Suspense and Surprise
Abstract
We model demand for noninstrumental information, drawing on the idea that people derive entertainment utility from suspense and surprise. A period has more suspense if the variance of the next period’s beliefs is greater. A period has more surprise if the current belief is further from the last period’s belief. Under these definitions, we analyze the optimal way to reveal information over time so as to maximize expected suspense or surprise...
Paper Details
Title
Suspense and Surprise
Published Date
Feb 1, 2015
Journal
Volume
123
Issue
1
Pages
215 - 260
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