Dynamic discrete choice under rational inattention
Author
Abstract
Suggested Citation
DOI: 10.1007/s00199-023-01512-1
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Bartosz Mackowiak & Mirko Wiederholt, 2009.
"Optimal Sticky Prices under Rational Inattention,"
American Economic Review, American Economic Association, vol. 99(3), pages 769-803, June.
- Mirko Wiederholt & Bartosz Mackowiak, 2005. "Optimal Sticky Prices under Rational Inattention," 2005 Meeting Papers 369, Society for Economic Dynamics.
- Maćkowiak, Bartosz & Wiederholt, Mirko, 2009. "Optimal sticky prices under rational inattention," Working Paper Series 1009, European Central Bank.
- Maćkowiak, Bartosz & Wiederholt, Mirko, 2005. "Optimal sticky prices under rational inattention," SFB 649 Discussion Papers 2005-040, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
- Mackowiak, Bartosz & Wiederholt, Mirko, 2007. "Optimal Sticky Prices under Rational Inattention," CEPR Discussion Papers 6243, C.E.P.R. Discussion Papers.
- Filip Matêjka & Alisdair McKay, 2015.
"Rational Inattention to Discrete Choices: A New Foundation for the Multinomial Logit Model,"
American Economic Review, American Economic Association, vol. 105(1), pages 272-298, January.
- Filip Matejka & Alisdair McKay, 2011. "Rational Inattention to Discrete Choices: A New Foundation for the Multinomial Logit Model," CERGE-EI Working Papers wp442, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
- Alisdair McKay & Filip Matejka, 2011. "Rational Inattention to Discrete Choices: A New Foundation for the Multinomial Logit Model," 2011 Meeting Papers 535, Society for Economic Dynamics.
- Alisdair McKay & Filip Matejka, 2011. "Rational Inattention to Discrete Choices: A New Foundation for the Multinomial Logit Model," Boston University - Department of Economics - Working Papers Series WP2011-026, Boston University - Department of Economics.
- Woodford, Michael, 2009.
"Information-constrained state-dependent pricing,"
Journal of Monetary Economics, Elsevier, vol. 56(S), pages 100-124.
- Michael Woodford, 2008. "Information-Constrained State-Dependent Pricing," NBER Working Papers 14620, National Bureau of Economic Research, Inc.
- Jakub Steiner & Colin Stewart & Filip Matějka, 2017.
"Rational Inattention Dynamics: Inertia and Delay in Decision‐Making,"
Econometrica, Econometric Society, vol. 85, pages 521-553, March.
- Filip Matejka & Colin Stewart & Jakub Steiner, 2015. "Rational Inattention Dynamics: Inertia and Delay in Decision-Making," 2015 Meeting Papers 307, Society for Economic Dynamics.
- Steiner, Jakub & Matějka, Filip & Stewart, Colin, 2015. "Rational Inattention Dynamics: Inertia and Delay in Decision-Making," CEPR Discussion Papers 10720, C.E.P.R. Discussion Papers.
- Jakub Steiner & Colin Stewart & Filip Matejka, 2016. "Rational Inattention Dynamics: Inertia and Delay in Decision-Making," Working Papers tecipa-559, University of Toronto, Department of Economics.
- Stijn Van Nieuwerburgh & Laura Veldkamp, 2010.
"Information Acquisition and Under-Diversification,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 77(2), pages 779-805.
- Stijn Van Nieuwerburgh & Laura Veldkamp, 2008. "Information Acquisition and Under-Diversification," NBER Working Papers 13904, National Bureau of Economic Research, Inc.
- Laura Veldkamp & Stijn Van Nieuwerburgh, 2008. "Information Acquisition and Under-Diversification," Working Papers 08-21, New York University, Leonard N. Stern School of Business, Department of Economics.
- Mondria, Jordi, 2010. "Portfolio choice, attention allocation, and price comovement," Journal of Economic Theory, Elsevier, vol. 145(5), pages 1837-1864, September.
- Jianjun Miao & Jieran Wu & Eric R. Young, 2022.
"Multivariate Rational Inattention,"
Econometrica, Econometric Society, vol. 90(2), pages 907-945, March.
- Jianjun Miao & Jieran Wu & Eric Young, 2018. "Multivariate Rational Inattention," Boston University - Department of Economics - Working Papers Series WP2019-07, Boston University - Department of Economics, revised Jan 2019.
- Andrew Caplin & Mark Dean & John Leahy, 2022.
"Rationally Inattentive Behavior: Characterizing and Generalizing Shannon Entropy,"
Journal of Political Economy, University of Chicago Press, vol. 130(6), pages 1676-1715.
- Andrew Caplin & Mark Dean & John Leahy, 2017. "Rationally Inattentive Behavior: Characterizing and Generalizing Shannon Entropy," NBER Working Papers 23652, National Bureau of Economic Research, Inc.
- Mattsson, Lars-Goran & Weibull, Jorgen W., 2002. "Probabilistic choice and procedurally bounded rationality," Games and Economic Behavior, Elsevier, vol. 41(1), pages 61-78, October.
- Jianjun Miao & Dongling Su, 2023.
"Asset market equilibrium under rational inattention,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(1), pages 1-30, January.
- Jianjun Miao & Dongling Su, 2019. "Asset Market Equilibrium under Rational Inattention," Boston University - Department of Economics - Working Papers Series WP2019-09, Boston University - Department of Economics.
- Nimark, Kristoffer P. & Sundaresan, Savitar, 2019.
"Inattention and belief polarization,"
Journal of Economic Theory, Elsevier, vol. 180(C), pages 203-228.
- Kristoffer Nimark, 2018. "Inattention and Belief Polarization," 2018 Meeting Papers 915, Society for Economic Dynamics.
- Andrew Caplin & Mark Dean, 2015.
"Revealed Preference, Rational Inattention, and Costly Information Acquisition,"
American Economic Review, American Economic Association, vol. 105(7), pages 2183-2203, July.
- Andrew Caplin & Mark Dean, 2014. "Revealed Preference, Rational Inattention, and Costly Information Acquisition," NBER Working Papers 19876, National Bureau of Economic Research, Inc.
- Peng, Lin & Xiong, Wei, 2006.
"Investor attention, overconfidence and category learning,"
Journal of Financial Economics, Elsevier, vol. 80(3), pages 563-602, June.
- Lin Peng & Wei Xiong, 2005. "Investor Attention: Overconfidence and Category Learning," NBER Working Papers 11400, National Bureau of Economic Research, Inc.
- Yulei Luo, 2008.
"Consumption Dynamics under Information Processing Constraints,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(2), pages 366-385, April.
- Yulei Luo, 2005. "Consumption Dynamics under Information Processing Constraints," Macroeconomics 0505011, University Library of Munich, Germany, revised 04 Jun 2005.
- Yulei Luo, 2024. "Consumption Dynamics under Information Processing Constraints," CEMA Working Papers 622, China Economics and Management Academy, Central University of Finance and Economics.
- Andrew Caplin & Mark Dean & John Leahy, 2019. "Rational Inattention, Optimal Consideration Sets, and Stochastic Choice," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 86(3), pages 1061-1094.
- Dewan, Ambuj & Neligh, Nathaniel, 2020. "Estimating information cost functions in models of rational inattention," Journal of Economic Theory, Elsevier, vol. 187(C).
- Sims, Christopher A., 2003. "Implications of rational inattention," Journal of Monetary Economics, Elsevier, vol. 50(3), pages 665-690, April.
- Tommaso Denti & Massimo Marinacci & Aldo Rustichini, 2022.
"Experimental Cost of Information,"
American Economic Review, American Economic Association, vol. 112(9), pages 3106-3123, September.
- Tommaso Denti & Massimo Marinacci & Aldo Rustichini, 2019. "Experimental Cost of Information," Working Papers 657, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Benjamin Hébert & Michael Woodford, 2021.
"Neighborhood-Based Information Costs,"
American Economic Review, American Economic Association, vol. 111(10), pages 3225-3255, October.
- Benjamin M. Hébert & Michael Woodford, 2020. "Neighborhood-Based Information Costs," NBER Working Papers 26743, National Bureau of Economic Research, Inc.
- Drew Fudenberg & Tomasz Strzalecki, 2015.
"Dynamic Logit With Choice Aversion,"
Econometrica, Econometric Society, vol. 83, pages 651-691, March.
- Drew Fudenberg & Tomasz Strzalecki, "undated". "Dynamic Logit with Choice Aversion," Working Paper 40033, Harvard University OpenScholar.
- Fudenberg, Drew & Strzalecki, Tomasz, 2015. "Dynamic Logit with Choice Aversion," Scholarly Articles 14397609, Harvard University Department of Economics.
- Luciano Pomatto & Philipp Strack & Omer Tamuz, 2018. "The Cost of Information: The Case of Constant Marginal Costs," Papers 1812.04211, arXiv.org, revised Feb 2023.
- Shorrocks, A F, 1980. "The Class of Additively Decomposable Inequality Measures," Econometrica, Econometric Society, vol. 48(3), pages 613-625, April.
- Luciano Pomatto & Philipp Strack & Omer Tamuz, 2023. "The Cost of Information: The Case of Constant Marginal Costs," American Economic Review, American Economic Association, vol. 113(5), pages 1360-1393, May.
- Jianjun Miao, 2019. "Multivariate LQG Control under Rational Inattention in Continuous Time," Boston University - Department of Economics - Working Papers Series WP2019-06, Boston University - Department of Economics.
- Doron Ravid, 2020. "Ultimatum Bargaining with Rational Inattention," American Economic Review, American Economic Association, vol. 110(9), pages 2948-2963, September.
- Hebert, Benjamin & Woodford, Michael, 2017.
"Rational Inattention with Sequential Information Sampling,"
Research Papers
repec:ecl:stabus:3457, Stanford University, Graduate School of Business.
- Hebert, Benjamin & Woodford, Michael, 2018. "Rational Inattention with Continuous Time," Research Papers 3457, Stanford University, Graduate School of Business.
- Emir Kamenica, 2019. "Bayesian Persuasion and Information Design," Annual Review of Economics, Annual Reviews, vol. 11(1), pages 249-272, August.
- Weijie Zhong, 2022. "Optimal Dynamic Information Acquisition," Econometrica, Econometric Society, vol. 90(4), pages 1537-1582, July.
- Tommaso Denti, 2022. "Posterior Separable Cost of Information," American Economic Review, American Economic Association, vol. 112(10), pages 3215-3259, October.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Pei Kuang & Li Tang & Renbin Zhang & Tongbin Zhang, 2025. "Are survey stock price forecasts anchored by fundamental forecasts? A long-run perspective," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 79(2), pages 657-685, March.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- 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.
- Mackowiak, Bartosz & Matějka, Filip & Wiederholt, Mirko, 2020. "Rational Inattention: A Review," CEPR Discussion Papers 15408, C.E.P.R. Discussion Papers.
- Bartosz Maćkowiak & Filip Matějka & Mirko Wiederholt, 2023. "Rational Inattention: A Review," SciencePo Working papers Main hal-03878692, HAL.
- Maćkowiak, Bartosz & Matějka, Filip & Wiederholt, Mirko, 2021. "Rational inattention: a review," Working Paper Series 2570, European Central Bank.
- Bartosz Maćkowiak & Filip Matějka & Mirko Wiederholt, 2023. "Rational Inattention: A Review," Post-Print hal-03878692, HAL.
- Jianjun Miao & Dongling Su, 2023.
"Asset market equilibrium under rational inattention,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(1), pages 1-30, January.
- Jianjun Miao & Dongling Su, 2019. "Asset Market Equilibrium under Rational Inattention," Boston University - Department of Economics - Working Papers Series WP2019-09, Boston University - Department of Economics.
- Jianjun Miao & Jieran Wu & Eric R. Young, 2022.
"Multivariate Rational Inattention,"
Econometrica, Econometric Society, vol. 90(2), pages 907-945, March.
- Jianjun Miao & Jieran Wu & Eric Young, 2018. "Multivariate Rational Inattention," Boston University - Department of Economics - Working Papers Series WP2019-07, Boston University - Department of Economics, revised Jan 2019.
- Flynn, Joel P. & Sastry, Karthik A., 2023. "Strategic mistakes," Journal of Economic Theory, Elsevier, vol. 212(C).
- Matějka, Filip & Mackowiak, Bartosz & Wiederholt, Mirko, 2018. "Survey: Rational Inattention, a Disciplined Behavioral Model," CEPR Discussion Papers 13243, C.E.P.R. Discussion Papers.
- Tommaso Denti & Doron Ravid, 2023. "Robust Predictions in Games with Rational Inattention," Papers 2306.09964, arXiv.org.
- Jakub Steiner & Colin Stewart & Filip Matějka, 2017.
"Rational Inattention Dynamics: Inertia and Delay in Decision‐Making,"
Econometrica, Econometric Society, vol. 85, pages 521-553, March.
- Steiner, Jakub & Matějka, Filip & Stewart, Colin, 2015. "Rational Inattention Dynamics: Inertia and Delay in Decision-Making," CEPR Discussion Papers 10720, C.E.P.R. Discussion Papers.
- Filip Matejka & Colin Stewart & Jakub Steiner, 2015. "Rational Inattention Dynamics: Inertia and Delay in Decision-Making," 2015 Meeting Papers 307, Society for Economic Dynamics.
- Jakub Steiner & Colin Stewart & Filip Matejka, 2016. "Rational Inattention Dynamics: Inertia and Delay in Decision-Making," Working Papers tecipa-559, University of Toronto, Department of Economics.
- Roc Armenter & Michèle Müller-Itten & Zachary Stangebye, 2020.
"Rational Inattention via Ignorance Equivalence,"
Working Papers
20-24, Federal Reserve Bank of Philadelphia.
- Roc Armenter & Michèle Müller-Itten & Zachary Strangebye, 2021. "Rational Inattention via Ignorance Equivalence," Working Papers 21-29, Federal Reserve Bank of Philadelphia.
- Xavier Gabaix, 2017.
"Behavioral Inattention,"
NBER Working Papers
24096, National Bureau of Economic Research, Inc.
- Gabaix, Xavier, 2018. "Behavioral Inattention," CEPR Discussion Papers 13268, C.E.P.R. Discussion Papers.
- Dasgupta, Kunal & Mondria, Jordi, 2018.
"Inattentive importers,"
Journal of International Economics, Elsevier, vol. 112(C), pages 150-165.
- Kunal Dasgupta & Jordi Mondria, 2014. "Inattentive Importers," Working Papers tecipa-512, University of Toronto, Department of Economics.
- Kunal Dasgupta & Jordi Mondria, 2016. "Inattentive Importers," Working Papers tecipa-566, University of Toronto, Department of Economics.
- Gaglianone, Wagner Piazza & Giacomini, Raffaella & Issler, João Victor & Skreta, Vasiliki, 2022.
"Incentive-driven inattention,"
Journal of Econometrics, Elsevier, vol. 231(1), pages 188-212.
- Wagner Piazza Gaglianone & Raffaella Giacomini & João Victor Issler & Vasiliki Skreta, 2018. "Incentive-driven Inattention," Working Papers Series 485, Central Bank of Brazil, Research Department.
- Gaglianone, Wagner Piazza & Giacomini, Raffaella & Issler, João Victor & Skreta, Vasiliki, 2019. "Incentive-driven Inattention," FGV EPGE Economics Working Papers (Ensaios Economicos da EPGE) 811, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil).
- Skreta, Vasiliki & Giacomini, Raffaella & Gaglianone, Wagner & Issler, Joao, 2019. "Incentive-driven Inattention," CEPR Discussion Papers 13619, C.E.P.R. Discussion Papers.
- Walker-Jones, David, 2023. "Rational inattention with multiple attributes," Journal of Economic Theory, Elsevier, vol. 212(C).
- George Loewenstein & Zachary Wojtowicz, 2023. "The Economics of Attention," CESifo Working Paper Series 10712, CESifo.
- Pasten, Ernesto & Schoenle, Raphael, 2016.
"Rational inattention, multi-product firms and the neutrality of money,"
Journal of Monetary Economics, Elsevier, vol. 80(C), pages 1-16.
- Ernesto Pastén, 2012. "Rational Inattention, Multi-Product Firms and the Neutrality of Money," Working Papers Central Bank of Chile 664, Central Bank of Chile.
- Raphael Schoenle & Ernesto Pasten, 2015. "Rational Inattention, Multi-Product Firms and the Neutrality of Money," Working Papers 91, Brandeis University, Department of Economics and International Business School.
- Ernesto Pasten, 2012. "Rational Inattention, Multi-Product Firms and the Neutrality of Money," 2012 Meeting Papers 346, Society for Economic Dynamics.
- Hébert, Benjamin & Woodford, Michael, 2023.
"Rational inattention when decisions take time,"
Journal of Economic Theory, Elsevier, vol. 208(C).
- Benjamin M. Hébert & Michael Woodford, 2019. "Rational Inattention when Decisions Take Time," NBER Working Papers 26415, National Bureau of Economic Research, Inc.
- Andrew Caplin & Mark Dean & John Leahy, 2022.
"Rationally Inattentive Behavior: Characterizing and Generalizing Shannon Entropy,"
Journal of Political Economy, University of Chicago Press, vol. 130(6), pages 1676-1715.
- Andrew Caplin & Mark Dean & John Leahy, 2017. "Rationally Inattentive Behavior: Characterizing and Generalizing Shannon Entropy," NBER Working Papers 23652, National Bureau of Economic Research, Inc.
- Angeletos, G.-M. & Lian, C., 2016. "Incomplete Information in Macroeconomics," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 1065-1240, Elsevier.
- Filip Matêjka & Alisdair McKay, 2015.
"Rational Inattention to Discrete Choices: A New Foundation for the Multinomial Logit Model,"
American Economic Review, American Economic Association, vol. 105(1), pages 272-298, January.
- Alisdair McKay & Filip Matejka, 2011. "Rational Inattention to Discrete Choices: A New Foundation for the Multinomial Logit Model," Boston University - Department of Economics - Working Papers Series WP2011-026, Boston University - Department of Economics.
- Alisdair McKay & Filip Matejka, 2011. "Rational Inattention to Discrete Choices: A New Foundation for the Multinomial Logit Model," 2011 Meeting Papers 535, Society for Economic Dynamics.
- Filip Matejka & Alisdair McKay, 2011. "Rational Inattention to Discrete Choices: A New Foundation for the Multinomial Logit Model," CERGE-EI Working Papers wp442, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
- Bartosz Maćkowiak & Mirko Wiederholt, 2015.
"Business Cycle Dynamics under Rational Inattention,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 82(4), pages 1502-1532.
- Bartosz Mackowiak & Mirko Wiederholt, 2008. "Business Cycle Dynamics under Rational Inattention," 2008 Meeting Papers 1059, Society for Economic Dynamics.
- Maćkowiak, Bartosz & Wiederholt, Mirko, 2011. "Business cycle dynamics under rational inattention," Working Paper Series 1331, European Central Bank.
- Mackowiak, Bartosz & Wiederholt, Mirko, 2010. "Business Cycle Dynamics under Rational Inattention," CEPR Discussion Papers 7691, C.E.P.R. Discussion Papers.
- Philippe Jehiel & Jakub Steiner, 2020.
"Selective Sampling with Information-Storage Constraints [On interim rationality, belief formation and learning in decision problems with bounded memory],"
The Economic Journal, Royal Economic Society, vol. 130(630), pages 1753-1781.
- Philippe Jehiel & Jakub Steiner, 2018. "Selective Sampling with Information-Storage Constraints," CERGE-EI Working Papers wp621, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
- Philippe Jehiel & Jakub Steiner, 2019. "Selective Sampling with Information-Storage Constraints," Working Papers halshs-02183450, HAL.
- Philippe Jehiel & Jakub Steiner, 2020. "Selective Sampling with Information-Storage Constraints," PSE-Ecole d'économie de Paris (Postprint) halshs-03229986, HAL.
- Philippe Jehiel & Jakub Steiner, 2020. "Selective Sampling with Information-Storage Constraints," Post-Print halshs-03229986, HAL.
- Philippe Jehiel & Jakub Steiner, 2019. "Selective Sampling with Information-Storage Constraints," PSE Working Papers halshs-02183450, HAL.
More about this item
Keywords
Rational inattention; Endogenous information acquisition; Entropy; Dynamic discrete choice; Dynamic programming;All these keywords.
JEL classification:
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:joecth:v:77:y:2024:i:3:d:10.1007_s00199-023-01512-1. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.