A decision-maker acquires payoff-relevant information until she reaches her storing capacity, at which point she either terminates the decision-making and chooses an action, or discards some information. By conditioning the probability of termination on the information collected, she controls...

We study how subjects in an experiment use different forms of public information about their opponents' past behavior. In the absence of public information, subjects appear to use rather detailed statistics summarizing their private experiences. If they have additional public information, they...