Rational inattention: a review
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F67985998%3A_____%2F23%3A00570707" target="_blank" >RIV/67985998:_____/23:00570707 - isvavai.cz</a>
Alternative codes found
RIV/00216208:11640/23:00582606
Result on the web
<a href="https://doi.org/10.1257/jel.20211524" target="_blank" >https://doi.org/10.1257/jel.20211524</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1257/jel.20211524" target="_blank" >10.1257/jel.20211524</a>
Alternative languages
Result language
angličtina
Original language name
Rational inattention: a review
Original language description
We review the recent literature on rational inattention, identify the main theoretical mechanisms, and explain how it helps us understand a variety of phenomena across fields of economics. The theory of rational inattention assumes that agents cannot process all available information, but they can choose which exact pieces of information to attend to. Several important results in economics have been built around imperfect information. Nowadays, many more forms of information than ever before are available due to new technologies, and yet we are able to digest little of it. Which form of imperfect information we possess and act upon is thus largely determined by which information we choose to pay attention to. These choices are driven by current economic conditions and imply behavior that features numerous empirically supported departures from standard models. Combining these insights about human limitations with the optimizing approach of neoclassical economics yields a new, generally applicable model.
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
—
Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2023
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Journal of Economic Literature
ISSN
0022-0515
e-ISSN
2328-8175
Volume of the periodical
61
Issue of the periodical within the volume
1
Country of publishing house
US - UNITED STATES
Number of pages
48
Pages from-to
226-273
UT code for WoS article
000995989600006
EID of the result in the Scopus database
2-s2.0-85173217239