Learning and Valuation with Costly Attention
نویسندگان
چکیده
This paper develops a theoretical framework of consumer learning and product valuation when attending to new information is costly. The key attribute of the model is that agents are unsure what product characteristics are present in a good. In the model increased beliefs that a good contains valuable attributes serves to increase learning and, possibly, willingness to pay for the good. We develop two testable implications from the model which can be readily tested using lab or field data. JEL Codes: D01; D83; Q41
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