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Can anticipatory feelings explain anomalous choices of information sources?

Eliaz, K; Spiegler, R; (2006) Can anticipatory feelings explain anomalous choices of information sources? GAME ECON BEHAV , 56 (1) 87 - 104. 10.1016/j.geb.2005.06.004. Green open access

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Abstract

The well-being of agents is often directly affected by their beliefs, in the form of anticipatory feelings such as anxiety and hopefulness. Economists have tried to model this effect by introducing beliefs as arguments in decision makers' vNM utility function. One might expect that such a model would be capable of explaining anomalous attitudes to information that we observe in reality. We show that the model has several shortcomings in this regard, as long as Bayesian updating is retained. (c) 2005 Elsevier Inc. All rights reserved.

Type: Article
Title: Can anticipatory feelings explain anomalous choices of information sources?
Open access status: An open access version is available from UCL Discovery
DOI: 10.1016/j.geb.2005.06.004
Keywords: PREFERENCE
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of SandHS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/17309
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