Asymmetries in Information Processing in a Decision Theory Framework |
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Authors: | Luís Santos-Pinto |
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Institution: | (1) Departamento de Economia, Universidade Nova de Lisboa, Campus de Campolide, Lisboa, PT-1099-032, Portugal |
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Abstract: | Research in psychology suggests that some individuals are more sensitive to positive than to negative information while others
are more sensitive to negative rather than positive information. I take these cognitive positive–negative asymmetries in information
processing to a Bayesian decision-theory model and explore its consequences in terms of decisions and payoffs. I show that
in monotone decision problems economic agents with more positive-responsive information structures are always better off,
ex ante, when they face problems where payoffs are relatively more sensitive to the action chosen when the state of nature
is favorable.
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Keywords: | information processing decision theory |
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