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Does Information Change Behavior?

  • Huffman, Wallace

This paper reviews and synthesizes the theory of information economics and empirical evidence on how information changes the behavior of consumers, households and firms. I show that consumers respond to new information in food experiments but perhaps not in retirement account management. Some seeming perverse consumer/investor decision making may be a result of a complex decision with a low expected payoff.

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File URL: http://www.econ.iastate.edu/sites/default/files/publications/papers/p3900-2009-11-02.pdf
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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 13128.

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Date of creation: 02 Nov 2009
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Handle: RePEc:isu:genres:13128
Contact details of provider: Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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  1. Schultz, Theodore W, 1975. "The Value of the Ability to Deal with Disequilibria," Journal of Economic Literature, American Economic Association, vol. 13(3), pages 827-46, September.
  2. Huffman, Wallace E. & Tegene, Abebayehu, 2002. "Public Acceptance of and Benefits from Agricultural Biotechnology: A Key Role for Verifiable Information," Staff General Research Papers 10430, Iowa State University, Department of Economics.
  3. Huffman, Wallace & Just, Richard E., 1998. "Setting Efficient Incentives for Agricultural Research: Lessons from Principal-Agent Theory," Staff General Research Papers 1389, Iowa State University, Department of Economics.
  4. Stephen Morris & Hyun Song Shin, 2002. "Social Value of Public Information," American Economic Review, American Economic Association, vol. 92(5), pages 1521-1534, December.
  5. Huffman, Wallace, 2001. "Human Capital, Education, and Agriculture," Staff General Research Papers 10438, Iowa State University, Department of Economics.
  6. Paul R. Milgrom & John Roberts, 1985. "Relying on the Information of Interested Parties," Cowles Foundation Discussion Papers 749, Cowles Foundation for Research in Economics, Yale University.
  7. repec:cup:cbooks:9780521873161 is not listed on IDEAS
  8. Huffman, Wallace E. & Rousu, Matthew & Shogren, Jason F. & Tegene, Abebayehu, 2007. "The effects of prior beliefs and learning on consumers' acceptance of genetically modified foods," Journal of Economic Behavior & Organization, Elsevier, vol. 63(1), pages 193-206, May.
  9. Huffman, Wallace E. & Orazem, Peter F., 2007. "Agriculture and Human Capital in Economic Growth: Farmers, Schooling and Nutrition," Handbook of Agricultural Economics, Elsevier.
  10. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  11. James J. Choi & David Laibson & Brigitte C. Madrian, 2005. "Are Empowerment and Education Enough? Underdiversification in 401(k) Plans," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 36(2), pages 151-214.
  12. John Beshears & James J. Choi & David Laibson & Brigitte C. Madrian, 2009. "The Importance of Default Options for Retirement Saving Outcomes: Evidence from the United States," NBER Chapters, in: Social Security Policy in a Changing Environment, pages 167-195 National Bureau of Economic Research, Inc.
  13. Viscusi, W Kip, 1997. "Alarmist Decisions with Divergent Risk Information," Economic Journal, Royal Economic Society, vol. 107(445), pages 1657-70, November.
  14. Matthew Rousu & Wallace E. Huffman & Jason F. Shogren & Abebayehu Tegene, 2007. "Effects And Value Of Verifiable Information In A Controversial Market: Evidence From Lab Auctions Of Genetically Modified Food," Economic Inquiry, Western Economic Association International, vol. 45(3), pages 409-432, 07.
  15. Joseph E. Stiglitz, 2000. "The Contributions Of The Economics Of Information To Twentieth Century Economics," The Quarterly Journal of Economics, MIT Press, vol. 115(4), pages 1441-1478, November.
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