Giovanni Immordino ([1] CSEF, Università di Salerno, Italy [2] Giovanni Immordino, Dipartimento di Scienze Economiche, Università di Salerno, Via Ponte Don Melillo 80084, Fisciano (SA), Italy, e-mail: giimmo@tin.it)
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For standard irreversibility theory the prospect of acquiring better information in the future should induce more flexible decisions: the “irreversibility effect”. This result relies on the definition of an irreversible position as one that would be technically or economically impossible to reverse. In practice, many positions can be reversed at an affordable cost. In this case an increase in informativeness alone is not enough to bias decisions in favour of more flexibility. We look for restrictions on decision sets, information structures and preferences that make possible to study the effect of information on flexibility. The Geneva Risk and Insurance Review (2005) 30, 119–128. doi:10.1007/s10713-005-4674-3
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Volume (Year): 30 (2005) Issue (Month): 2 (December) Pages: 119-128 Download reference. The following formats are available: HTML
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