We introduce three new classes of attention cost functions: posterior separable, uniformly
posterior separable, and invariant posterior separable. As with the Shannon cost function, all …

We provide testable conditions under which the cost of acquiring information is given by the
expected reduction of a measure of uncertainty (eg, entropy). The assumption, under the …

This paper develops a theory for the expected cost of optimally acquired information when
information can be acquired sequentially. We study the “reduced-form” Indirect Cost …

We develop an axiomatic theory of information acquisition that captures the idea of constant
marginal costs in information production: the cost of generating two independent signals is …

Decisions take time, and the time taken to reach a decision is likely to be informative about
the cost of more precise judgments. We formalize this insight using a dynamic model of …

We consider a Bayesian persuasion model, in which the receiver can gather independent
information about the state at a uniformly posterior-separable cost. We show that the sender …

We develop an axiomatic theory of information acquisition that captures the idea of constant
marginal costs in information production: the cost of generating two independent signals is …

We relate two main representations of the cost of acquiring information: a cost that depends
on the experiment performed, as in statistical decision theory, and a cost that depends on …

We derive a new cost of information in rational inattention problems, the neighborhood-
based cost functions, starting from the observation that many settings involve exogenous …

An agent acquires a costly flexible signal before making a decision. We explore to what
degree knowledge of the agent's information costs helps predict her behavior. We establish …