Selective sampling with information-storage constraints

Kód výsledku v 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>

Výsledek na webu

<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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Jazyk výsledku

angličtina

Název v původním jazyce

Selective sampling with information-storage constraints

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

Selective sampling with information-storage constraints

Popis výsledku anglicky

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.

Druh

O - Ostatní výsledky

CEP obor

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OECD FORD obor

50201 - Economic Theory

Projekt

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Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2018

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů