Costly information acquisition and the temporal resolution of uncertainty

This paper studies the choice of an individual who acquires information before choosing an action froma set of actions,whose consequences depend on the realization of a state of nature. Information processing can be costly, for example, due to limited attention. We show that the preference of the individual over sets of actions, is completely characterized by a preference for early resolution of uncertainty who becomes indifference when facing degenerate choices. When information acquisition is no longer part of the decision process, the individual is indifferent to the timing of resolution of uncertainty and she behaves according to the subjective learning model of Dillenberger et al. (2014).