Calendrier du 02 mai 2016
Roy Seminar (ADRES)
Du 02/05/2016 de 17:00 à 18:30
Campus jourdan,Bâtiment E, Rez de chaussée, Salle 101
STEINER Jakub (CERGE-EI and University of Edinburgh)
Rational Inattention Dynamics: Inertia and Delay in Decision-Making
écrit avec Filip Matejka (CERGE-EI) and Colin Stewart (University of Toronto)
We solve a general class of dynamic rational-inattention problems in which an agent
repeatedly acquires costly information about an evolving state and selects actions. The
solution resembles the choice rule in a dynamic logit model, but it is biased towards
an optimal default rule that depends only on the history of actions, not on the realized
state. We apply the general solution to the study of (i) the status quo bias; (ii) inertia in
actions leading to lagged adjustments to shocks; and (iii) the tradeoff between accuracy
and delay in decision-making.