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Cost-benefit analysis in reasoning: The value-of-information case with forward-looking agent

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Abstract

We extend the baseline setting in Alaoui and Penta (2018) to provide the representation of the cost-benefit analysis in reaoning of a (non-myopic) forward looking agent who anticipates his future steps of reasoning to take the form of a partitional information structure evaluated in a Bayesian-consistent way

Suggested Citation

  • Larbi Alaoui & Antonio Penta, 2021. "Cost-benefit analysis in reasoning: The value-of-information case with forward-looking agent," Economics Working Papers 1785, Department of Economics and Business, Universitat Pompeu Fabra.
    • Handle: RePEc:upf:upfgen:1785
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    Keywords

    cognition and incentives; choice theory; reasoning; fact-free learning; sequential heuristics; value of information; forward looking; Bayesin consistency;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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