000			01116nam a22001457a 4500
999			_c521011 _d521011
008			221207b ||||| |||| 00| 0 eng d
100			_aDenti, T., Marinacci, M. and Rustichini, A. _935794
245			_aExperimental cost of information
260			_aThe American Economic Review
300			_a112(9), Sep, 2022: p.3106-3123
520			_aWe relate two main representations of the cost of acquiring information: a cost that depends on the experiment performed, as in statistical decision theory, and a cost that depends on the distribution of posterior beliefs, as in applications of rational inattention. We show that in many cases of interest, posterior-based costs are inconsistent with a primitive model of costly experimentation. The inconsistency is at the core of known limits to the application of rational inattention in games and, more broadly, in equilibrium analyses where beliefs are endogenous; we show that an experiment-based approach helps to understand and overcome these difficulties. – Reproduced
773			_aThe American Economic Review
906			_aINFORMATION
942			_cAR