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Ego-utility and endogenous information acquisition: an experimental study
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SYSNO ASEP 0476071 Document Type V - Research Report R&D Document Type O - Ostatní Title Ego-utility and endogenous information acquisition: an experimental study Author(s) Miklánek, Tomáš (NHU-N) Issue data Prague: CERGE-EI, 2017 ISSN 1211-3298 Series CERGE-EI Working Paper Series Series number 582 Number of pages 24 s. Publication form Print - P Language eng - English Country CZ - Czech Republic Keywords information acquisition ; experiment ; overconfidence Subject RIV AH - Economics OECD category Economic Theory Institutional support NHU-N - RVO:67985998 Annotation This paper examines endogenous decisions to acquire useful information. My experimental design tries to test predictions of ego-utility theories and other relevant theories about the decision-making process of agents in the environment with costless signals. Only slightly more than half of the subjects acquired an optimal number of the signals for payoff maximization. The results suggest that for the subjects making sub-optimal decisions, aversion to cognitive dissonance is the prevalent channel. Contrary to this, I find much less support for the ego-utility theory and theory of information ignorance in my setting. The availability of information alone does not automatically lead to an improvement in decisions. Workplace Economics Institute Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2019 Electronic address http://www.cerge-ei.cz/pdf/wp/Wp582.pdf
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