Erratum to “Consumer Choice Under Limited Attention When Alternatives Have Different Information Costs”

Frank Huettner (), Tamer Boyacı () and Yalçın Akçay ()
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Frank Huettner: SKK GSB, Sungkyunkwan University, Seoul 03063, Korea
Tamer Boyacı: ESMT Berlin, 10178 Berlin, Germany
Yalçın Akçay: Melbourne Business School, University of Melbourne, Carlton, Victoria 3053, Australia

Operations Research, 2024, vol. 72, issue 4, 1536-1538

Abstract: There is an error in one of the results of our paper [Huettner F, Boyacı T, Akçay Y (2019) Consumer choice under limited attention when alternatives have different information costs. Oper. Res. 67(3):671–699]. In this erratum, we point out the error and provide a correction based on Walker-Jones [(2023) Rational inattention with multiple attributes. J. Econom. Theory 212:105688]. Our key characterizations, insights, and numerical examples do not depend on this error and, hence, remain valid. The main implication is on the stopping condition used in the algorithm. We propose a fix based on the new sufficient condition and, if needed, standard convex optimization techniques.

Keywords: Market Analytics and Revenue Management; discrete choice; rational inattention; information acquisition; nonuniform information costs; market inference (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:inm:oropre:v:72:y:2024:i:4:p:1536-1538

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