Selective sampling with information-storage constraints

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F67985998%3A_____%2F18%3A00490875" target="_blank" >RIV/67985998:_____/18:00490875 - isvavai.cz</a>
Result on the web
<a href="https://www.cerge-ei.cz/pdf/wp/Wp621.pdf" target="_blank" >https://www.cerge-ei.cz/pdf/wp/Wp621.pdf</a>
DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Selective sampling with information-storage constraints
Original language description
A decision-maker acquires payoff-relevant information until she reaches her storing capacity, atnwhich point she either terminates the decision-making and chooses an action, or discards someninformation. By conditioning the probability of termination on the information collected, shencontrols the correlation between the payoff state and her terminal action. We provide annoptimality condition for the emerging stochastic choice. The condition highlights the benefits ofnselective memory applied to the extracted signals. The constrained-optimal choice rule exhibits (i) confirmation bias, (ii) speed-accuracy complementarity, (iii) overweighting of rare events, and (iv) salience effect.
Czech name
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Czech description
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Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year
2018
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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