Rational inattention and revealed preference: The data-theoretic approach to economic modeling |
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| Institution: | 1. Department of Orthopaedic Surgery, Osaka City University Graduate School of Medicine, Abeno-ku Osaka, Japan;2. Department of Orthopaedic Surgery, Osaka Rosai Hospital, Sakai Osaka, Japan;3. Department of Orthopaedic Surgery, Osaka General Hospital, Sumiyoshi-ku Osaka, Japan;4. Hanwa Joint Reconstruction Center, Sakai Osaka, Japan;5. Department of Orthopaedic Surgery, Shinbeppu Hospital, Beppu Oita, Japan;6. Department of Orthopaedic Surgery, Oita University Faculty of Medicine Graduate School of Medicine, Yufu Oita, Japan;1. College of Pharmacy, Ajou University, 206, Worldcup-ro, Yeongtong-gu, Suwon 443-749, Republic of Korea;2. Research Institute of Pharmaceutical Sciences and Technology, Ajou University, 206, Worldcup-ro, Yeongtong-gu, Suwon 443-749, Republic of Korea;3. Department of Pharmacology, Yonsei University, College of Medicine, 50, Yonsei-ro, Seodaemun-gu, Seoul 120-752, Republic of Korea |
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| Abstract: | Beliefs have as pervasive a role as utility functions in economic models of choice, and are no more visible to the naked eye. This suggests the value of a data-theoretic approach to imperfect information along the lines of Samuelson's “revealed preference” approach to utility maximization. I introduce a recently developed approach of this nature (Caplin and Martin, 2013a, Caplin and Dean, 2013a, Caplin and Dean, 2013b). I highlight the broader potential of the data-theoretic approach to answer questions of an inter-disciplinary nature and to discipline an oncoming flood of behaviorally-relevant data. |
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| Keywords: | Revealed preference Rational inattention Bayesian updating Behavioral economics |
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