On the Nonexistence of Blackwell's Theorem-Type Results with General Preference Relations
AbstractA well-known theorem of Blackwell states that, when quantity of information is properly defined, every expected utility decisionmaker prefers more information to less; for more general preferences, however, the theorem is no longer true. In this article, we investigate the extent to which Blackwell's Theorem does not hold and describe conditions, and situations, under which information is still valuable. We also show that, for many types of additions of information, there exists a decision maker who will reject this information. Copyright 1995 by Kluwer Academic Publishers
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Bibliographic InfoArticle provided by Springer in its journal Journal of Risk and Uncertainty.
Volume (Year): 10 (1995)
Issue (Month): 3 (May)
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Web page: http://www.springerlink.com/link.asp?id=100299
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- Eliaz, Kfir & Spiegler, Ran, 2006. "Can anticipatory feelings explain anomalous choices of information sources?," Games and Economic Behavior, Elsevier, vol. 56(1), pages 87-104, July.
- Grant, Simon & Kajii, Atsushi & Polak, Ben, 1998.
"Intrinsic Preference for Information,"
Journal of Economic Theory,
Elsevier, vol. 83(2), pages 233-259, December.
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