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Rationally Inattentive Behavior: Characterizing and Generalizing Shannon Entropy
We provide a full behavioral characterization of the standard Shannon model of rational inattention. The key axiom is "Invariance under Compression", which identifies this model as capturing an ideal form of attention-constrained choice. We introduce tractable generalizations that allow for many of the known behavioral violations from this ideal, including asymmetries and complementarities in learning, context effects, and low responsiveness to incentives. We provide an even more general method of recovering attention costs from behavioral data. The data set in which we characterize all behavioral patterns is "state dependent" stochastic choice data.
economics  information_theory  heuristics  judgment_decision-making  dmce  teaching  ?  nber 
yesterday by rvenkat
Common Ownership And The New Antitrust Movement – People's Policy Project
Antitrust books written for popular audiences often begin with a story or two about the illusion of choice that pervades our consumer markets. In one such story, the reader is asked to think about all the beers they can find at their local supermarket: Budweiser, Corona, Stella Artois, Michelob, Pilsener, Busch, and Rolling Rock, to name a few. It is then revealed that this cornucopia of options is really just the brand portfolio of a single company, AB InBev, that produces nearly half of the beer consumed in the country.
politics  economics  americana  journalism  argument 
yesterday by kmt
Where the robots are - Axios
Robots are coming, but, at least in the United States, they're landing in clusters. Most are in Michigan and Ohio, the base of the U.S. auto industry, and the home of one of every five robots in the US.
robotics  robots  report  automation  artificialintelligence  economics 
yesterday by jorgebarba
Industrial robots in the US are being deployed exactly where you’d expect - The Verge
They’re concentrated in the Midwest and upper South, and are mostly used in the auto industry
robots  robotics  economics  artificialintelligence  automation  report 
yesterday by jorgebarba
Why Do Rich People Love Endurance Sports? | Outside Online
SO INTERESTING.

“By flooding the consciousness with gnawing unpleasantness, pain provides a temporary relief from the burdens of self-awareness,” write the researchers. “When leaving marks and wounds, pain helps consumers create the story of a fulfilled life. In a context of decreased physicality, [obstacle course races] play a major role in selling pain to the saturated selves of knowledge workers, who use pain as a way to simultaneously escape reflexivity and craft their life narrative.”
running  endurance  sociology  cycling  sports  economics  class 
2 days ago by alexpriest
Obsessives Have Cracked the Perfect FICO Credit Score of 850 - Bloomberg
It might have stayed that way had he not charged the cost of a move from New York to Silicon Valley. In 2010, he decided to default on four credit cards, plotting out a high-stakes strategy: He would stop paying his cards and then try to negotiate with issuers just before hitting 180 days of non-payment. Accounting rules require credit-card companies to write off bad debts at that point, and he figured they don’t like doing that.
reference  economics 
2 days ago by sandykoe
The Rise of Market Power and the Decline of Labor’s Share -
A new paper argues that the decline of both the labor and capital shares, as well as the decline in low-skilled wages and other economic trends, have been aided by a significant increase in markups and market power.
economics  finance  politics  capitalism 
2 days ago by kmt

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