Resumen de Clumped or piecewise? Evidence on preferences for information
In this paper we examine individuals' attitudes toward the timing of information. We test a theoretical prediction that people prefer to get information “clumped together” rather than piecewise. We conduct a controlled lab experiment where subjects participate in a lottery and can choose between different resolutions of uncertainty (clumped or piecewise) and analyze which kind of resolution is preferred. Two additional treatments allow us to get a quantitative measure of subjects' preferences over different information structures. Our data provide little support for a systematic aversion to piecewise information on the aggregate level. In additional treatment conditions, we demonstrate the robustness of our findings and explore potential explanations.
