| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24767 |
| 来源ID | Working Paper 24767 |
| Expectations with Endogenous Information Acquisition: An Experimental Investigation | |
| Andreas Fuster; Ricardo Perez-Truglia; Mirko Wiederholt; Basit Zafar | |
| 发表日期 | 2018-07-02 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Information frictions play an important role in many theories of expectation formation. We use a survey experiment to generate direct evidence on how people select, acquire and process information. Participants can buy different information signals that could help them forecast future national home prices. We elicit their willingness to pay for information, and introduce exogenous variation in the cost of information. We find that participants put substantial value on their preferred signal and, when acquired, incorporate the signal in their beliefs. However, they disagree on which signal to buy. As a result, making information cheaper does not decrease the cross-sectional dispersion of expectations. We further document that numeracy and the revealed “taste” for accurate expectations are important correlates of heterogeneity in all stages of the process. We provide a model with costly acquisition and processing of information, which can match most of our empirical results. |
| 主题 | Econometrics ; Data Collection ; Experimental Design ; Microeconomics ; Economics of Information ; Macroeconomics ; Consumption and Investment ; Business Cycles |
| URL | https://www.nber.org/papers/w24767 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582440 |
| 推荐引用方式 GB/T 7714 | Andreas Fuster,Ricardo Perez-Truglia,Mirko Wiederholt,et al. Expectations with Endogenous Information Acquisition: An Experimental Investigation. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24767.pdf（479KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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