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Comparative Statics, Informativeness, and the Interval Dominance Order

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Author Info
John K.-H. Quah () (Department of Economics, Oxford University)
Bruno Strulovici () (Department of Economics, Oxford University)

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Abstract

We identify a natural way of ordering functions, which we call the interval dominance order and develop a theory of monotone comparative statics based on this order. This way of ordering functions is weaker then the standard one based on the single crossing property (Milgrom and Shannon, 1994) and so our results apply in some settings where the single crossing property does not hold. For example, they are useful when examining the comparative statics of optimal stopping time problems. We also show that certain basic results in statistical decision theory which are important in economics – specifically, the complete class theorem of Karlin and Rubin (1956) and the results connected with Lehmann’s (1988) concept of informativeness – generalize to payoff functions obeying the interval dominance order.

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File URL: http://www.nuffield.ox.ac.uk/economics/papers/2007/w4/hlp27.pdf
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Publisher Info
Paper provided by Economics Group, Nuffield College, University of Oxford in its series Economics Papers with number 2007-W04.

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Length: 40 pages
Date of creation: 03 Sep 2007
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Handle: RePEc:nuf:econwp:0704

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Web page: http://www.nuff.ox.ac.uk/economics/

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Related research
Keywords: single crossing property interval dominance order supermodularity comparative statics optimal stopping time complete class theorem statistical decision theory informativeness

Find related papers by JEL classification:
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
F11 - International Economics - - Trade - - - Neoclassical Models of Trade
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

References listed on IDEAS
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  1. Jonathan Levin & Susan Athey, 2001. "The Value of Information in Monotone Decision Problems," Working Papers 01003, Stanford University, Department of Economics. [Downloadable!]
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  2. Milgrom, Paul & Shannon, Chris, 1994. "Monotone Comparative Statics," Econometrica, Econometric Society, vol. 62(1), pages 157-80, January. [Downloadable!] (restricted)
    Other versions:
  3. Susan Athey, 2002. "Monotone Comparative Statics Under Uncertainty," The Quarterly Journal of Economics, MIT Press, vol. 117(1), pages 187-223, February. [Downloadable!] (restricted)
  4. Ormiston Michael B. & Schlee Edward E., 1993. "Comparative Statics under Uncertainty for a Class of Economic Agents," Journal of Economic Theory, Elsevier, vol. 61(2), pages 412-422, December. [Downloadable!] (restricted)
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