We show how information acquisition costs can be identified using observable choice data. Identifying information costs from behavior is especially relevant when these costs depend on factors-such as time, effort, and cognitive resources-that are difficult to observe directly, as in models of...

Attention scarcity is a limitation on the ability to incorporate information into actions with state-contingent consequences. In a menu choice setting, we study an axiomatic model of decision making with scarce attention. A decision maker satisfying our axioms acts as if she chooses a joint...