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The Unicredit and Universities Foundation recently awarded TI PhD students Rei Sayag (Erasmus University Rotterdam) and Pedro Robalo (FEB, CREED) the first prize for their outstanding joint paper entitled “Paying is Believing: The Effect of Costly Information on Bayesian Updating.”

Sayag and Robalo won the Best Paper Award Labor Economics competition and a prize of € 2,000. Their award winning paper examines the assumption that people find it difficult to use new information well in uncertainty-ridden environments.