A theory of subjective learning
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2014-01-01
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We study an individual who faces a dynamic decision problem in which the process of information arrival is unobserved by the analyst. We elicit subjective information directly from choice behavior by deriving two utility representations of preferences over menus of acts. One representation uniquely identifies information as a probability measure over posteriors and the other identifies information as a partition of the state space. We compare individuals who expect to learn differently in terms of their preference for flexibility. On the extended domain of dated-menus, we show how to accommodate gradual learning over time by means of a subjective filtration. © 2014 Elsevier Inc.
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Dillenberger, D, JS Lleras, P Sadowski and N Takeoka (2014). A theory of subjective learning. Journal of Economic Theory, 153(1). pp. 287–312. 10.1016/j.jet.2014.07.003 Retrieved from https://hdl.handle.net/10161/13097.
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Philipp Sadowski
Philipp Sadowski's work focuses on microeconomic theory, decision theory and behavioral economics. A central research interest is to better understand the interaction between observable economic behavior and the often not directly observable formation of beliefs. Topics include subjective learning, rational inattention, changing tastes, and other-regarding motives such as shame and magical thinking. Philipp's research has been published in leading journals, presented internationally, and supported by the National Science Foundation.
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