TY - JOUR
T1 - Measuring and Modeling Attention
AU - Caplin, Andrew
N1 - Publisher Copyright:
© Copyright 2016 by Annual Reviews. All rights reserved.
PY - 2016/10/31
Y1 - 2016/10/31
N2 - This article presents a selective review of economic research on attentional choice, taking an observation of Block & Marschak (1960) as its starting point. Because standard choice data conflate utilities and perception, they point out that it is inadequate for research in which attention is endogenous. The review focuses on their thesis that advances in our understanding of attention require modeling of novel choice-based data sets, and corresponding methods of measurement. By way of example, recent attentional research based on measuring and modeling state-dependent stochastic choice data is detailed. Next research steps in relation to strategic attention and the dynamics of learning are outlined. If the thesis of Block & Marschak is valid, engineering of new data sets will become an increasingly essential professional activity as attentional research advances.
AB - This article presents a selective review of economic research on attentional choice, taking an observation of Block & Marschak (1960) as its starting point. Because standard choice data conflate utilities and perception, they point out that it is inadequate for research in which attention is endogenous. The review focuses on their thesis that advances in our understanding of attention require modeling of novel choice-based data sets, and corresponding methods of measurement. By way of example, recent attentional research based on measuring and modeling state-dependent stochastic choice data is detailed. Next research steps in relation to strategic attention and the dynamics of learning are outlined. If the thesis of Block & Marschak is valid, engineering of new data sets will become an increasingly essential professional activity as attentional research advances.
KW - Bayesian updating
KW - Behavioral economics
KW - Costly information processing
KW - Imperfect information
KW - Rational inattention
KW - Revealed preference
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U2 - 10.1146/annurev-economics-080315-015417
DO - 10.1146/annurev-economics-080315-015417
M3 - Review article
AN - SCOPUS:84994669209
SN - 1941-1383
VL - 8
SP - 379
EP - 403
JO - Annual Review of Economics
JF - Annual Review of Economics
ER -