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DISCRETE CHOICE AND RATIONAL INATTENTION: A GENERAL EQUIVALENCE RESULT.

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This study links discrete choice models with rational inattention models. Rational inattention choice probabilities can match any additive random utility model using Bregman information costs.

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Area of Science:

  • Economics
  • Decision Theory
  • Information Economics

Background:

  • Rational inattention (RI) models analyze decision-making under information constraints.
  • Previous work linked RI with Shannon entropy to multinomial logit models.
  • Discrete choice models are fundamental in microeconomics and econometrics.

Purpose of the Study:

  • To establish a general equivalence between discrete choice and rational inattention models.
  • To extend the understanding of how information costs shape choice probabilities.
  • To introduce Bregman information as a cost function in rational inattention.

Main Methods:

  • Formalizing a class of information costs termed Bregman information.
  • Demonstrating how specific Bregman information costs yield additive random utility model (ARUM) choice probabilities.
  • Characterizing the relationship between agent priors and ARUM utility vectors.

Main Results:

  • RI choice probabilities can replicate any ARUM for a given prior.
  • The equivalence holds when information costs are defined as Bregman information.
  • Agent's prior information in RI corresponds to a constant utility vector in ARUM.

Conclusions:

  • This equivalence provides a unifying framework for discrete choice and rational inattention.
  • The findings offer new perspectives on modeling consumer choice and information processing.
  • Bregman information offers a flexible approach to modeling information costs in economic models.