Dynamically aggregating diverse information
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Abstract: An agent has access to multiple information sources, each of which provides information about a different attribute of an unknown state. Information is acquired continuously -- where the agent chooses both which sources to sample from, and also how to allocate attention across them -- until an endogenously chosen time, at which point a decision is taken. We provide an exact characterization of the optimal information acquisition strategy under weak conditions on the agent's prior belief about the different attributes. We then apply this characterization to derive new results regarding: (1) endogenous information acquisition for binary choice, (2) strategic information provision by biased news sources, and (3) the dynamic consequences of attention manipulation.
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Cited in
(8)- Are Many Heads Better Than One—On Combining Information from Multiple Internet Sources
- VARIETY, INFORMATION AND FEEDBACK
- Optimal Dynamic Information Acquisition
- News media and delegated information choice
- How to sample and when to stop sampling: the generalised Wald problem and minimax policies
- The combining of status information*
- Attributes: selective learning and influence
- Rules for aggregating information
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