Inattentive Valuation and Reference-Dependent Choice ∗

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Attention Variation and Welfare: Theory and Evidence from a Tax Salience Experiment (2016, result): “Our estimates can thus help guide the quantitative predictions of these models.5 Third, our work contributes to the literature on boundedly rational value computation (see e.g. Gabaix, 2014; Woodford, 2012; Caplin and Dean, 2015a; Chetty, 2012).”
Optimal Taxation with Behavioral Agents (2020, background): “…on the sparse agent of Gabaix (2014) for many illustrations, which builds on the burgeoning literature on inattention (Bordalo et al. (2013), Caplin and Dean (2015), Chetty et al. (2009), Gabaix and Laibson (2006), Kőszegi and Szeidl (2013), Schwartzstein (2014), Sims (2003), Woodford (2012)).”
Prospect Theory as Efficient Perceptual Distortion (2012, background): “In recent work (Woodford 2011), I propose a theory of valuation errors under the hypothesis that perceptions are as accurate as possible on average, given the statistical properties of the environment to which they are adapted, subject to a limit on processing capacity.”
Salience and Consumer Choice (2013, background): “Finally, the model generates falsifiable predictions, even when some in- 1 Our approach is related to situations in which decision makers evaluate their options using mental accounts ðThaler 1980Þ. Recent research on the interplay of attention and choice includes Mullainathan ð2002Þ, Gennaioli and S”