Signaling theory typically assumes that attention is always given to observable signals. We study signal receivers’ formation of signal sets—the signals to which receivers attend and that they can use for subsequent interpretations. Drawing on a cognitive perspective, we argue that signal receivers’ human capital influences the volume and type of signals they attend to and the time they take to form signal sets. Using eye tracking, we show that equity crowdfunders do not attend to many signals that are easily observable on a campaign page, and that differences in crowdfunders’ human capital uniquely affect their signal set formation.

中文翻译：

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股权众筹者的人力资本和信号集形成：来自眼动追踪的证据

信号理论通常假设注意力总是放在可观察到的信号上。我们研究信号接收器的信号集形成——接收器关注的信号，以及它们可以用于后续解释的信号。从认知的角度出发，我们认为信号接收者的人力资本会影响他们关注的信号的数量和类型以及他们形成信号集所需的时间。使用眼动追踪，我们表明股权众筹者不会注意许多在活动页面上很容易观察到的信号，并且众筹者人力资本的差异会独特地影响他们的信号集形成。