Inferring Cognitive Heterogeneity from Aggregate Choices
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Abstract:
We study the problem of recovering the distribution of cognitive characteristics in a population of boundedly rational agents from the aggregate choices they make from a fixed menu of alternatives. Two models of limited attention are examined from this point of view, and it is shown that both “consideration probability” and “consideration capacity” distributions are substantially identified by aggregate choice shares. These models are applied to data on over-the-counter painkiller sales, yielding concurrent estimates that on average two or three out of the eight available products are considered in this market.
Date: 16 November 2017, 16:30 (Thursday, 6th week, Michaelmas 2017)
Venue: Manor Road Building, Manor Road OX1 3UQ
Venue Details: Lecture Theatre
Speaker: Paola Manzini (University of St Andrews)
Organising department: Department of Economics
Part of: Applied Microeconomics Seminar
Booking required?: Not required
Audience: Members of the University only
Editors: Erin Saunders, Anne Pouliquen