Channeled Attention and Stable Errors
Channeled Attention and Stable Errors
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发表时间:
2018-05
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通讯作者:
Tristan Gagnon-Bartsch;M. Rabin;Joshua Schwartzstein
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作者:
Tristan Gagnon-Bartsch;M. Rabin;Joshua Schwartzstein
We develop a framework for assessing when a person will notice that a theory she has about the world is wrong, premised on the idea that people neglect information that they view (through the lens of their misconceptions) to be irrelevant. Focusing on the question of when a mistaken theory can persist in the long run even when attention is very cheap, we study the attentional stability of both general psychological biases—such as naivete about present bias or neglecting the redundancy in social information—and context-specific empirical misconceptions—such as false beliefs about medicinal side effects or financial investments. People discover their errors only when the data they deem relevant causes them to incidentally notice that their theory is wrong. We explore which combinations of errors and environments allow an error to persist. People tend to notice costly errors in a particular context when they are right about which factors matter even when they are wrong about how these factors matter, whereas errors that lead people to ubiquitously treat consequential factors as irrelevant will be stable across a broad class of environments. Environments designed to make such factors artificially germane can induce recognition of an error. ∗E-mails: gagnonbartsch@fas.harvard.edu, matthewrabin@fas.harvard.edu, and jschwartzstein@hbs.edu. We thank Chang Liu for excellent research assistance. For helpful comments, we are grateful to Nava Ashraf, Francesca Bastianello, Max Bazerman, Katherine Coffman, Christine Exley, Erik Eyster, Drew Fudenberg, Nicola Gennaioli, Brian Hall, David Hirshleifer, Botond Kőszegi, Spencer Kwon, George Loewenstein, Michael Luca, Kathleen McGinn, Sendhil Mullainathan, Andrei Shleifer, Dmitry Taubinsky and seminar participants at BEAM, Berkeley, Boston College, Brandeis, CEU, Cornell, Dartmouth, ESSET, Harvard, LSE, McGill, Melbourne, Princeton, Stanford, University of New South Wales, University of Technology Sydney, and Yale. Gagnon-Bartsch and Rabin thank the Centre for Experimental Research on Fairness, Inequality and Rationality (FAIR) at the Norwegian School of Economics (NHH), for financial support and hospitality while conducting research on this paper. “My experience is what I agree to attend to. Only those items which I notice shape my mind; without selective interest, experience is an utter chaos. ... [Attention] implies withdrawal from some things in order to deal effectively with others.” – William James “The art of being wise is the art of knowing what to overlook.” – William James “No theory is kind to us that cheats us of seeing.” – Henry James “Truly nothing is to be expected except for the unexpected.” – Alice James