing Information Provision Experiments," Journal of Economic Literature, American Economic Association, vol. 61(1), pages 3-40, March.
    4. Maćkowiak, Bartosz & Matějka, Filip & Wiederholt, Mirko, 2018. "Dynamic rational inattention: Analytical results," Journal of Economic Theory, Elsevier, vol. 176(C), pages 650-692.
    5. Sims, Christopher A., 2003. "Implications of rational inattention," Journal of Monetary Economics, Elsevier, vol. 50(3), pages 665-690, April.
    6. Bartosz Maćkowiak & Filip Matějka & Mirko Wiederholt, 2023. "Rational Inattention: A Review," Journal of Economic Literature, American Economic Association, vol. 61(1), pages 226-273, March.
    7. Edward S. Knotek & James Mitchell & Mathieu Pedemonte & Taylor Shiroff, 2024. "The Effects of Interest Rate Increases on Consumers' Inflation Expectations: The Roles of Informedness and Compliance," Working Papers 24-01R, Federal Reserve Bank of Cleveland, revised 05 Jun 2025.
    8. Hassan Afrouzi & Choongryul Yang, 2021. "Dynamic Rational Inattention and the Phillips Curve," CESifo Working Paper Series 8840, CESifo.
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • E7 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics

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