Imperfect Attention and Menu Evaluation
We propose a novel method to model an agent who is imperfectly attentive in the sense that she may consider only some of the alternatives available. Our methodology departs from the standard ‘revealed preference’ one: we make plau- sible assumptions on the values to the imperfectly attentive agent of different choice situations. We derive in this way a simple reduced-form model that is compatible with several cognitive processes underlying choice: the agent stochastically forms a consideration set by noticing each alternative with a given probability and then maximises a deterministic utility function over the consideration set.
|Date of creation:||21 Oct 2013|
|Date of revision:||08 Apr 2015|
|Contact details of provider:|| Postal: School of Economics and Finance, University of St. Andrews, Fife KY16 9AL|
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Web page: https://www.st-andrews.ac.uk/economics/
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