Rational inattention to discrete choices: a new foundation for the multinomial logit model

Kód výsledku v IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F67985998%3A_____%2F15%3A00443567" target="_blank" >RIV/67985998:_____/15:00443567 - isvavai.cz</a>
Nalezeny alternativní kódy
RIV/00216208:11640/15:00455363
Výsledek na webu
<a href="http://dx.doi.org/10.1257/aer.20130047" target="_blank" >http://dx.doi.org/10.1257/aer.20130047</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1257/aer.20130047" target="_blank" >10.1257/aer.20130047</a>

Jazyk výsledku
angličtina
Název v původním jazyce
Rational inattention to discrete choices: a new foundation for the multinomial logit model
Popis výsledku v původním jazyce
Individuals must often choose among discrete actions with imperfect information about their payoffs. Before choosing, they have an opportunity to study the payoffs, but doing so is costly. This creates new choices such as the number of and types of questions to ask. We model these situations using the rational inattention approach to information frictions. We find that the decision maker's optimal strategy results in choosing probabilistically in line with a generalized multinomial logit model, which depends both on the actions' true payoffs as well as on prior beliefs.
Název v anglickém jazyce
Rational inattention to discrete choices: a new foundation for the multinomial logit model
Popis výsledku anglicky
Individuals must often choose among discrete actions with imperfect information about their payoffs. Before choosing, they have an opportunity to study the payoffs, but doing so is costly. This creates new choices such as the number of and types of questions to ask. We model these situations using the rational inattention approach to information frictions. We find that the decision maker's optimal strategy results in choosing probabilistically in line with a generalized multinomial logit model, which depends both on the actions' true payoffs as well as on prior beliefs.

Druh
J<sub>x</sub> - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)
CEP obor
AH - Ekonomie
OECD FORD obor
—

Projekt
<a href="/cs/project/GPP402%2F11%2FP236" target="_blank" >GPP402/11/P236: Implikace racionální nepozornosti</a><br>
Návaznosti
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění
2015
Kód důvěrnosti údajů
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Podobné výsledky(10)