BOUNDED MEMORY AND BIASES IN INFORMATION PROCESSING

Before choosing among two actions with state-dependent payoffs, a Bayesian decision-maker with a finite memory sees a sequence of informative signals, ending each period with fixed chance. He summarizes information observed with a finite-state automaton. I characterize the optimal protocol as an equ...

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Veröffentlicht in:	Econometrica 2014-11, Vol.82 (6), p.2257-2294
1. Verfasser:	Wilson, Andrea
Format:	Artikel
Sprache:	eng
Schlagworte:	absent‐minded Bayesian analysis Bias biases bounded memory bounded rationality Decision making Dynamic games Econometrics Economic analysis Economic equilibrium Economic theory Game theory Herding Imperfect recall Information processing Learning Markov processes Memory multiselves Observational learning Outcomes of education Probabilities Randomness Studies
Online-Zugang:	Volltext
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