English, Article edition: Information Acquisition and Choice Under Uncertainty Isabelle Brocas; Juan D. Carrillo

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Information Acquisition and Choice Under Uncertainty
Author
  • Isabelle Brocas
  • Juan D. Carrillo
Physical Description
  • article
Notes
  • "This paper presents a model where individuals have imperfect information and there is an opportunity cost of learning. It shows that the endogenous decision to collect costly information before taking an action has a systematic effect on choices. More precisely, consider two alternatives with ex ante identical expected payoff but different variances. The model predicts that, after the learning process is stopped, a majority of individuals will select the alternative with largest payoff-variance. The result persists when agents have multiple sources of information. Applications to entrepreneurial investments, composition of advisory committees, and judicial decision-making are discussed." Copyright (c) 2009, The Author(s) Journal Compilation (c) 2009 Wiley Periodicals, Inc..
  • RePEc:bla:jemstr:v:18:y:2009:i:2:p:423-455
Language
  • English
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