Random Attention and Unobserved Reference Alternatives

Varun Bansal

Papers from arXiv.org

Abstract: In this paper, I develop and characterize a random attention model with unobserved reference alternatives. The decision-maker pays attention to different subsets of the available set of alternatives randomly. The reference alternatives are exactly those alternatives that are always paid attention to, i.e. they are attention-privileged. These alternatives are unknown to the outside observer. The characterization allows for a complete identification of the reference alternatives and a coarse identification of the underlying preferences. I then restrict the model by considering the independent random attention function and provide a complete identification of the underlying preferences.

Date: 2024-07, Revised 2025-01
New Economics Papers: this item is included in nep-dcm and nep-mic
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