Related papers: Modeling information acquisition via f-divergence …

This paper presents a new foundational approach to information theory based on the concept of the information efficiency of a recursive function, which is defined as the difference between the information in the input and the output. The…

We study the effects of introducing information inefficiency in a model for a random linear economy with a representative consumer. This is done by considering statistical, instead of classical, economic general equilibria. Employing two…

We derive robust predictions in games involving flexible information acquisition, also known as rational inattention (Sims 2003). These predictions remain accurate regardless of the specific methods players employ to gather information.…

This paper studies lying in a novel context. Previous work has focused on situations in which people are either fully aware of the economic consequences of all available actions (e.g., die-under-cup paradigm), or they are uncertain, but…

This paper characterizes convex information costs using an axiomatic approach. We employ mixture convexity and sub-additivity, which capture the idea that producing "balanced" outputs is less costly than producing ``extreme'' ones. Our…

In financial markets valuable information is rarely circulated homogeneously, because of time required for information to spread. However, advances in communication technology means that the 'lifetime' of important information is typically…

Travel decisions tend to exhibit sensitivity to uncertainty and information processing constraints. These behavioural conditions can be characterized by a generative learning process. We propose a data-driven generative model version of…

We study sequential social learning with endogenous information acquisition when agents have a taste for nonconformity. Each agent observes predecessors' actions, chooses whether to acquire a private signal (and its precision), and then…

We develop a unified analysis of how information captures attention. A decision maker (DM) faces a dynamic information structure and decides when to stop paying attention. We characterize the convex$\unicode{x2013}$order frontier and…

In decision making tasks under uncertainty, humans display characteristic biases in seeking, integrating, and acting upon information relevant to the task. Here, we reexamine data from previous carefully designed experiments, collected at…

In inverse problems, one attempts to infer spatially variable functions from indirect measurements of a system. To practitioners of inverse problems, the concept of "information" is familiar when discussing key questions such as which parts…

Supervised, semi-supervised, and unsupervised learning estimate a function given input/output samples. Generalization of the learned function to unseen data can be improved by incorporating side information into learning. Side information…

In this paper we study a rational inattention model in environments where the decision maker faces uncertainty about the true prior distribution over states. The decision maker seeks to select a stochastic choice rule over a finite set of…

This paper studies the semi-parametric identification and estimation of a rational inattention model with Bayesian persuasion. The identification requires the observation of a cross-section of market-level outcomes. The empirical content of…

We study the design of efficient mechanisms under asymmetric awareness and information. Unawareness refers to the lack of conception rather than the lack of information. Assuming quasi-linear utilities and private values, we show that we…

Dynamic feature selection, where we sequentially query features to make accurate predictions with a minimal budget, is a promising paradigm to reduce feature acquisition costs and provide transparency into a model's predictions. The problem…

A general information equilibrium model in the case of ideal information transfer is defined and then used to derive the relationship between supply (information destination) and demand (information source) with the price as the detector of…

A principal delegates choice to an agent whose decision depends on both beliefs and tastes. The principal can steer the delegated decision using two costly instruments: (i) an information policy that determines a Bayes--plausible…

We consider the computation of model-free bounds for multi-asset options in a setting that combines dependence uncertainty with additional information on the dependence structure. More specifically, we consider the setting where the…

Information based thermodynamic logic is revisited. It consists of two parts: Part A applies the modern theory of probability in which an arbitrary convex function \phi is employed as an analytic "device" to express information as…