Prolonged Learning and Hasty Stopping: The Wald Problem with Ambiguity.

This paper studies sequential information acquisition by an ambiguity-averse decision-maker (DM), who decides how long to collect information before taking an irreversible action. The agent optimizes against the worst-case belief and updates prior by prior. We show that the consideration of ambiguit...

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Bibliographic Details

Published in:	American Economic Review Vol. 114; no. 2; pp. 426 - 462
Main Authors:	Auster, Sarah, Che, Yeon-Koo, Mierendorff, Konrad
Format:	Article
Published:	American Economic Association Feb2024
Subjects:	Ambiguity Sequential learning
Online Access:	View this record in EBSCOhost