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| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Selective sampling with information-storage constraints |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Economic Journal |
| Publisher | Wiley-Blackwell Publishing, Inc. |
| Geographical Reach | international |
| ISSN | 0013-0133 |
| Volume | 130 |
| Number | 630 |
| Page Range | 1753 - 1781 |
| Date | 2020 |
| Abstract Text | A memoryless agent can acquire arbitrarily many signals. After each signal observation, she either terminates and chooses an action, or she discards her observation and draws a new signal. By conditioning the probability of termination on the information collected, she controls the correlation between the payoff state and her terminal action. We provide an optimality condition for the emerging stochastic choice. The condition highlights the benefits of selective memory applied to the extracted signals. Implications—obtained in simple examples—include (i) confirmation bias, (ii) speed-accuracy complementarity, (iii) overweighting of rare events, and (iv) salience effect. |
| Digital Object Identifier | 10.1093/ej/uez068 |
| Other Identification Number | merlin-id:18968 |
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| Keywords | Economics and Econometrics |
| Additional Information | This is the peer reviewed version of the following article: "Jehiel, Philippe; Steiner, Jakub (2019). Selective sampling with information-storage constraints. Economic Journal, uez068", which has been published in final form at https://doi.org/10.1093/ej/uez068. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. (http://www.wileyauthors.com/self-archiving) |