{"title":"Rational Inattention, Competitive Supply, and Psychometrics","authors":"Andrew Caplin, Dániel Csaba, John Leahy, O. Nov","doi":"10.3386/W25224","DOIUrl":null,"url":null,"abstract":"We introduce a simple method of recovering attention costs from choice data. Our method rests on a precise analogy with production theory. Costs of attention determine consumer demand and consumer welfare just as a competitive firm's technology determines its supply curve and profits. We implement our recovery method experimentally, outline applications, and link our work to the broader literature on inattention and mistaken decisions.","PeriodicalId":375605,"journal":{"name":"DecisionSciRN: Economic Decision Theory (Topic)","volume":"195 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2018-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"32","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"DecisionSciRN: Economic Decision Theory (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3386/W25224","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 32
Abstract
We introduce a simple method of recovering attention costs from choice data. Our method rests on a precise analogy with production theory. Costs of attention determine consumer demand and consumer welfare just as a competitive firm's technology determines its supply curve and profits. We implement our recovery method experimentally, outline applications, and link our work to the broader literature on inattention and mistaken decisions.
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