The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
Costly Information Acquisition: Experimental Analysis of a Boundedly Rational Model
Open accessAbstract
The directed cognition model assumes that agents use partially myopic option-value calculations to select their next cognitive operation. The current paper tests this model by studying information acquisition in two experiments. In the first experiment, information acquisition has an explicit financial cost. In the second experiment, information acquisition is costly because time is scarce. The directed cognition model successfully predicts aggregate information acquisition patterns in these experiments. When the directed cognition model and the fully rational model make demonstrably different predictions, the directed cognition model better matches the laboratory evidence.
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Cites
Advances in prospect theory: Cumulative representation of uncertainty
Tversky, A., & Kahneman, D. (1992) · Journal of Risk and Uncertainty · doi:10.1007/bf00122574 · Cited by 15,467
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Tversky, A. (1972) · Psychological Review · doi:10.1037/h0032955 · Cited by 3,365
Aragones, E., Gilboa, I., Postlewaite, A., & Schmeidler, D. (2005) · American Economic Review · doi:10.1257/000282805775014308 · Cited by 123
Cited by
Psychology and Economics: Evidence from the Field
DellaVigna, S. (2009) · Journal of Economic Literature · doi:10.1257/jel.47.2.315 · Cited by 2,365
Investor Inattention and Friday Earnings Announcements
DELLAVIGNA, S., & POLLET, J. M. (2009) · The Journal of Finance · doi:10.1111/j.1540-6261.2009.01447.x · Cited by 1,743
Lieder, F., & Griffiths, T. L. (2020) · Behavioral and Brain Sciences · doi:10.1017/s0140525x1900061x · Cited by 892
Search Dynamics in Consumer Choice under Time Pressure: An Eye-Tracking Study
Reutskaja, E., Nagel, R., Camerer, C. F., & Rangel, A. (2011) · American Economic Review · doi:10.1257/aer.101.2.900 · Cited by 567
Shrouded Attributes, Consumer Myopia, and Information Suppression in Competitive Markets
Gabaix, X., & Laibson, D. I. (2005) · SSRN Electronic Journal · doi:10.2139/ssrn.728545 · Cited by 441
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Metadata
- Authors
- Gabaix, X., Laibson, D., Moloche, G., & Weinberg, S.
- Venue
- The American Economic Review
- Publisher
- American Economic Association
- Published
- 2006-09-01
- Volume
- 96
- Issue
- 4
- Pages
- 1043-1068
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2004542575
- Cited by
- 595
- References
- 4
- FWCI
- 13.14
- Type
- journal article
- Language
- en
- Open access
- green
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- Gabaix, X., Laibson, D., Moloche, G., & Weinberg, S. (2006). Costly Information Acquisition: Experimental Analysis of a Boundedly Rational Model. The American Economic Review. https://doi.org/10.1257/000282806779468544
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