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econ.TH2026
The value of conceptual knowledge
Benjamin Davies, Anirudh Sankar
We study the instrumental value of conceptual knowledge when making statistical decisions. Such knowledge tells agents how unknown, payoff-relevant states relate. It is distinct fr…
econ.TH2026
Learning about a changing state
Benjamin Davies
A long-lived Bayesian agent observes costly signals of a time-varying state. He chooses the signals' precisions sequentially, balancing their costs and marginal informativeness. I…