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Hidden information acquisition and static choice

✍ Scribed by Timothy Zandt

Publisher
Springer US
Year
1996
Tongue
English
Weight
605 KB
Volume
40
Category
Article
ISSN
0040-5833

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✦ Synopsis

This note explores the consequence of hidden information acquisition for static choice theory. We show that any choice function in the observable problem can be Consistent with some well-behaved choice function in a metaproblem with unobservable cosily information acquisition. This illustrates how choices may not satisfy consistency conditions because a decision maker's decision process (in this case, information acquisition) depends on her feasible set. It also illustrates the importance of modeling the source of violations of consistency conditions, rather than simply weakening axioms on preferences.

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