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A unified differential information framework assessing that more information is preferred to less

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Fugarolas Álvarez-Ude, Guadalupe
Hervés-Beloso, Carlos

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Abstract

The Walrasian model has played a central role in all aspects of economics. The purpose of this paper is to propose a general modeling of differential information in the spirit of the Arrow-Debreu model and following the Radner tradition but away from the usual measurability conception. We provide a characterization of better informed agents in order to firstly formalize an essential feature known as part of some oral tradition: a decisionmaker prefers more information to less.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 612.

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Date of creation: 2005
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Handle: RePEc:pra:mprapa:612

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Related research
Keywords: Uncertainty; differential information; information sets; informational feasibility and better informed agents;

Find related papers by JEL classification:
D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
C65 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Miscellaneous Mathematical Tools
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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  1. Dubra, Juan & Echenique, Federico, 2004. "Information is not about measurability," Mathematical Social Sciences, Elsevier, vol. 47(2), pages 177-185, March. [Downloadable!] (restricted)
  2. Koutsougeras, Leonidas C & Yannelis, Nicholas C, 1993. "Incentive Compatibility and Information Superiority of the Core of an Economy with Differential Information," Economic Theory, Springer, vol. 3(2), pages 195-216, April.
  3. Dionysius Glycopantis & Allan Muir & Nicholas C. Yannelis, 2003. "On extensive form implementation of contracts in differential information economies," Economic Theory, Springer, vol. 21(2), pages 495-526, 03. [Downloadable!] (restricted)
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