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Inferring cognitive heterogeneity from aggregate choices

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posted on 2023-06-09, 20:36 authored by Valentino Dardanoni, Paola Manzini, Marco Mariotti, Christopher J Tyson
One potentially important drawback of existing theories of limited attention is that they typically assume a rich dataset of choices from many menus. We study the problem of identifying the distribution of cognitive characteristics in a population of agents when only aggregate choice behavior from a single menu is observable. We show how both “consideration probability” and “consideration capacity” distributions can be substantially identified by aggregate choice shares. We also suggest how to embed the attention models in an econometric specification of the inference problem. Finally, we sucessfully use our results to recover the true parameters in Monte Carlo simulations of both models.

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  • Published

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  • Published version

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University of Sussex

Pages

38.0

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  • Economics Publications

Institution

University of Sussex

Full text available

  • Yes

Legacy Posted Date

2020-02-19

First Open Access (FOA) Date

2020-02-19

First Compliant Deposit (FCD) Date

2020-02-12

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