Ulric B. and Evelyn L. Bray Social Sciences Seminar
Abstract: We provide revealed preference characterizations for choices made under costly information acquisition. In particular, we examine non-separable, multiplicative, and constrained costly information acquisition. The revealed preference characterization is performed using primitives from Caplin and Dean (2015). Each model has an analogous model in the literature on decisions under uncertainty. The techniques we use parallel the duality properties in the standard consumer problem.