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Permalink: http://hdl.handle.net/1866/20926

Precision may harm: The comparative statics of imprecise judgement

Article [Version of Record]
Thumbnail
Cahier_2018-13.pdf (429.5Kb)
Is part of
Cahier de recherche ; no. 2018-08.
Publisher(s)
Université de Montréal. Département de sciences économiques.
2018-08
Author(s)
Horan, Sean
Manzini, Paola
Affiliation
  • Université de Montréal. Faculté des arts et des sciences. Département de sciences économiques
Keywords
  • Stochastic choice
  • Imprecise perception
Abstract(s)
We consider an agent whose information about the objects of choice is imperfect in two respects: first, their values are perceived with ‘error’; and, second, the realised values cannot be discriminated with absolute ‘precision’. Reasons for imprecise discrimination include limitations in sensory perception, memory function, or the technology that experts use to communicate with decision-makers. We study the effect of increasing precision on the quality of decision-making. When values are perceived ‘without’ error, more precision is unambiguously beneficial. We show that this ceases to be true when values are perceived ‘with’ error. As a practical implication, our results establish conditions where it is counter-productive for an expert to use a finer signalling scheme to communicate with a decision-maker.
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  • Faculté des arts et des sciences – Département de sciences économiques - Travaux et publications [552]

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