The Impact of Information Availability on Destination Choice
Consider a population of agents who choose one among a set of destinations located along a rectilinear road. Each of these destinations has a certain utility, modeled by a random variable. We compare a situation where the agents have to explore the destinations to observe the value of their utilities, to a situation where they know these values beforehand. We show that more information yields a higher welfare to the agents, and also, perhaps counter-intuitively, higher distance traveled.
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|Date of creation:||2016|
|Publication status:||Published in Journal of Economics and Management Strategy, Wiley, 2016, pp.Early View. 〈10.1111/jems.12152〉|
|Note:||View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01311122|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
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