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Modelling curiosity in decision-making

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  • Kusha Baharlou

Abstract

This paper develops a model of choice with an agent that is capable of experiencing curiosity using Loewenstein’s (Psychol Bull 116(1):75–98, 1994) information gap interpretation of curiosity. We then proceed to determine the restrictions on choice behaviour implied by the model in two choice environments: no discovery—where the Decision-Maker does not have the opportunity to learn—and discovery—where she is afforded such an opportunity. These restrictions can be applied by an observer to determine if a Decision-Maker’s choices align with the model.

Suggested Citation

  • Kusha Baharlou, 2017. "Modelling curiosity in decision-making," Theory and Decision, Springer, vol. 82(1), pages 75-91, January.
  • Handle: RePEc:kap:theord:v:82:y:2017:i:1:d:10.1007_s11238-016-9557-9
    DOI: 10.1007/s11238-016-9557-9
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    Cited by:

    1. Celse, Jeremy & Karakostas, Alexandros & Zizzo, Daniel John, 2023. "Relative risk taking and social curiosity," Journal of Economic Behavior & Organization, Elsevier, vol. 210(C), pages 243-264.

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