Selective sampling with information-storage constraints
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F67985998%3A_____%2F20%3A00532802" target="_blank" >RIV/67985998:_____/20:00532802 - isvavai.cz</a>
Alternative codes found
RIV/00216208:11640/20:00532804
Result on the web
<a href="https://doi.org/10.1093/ej/uez068" target="_blank" >https://doi.org/10.1093/ej/uez068</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1093/ej/uez068" target="_blank" >10.1093/ej/uez068</a>
Alternative languages
Result language
angličtina
Original language name
Selective sampling with information-storage constraints
Original language description
A memoryless agent can acquire arbitrarily many signals. After each signal observation, she either terminates and chooses an action, or she discards her observation and draws a new signal. By conditioning the probability of termination on the information collected, she controls the correlation between the payoff state and her terminal action. We provide an optimality condition for the emerging stochastic choice. The condition highlights the benefits of selective memory applied to the extracted signals. Implications—obtained in simple examples—include (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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Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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OECD FORD branch
50201 - Economic Theory
Result continuities
Project
<a href="/en/project/GA16-00703S" target="_blank" >GA16-00703S: Models of Frictional Decision-Making</a><br>
Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2020
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Economic Journal
ISSN
0013-0133
e-ISSN
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Volume of the periodical
130
Issue of the periodical within the volume
630
Country of publishing house
GB - UNITED KINGDOM
Number of pages
29
Pages from-to
1753-1781
UT code for WoS article
000582320100010
EID of the result in the Scopus database
2-s2.0-85098369182