Modelling Imperfect Attention

Paola Manzini and Marco Mariotti

No 744, Working Papers from Queen Mary University of London, School of Economics and Finance

Abstract: We propose a novel method to model an agent who is imperfectly attentive in the sense that she may consider only some of the alternatives available. Our methodology departs from the standard 'revealed preference' one: we make plausible assumptions on the values to the imperfectly attentive agent of different choice situations. We derive in this way a simple reduced-form model that is compatible with several cognitive processes underlying choice: the agent stochastically forms a consideration set by noticing each alternative with a given probability and then maximises a deterministic utility function over the consideration set.

Keywords: Attention; Bounded rationality; Stochastic choice (search for similar items in EconPapers)
JEL-codes: D0 (search for similar items in EconPapers)
Date: 2015-05-13
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:qmw:qmwecw:744

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