Decisions take time, and the time taken to reach a decision is likely be informative about cost of more precise judgments. We formalize this insight using dynamic model optimal evidence accumulation. provide conditions under which resulting belief dynamics resemble either diffusion processes or with large jumps. then consider in discounting effects are small relative opportunity show that state...

We propose a noisy rational expectations equilibrium model of asset markets with rationally inattentive investors. incorporate any finite number assets arbitrary correlation. also do not restrict the signal form and show that investors optimally choose single signal, which is linear combination all risky assets. This generates comovement prices contagion shocks, even when payoffs are negatively...

Abstract We examine whether dividends serve as substitutes or complements to accounting information in firm valuation. Consistent with substituting for earnings information, we find that dividend paying firms have 11%–15% lower response coefficients (ERCs) than non-payers. more substitution when the provides a stronger signal of permanent earnings: is less likely cut dividend, fund out rather c...

Patients with hemispatial neglect are severely impaired in orienting their attention to contralesional hemispace. Although motion is one of the strongest attentional cues in humans, it is still unknown how neglect patients visually explore their moving real-world environment. We therefore recorded eye movements at bedside in 19 patients with hemispatial neglect following acute right hemisphere ...

since land reform in iran, rural studies and rural sociology have been concentrated on rural society as economical and political phenomena; therefore mostly traditional systems of production and power were noted in researches. one issue that was not addressed in this academic discourse was rural religion. religion as a core of culture and the main context to reproduce social integration has a k...

Hemispatial neglect is a complex neuropsychological disorder characterized by a severe attentional deficit that produces a lack of awareness for information appearing in contralesional hemispace. Despite this lack of phenomenal awareness, recent studies suggest that a great deal of visual information processing does occur and can influence the performance of patients in certain tasks. The curre...

In this paper we examine the implications of two theories of informational frictions, signal extraction (SE) and rational inattention (RI), for optimal decisions and economic dynamics within the linear-quadratic-Gaussian (LQG) setting. We first show that if the variance of the noise and channel capacity are fixed exogenously in the SE and RI problems, respectively, the two environments lead to ...