Random Evolving Lotteries and Intrinsic Preference for Information
نویسندگان
چکیده
We introduce random evolving lotteries to study preference for non‐instrumental information. Each period, the agent enjoys a flow payoff from holding lottery that will resolve at terminal date. provide representation theorem non‐separable risk consumption preferences and use it characterize agents' attitude To address applications, we peak‐trough utilities aggregate trajectories of linearly but, in addition, put weight on best (peak) worst (trough) along each path. show model is consistent with recent experimental evidence attitudes information, including gradual arrival good news ostrich effect, is, decision makers' tendency prefer information after bad news.
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ژورنال
عنوان ژورنال: Econometrica
سال: 2021
ISSN: ['0012-9682', '1468-0262']
DOI: https://doi.org/10.3982/ecta16190