Costly Information Acquisition: Experimental Analysis of a Boundedly Rational Model
Publication information:
Gabaix, Laibson, Moloche, Weinberg. Costly Information Acquisition: Experimental Analysis of a Boundedly Rational Model. American Economic Review. 2006;96(4):1043–1068.
Abstract
An experimental investigation of the following "directed cognition" boundedly rational algorithm: "At each decision point, agents act as if their next set of search operations were their last opportunity for search."