Počet záznamů: 1  

Discrete actions in information-constrained decision problems

  1. 1.
    SYSNO ASEP0510576
    Druh ASEPJ - Článek v odborném periodiku
    Zařazení RIVJ - Článek v odborném periodiku
    Poddruh JČlánek ve WOS
    NázevDiscrete actions in information-constrained decision problems
    Tvůrce(i) Jung, J. (US)
    Kim, J. H. (US)
    Matějka, Filip (NHU-N) RID
    Sims, CH. A. (US)
    Zdroj.dok.Review of Economic Studies. - : Oxford University Press - ISSN 0034-6527
    Roč. 86, č. 6 (2019), s. 2643-2667
    Poč.str.28 s.
    Jazyk dok.eng - angličtina
    Země vyd.GB - Velká Británie
    Klíč. slovarational inattention ; information theory ; decision theory
    Vědní obor RIVAH - Ekonomie
    Obor OECDEconomic Theory
    Způsob publikováníOpen access
    Institucionální podporaNHU-N - RVO:67985998
    UT WOS000498169800010
    EID SCOPUS85074748253
    DOI10.1093/restud/rdz011
    AnotaceIndividuals are constantly processing external information and translating it into actions. This draws on limited resources of attention and requires economizing on attention devoted to signals related to economic behaviour. A natural measure of such costs is based on Shannon’s “channel capacity”. Modelling economic agents as constrained by Shannon capacity as they process freely available information turns out to imply that discretely distributed actions, and thus actions that persist across repetitions of the same decision problem, are very likely to emerge in settings that without information costs would imply continuously distributed behaviour. We show how these results apply to the behaviour of an investor choosing portfolio allocations, as well as to some mathematically simpler “tracking” problems that illustrate the mechanism. Trying to use costs of adjustment to explain “stickiness” of actions when interpreting the behaviour in our economic examples would lead to mistaken conclusions.
    PracovištěNárodohospodářský ústav
    KontaktTomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122
    Rok sběru2020
    Elektronická adresahttp://hdl.handle.net/11104/0301013
Počet záznamů: 1  

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