Our new pre-print is entitled “Decision-facilitating information in hidden-action setups: An agent-based approach” and particularly focuses on the assumptions regarding information in the standard hidden-action model.
For this, we follow an approach to transfer closed-form mathematical models into agent-based computational models. The results show that the extent of information about feasible options to carry out a task only has an impact on performance, if decision-makers are well informed about the environment, and that the decision whether to perform exploration or exploitation when searching for new feasible options only affects performance in specific situations. Having good information about the environment, in