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Comparison of information structures

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  • GOSSNER, Olivier

    ()
    (Center for Operations Research and Econometrics (CORE), Université catholique de Louvain (UCL), Louvain la Neuve, Belgium)

Abstract

Several authors have observed that in interactive decision frameworks, welfare is not monotonic with information in the sense that more information can make agents worse off. This contrasts with Blackwell’s comparison of statistical experiments in which more information can only make the statistician better off. We introduce the notion of an information structure L as being richer than another J when for every game G, all correlated equilibrium distributions of G induced by J are also induced by L. If L is richer than J, L can always make all agents as well off than J. We also define J to be faithfully reproducible from L when all the players can compute from their information in L “new information” that reproduces what they could have received from J . Our main result is that L is richer than J if and only if J is faithfully reproducible from L.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 1997091.

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Date of creation: 01 Dec 1997
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Handle: RePEc:cor:louvco:1997091

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Keywords: Information structure; correlated equilibrium; statistical experiment; value of in- formation;

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References

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  1. GOSSNER, Olivier, 1997. "Secure protocols or how communication generates correlation," CORE Discussion Papers 1997092, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Hirshleifer, Jack, 1971. "The Private and Social Value of Information and the Reward to Inventive Activity," American Economic Review, American Economic Association, vol. 61(4), pages 561-74, September.
  3. R. Aumann, 2010. "Subjectivity and Correlation in Randomized Strategies," Levine's Working Paper Archive 389, David K. Levine.
  4. Neyman, Abraham, 1991. "The positive value of information," Games and Economic Behavior, Elsevier, vol. 3(3), pages 350-355, August.
  5. Robert J. Aumann, 2010. "Correlated Equilibrium as an expression of Bayesian Rationality," Levine's Working Paper Archive 661465000000000377, David K. Levine.
  6. Gossner, Olivier, 1998. "Secure Protocols or How Communication Generates Correlation," Economics Papers from University Paris Dauphine 123456789/6244, Paris Dauphine University.
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Citations

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Cited by:
  1. Bruno Bassan & Olivier Gossner & Marco Scarsini & Shmuel Zamir, 2003. "Positive value of information in games," International Journal of Game Theory, Springer, vol. 32(1), pages 17-31, December.
  2. Ehud Lehrer & Dinah Rosenberg, 2003. "Information and Its Value in Zero-Sum Repeated Games," Game Theory and Information 0312003, EconWPA.
  3. Gossner, Olivier, 1998. "Secure Protocols or How Communication Generates Correlation," Journal of Economic Theory, Elsevier, vol. 83(1), pages 69-89, November.
  4. Vida, Péter & Azacis, Helmuts, 2012. "A Detail-Free Mediator," Cardiff Economics Working Papers E2012/10, Cardiff University, Cardiff Business School, Economics Section.
  5. Bassan, B. & Gossner, O. & Scarsini, M. & Zamir, S., 1999. "A Class of Games with Positive Value of Information," Papers 99-32, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
  6. Gossner, Olivier, 2010. "Ability and knowledge," Games and Economic Behavior, Elsevier, vol. 69(1), pages 95-106, May.
  7. Lehrer, Ehud & Rosenberg, Dinah & Shmaya, Eran, 2013. "Garbling of signals and outcome equivalence," Games and Economic Behavior, Elsevier, vol. 81(C), pages 179-191.
  8. Ehud Lehrer & Dinah Rosenberg, 2003. "What restrictions do Bayesian games impose on the value of information?," Game Theory and Information 0312005, EconWPA.
  9. Lehrer, Ehud & Rosenberg, Dinah & Shmaya, Eran, 2010. "Signaling and mediation in games with common interests," Games and Economic Behavior, Elsevier, vol. 68(2), pages 670-682, March.

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