Citation:
Gabaix X, Laibson D, Moloche G, Weinberg S. Costly Information Acquisition: Experimental Analysis of a Boundedly Rational Model. American Economic Review. 2006;96 (4) :1043-1068.
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Online Appendix | 2.02 MB |
Abstract:
An experimental investigation of the following "directed cognition" boundedly rational algorithm: "At each decision point, agents act as if their next set of search operations were their last opportunity for search."