Monotone Preferences over Information

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Monotone Preferences over Information

Author Info

Juan Dubra
Echenique, Federico (UCLA, Berkeley, Universidad de la Republica)

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Abstract

We consider preference relations over information that are monotone: more information is preferred to less. We prove that, if a preference relation on information about an uncountable set of states of nature is monotone, then it is not representable by a utility function.

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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 1297.

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Length: 13 pages
Date of creation: Mar 2001
Date of revision:
Handle: RePEc:cwl:cwldpp:1297

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Other versions of this item:

Article
- Juan Dubra & Federico Echenique, 2001. "Monotone Preferences over Information," The B.E. Journal of Theoretical Economics, Berkeley Electronic Press, vol. 0(1). [Downloadable!]
Paper
- Juan Dubra & Federico Echenique, 2004. "Monotone Preferences Over Information," Yale School of Management Working Papers ysm405, Yale School of Management. [Downloadable!]

Find related papers by JEL classification:
C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

This paper has been announced in the following NEP Reports:

NEP-ALL-2001-05-16 (All new papers)
NEP-GTH-2001-05-02 (Game Theory)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Nicola Persico, 1996. "Information Acquisition in Affiliated Decision Problems," Discussion Papers 1149, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
Grant, Simon & Kajii, Atsushi & Polak, Ben, 1998. "Intrinsic Preference for Information," Journal of Economic Theory, Elsevier, vol. 83(2), pages 233-259, December. [Downloadable!] (restricted)
Other versions:
- Grant, S & Kajii, A & Polak, B, 1997. "Intrinsic Preference for Information," Papers 323, Australian National University - Department of Economics.
Susan Athey & Jonathan Levin, 1998. "The Value of Information In Monotone Decision Problems," Working papers 98-24, Massachusetts Institute of Technology (MIT), Department of Economics.
Other versions:
- Jonathan Levin & Susan Athey, 2001. "The Value of Information in Monotone Decision Problems," Working Papers 01003, Stanford University, Department of Economics. [Downloadable!]
Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April. [Downloadable!] (restricted)
Beardon, Alan F. & Candeal, Juan C. & Herden, Gerhard & Indurain, Esteban & Mehta, Ghanshyam B., 2002. "The non-existence of a utility function and the structure of non-representable preference relations," Journal of Mathematical Economics, Elsevier, vol. 37(1), pages 17-38, February. [Downloadable!] (restricted)
Allen, Beth, 1983. "Neighboring information and distributions of agents' characteristics under uncertainty," Journal of Mathematical Economics, Elsevier, vol. 12(1), pages 63-101, September. [Downloadable!] (restricted)
Aumann, Robert J., 1974. "Subjectivity and correlation in randomized strategies," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 67-96, March. [Downloadable!] (restricted)
Schlee, Edward E, 1990. "Multivariate Risk Aversion and Consumer Choice," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(3), pages 737-45, August. [Downloadable!] (restricted)
Andrew Caplin & John Leahy, 2001. "Psychological Expected Utility Theory And Anticipatory Feelings," The Quarterly Journal of Economics, MIT Press, vol. 116(1), pages 55-79, February. [Downloadable!] (restricted)
Other versions:
- Caplin, Andrew & Leahy, John, 1997. "Psychological Expected Utility Theory and Anticipatory Feelings," Working Papers 97-37, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
Schmeidler, David, 1989. "Subjective Probability and Expected Utility without Additivity," Econometrica, Econometric Society, vol. 57(3), pages 571-87, May. [Downloadable!] (restricted)
Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation, Yale University. [Downloadable!]
Chew, Soo Hong & Ho, Joanna L, 1994. "Hope: An Empirical Study of Attitude toward the Timing of Uncertainty Resolution," Journal of Risk and Uncertainty, Springer, vol. 8(3), pages 267-88, May.
Machina, Mark J, 1989. "Dynamic Consistency and Non-expected Utility Models of Choice under Uncertainty," Journal of Economic Literature, American Economic Association, vol. 27(4), pages 1622-68, December. [Downloadable!] (restricted)
Juan Dubra & Efe A. Ok, 2002. "A Model of Procedural Decision Making in the Presence of Risk," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(4), pages 1053-1080, November. [Downloadable!] (restricted)
Gould, John P., 1974. "Risk, stochastic preference, and the value of information," Journal of Economic Theory, Elsevier, vol. 8(1), pages 64-84, May. [Downloadable!] (restricted)

Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

J. Alcantud & G. Bosi & M. Campión & J. Candeal & E. Induráin & C. Rodríguez-Palmero, 2008. "Continuous Utility Functions Through Scales," Theory and Decision, Springer, vol. 64(4), pages 479-494, June. [Downloadable!] (restricted)

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