STICERD Economic Theory Seminars
Optimal Inquiry
Andy Zapechelnyuk (Edinburgh), joint with Tai-Wei Hu (University of Bristol)
Thursday 06 March 2025 15:30 - 17:00
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About this event
A decision maker acquires and processes information about an uncertain state of nature through an inquiry – a contingent sequence of questions culminating in a decision. Inquiries are costly, with costs proportional to their length. We characterize optimal inquiries and uncover two behavioral implications of costly inquiry: attention span reduction (favoring shorter inquiries by deprioritizing some decisions or excluding them from consideration) and confirmation bias (seeking evidence to confirm prior guesses of optimal decisions). Our framework provides a rational foundation to prominent cognitive biases, such as framing and search satisficing in healthcare, and tunnel vision in criminal investigations.
Economic Theory Seminars are held on Thursdays in term time at 15:30-17:00, both ONLINE and IN PERSON in SAL 3.05.
Seminar organisers: Dr Andrew Ellis and Dr Christopher Sandmann.
For further information please contact Sadia Ali: s.ali43@lse.ac.uk.
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