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A concavity in the value of information

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  • Whitmeyer, Mark

Abstract

A natural way of quantifying the “amount of information” in decision problems yields a globally concave value for information. Another (in contrast, adversarial) way almost never does.

Suggested Citation

  • Whitmeyer, Mark, 2025. "A concavity in the value of information," Games and Economic Behavior, Elsevier, vol. 154(C), pages 200-207.
    • Handle: RePEc:eee:gamebe:v:154:y:2025:i:c:p:200-207
    DOI: 10.1016/j.geb.2025.09.003
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    References listed on IDEAS

    as
    1. Luciano Pomatto & Philipp Strack & Omer Tamuz, 2018. "The Cost of Information: The Case of Constant Marginal Costs," Papers 1812.04211, arXiv.org, revised Feb 2023.
    2. Luciano Pomatto & Philipp Strack & Omer Tamuz, 2023. "The Cost of Information: The Case of Constant Marginal Costs," American Economic Review, American Economic Association, vol. 113(5), pages 1360-1393, May.
    3. Michel de Lara & L. Gilotte, 2007. "A tight sufficient condition for Radner-Stiglitz nonconcavity in the value of information," Post-Print hal-00716396, HAL.
    4. Chade, Hector & Schlee, Edward, 2002. "Another Look at the Radner-Stiglitz Nonconcavity in the Value of Information," Journal of Economic Theory, Elsevier, vol. 107(2), pages 421-452, December.
    5. Andrew Caplin & Mark Dean & John Leahy, 2022. "Rationally Inattentive Behavior: Characterizing and Generalizing Shannon Entropy," Journal of Political Economy, University of Chicago Press, vol. 130(6), pages 1676-1715.
    6. Yaron Azrieli, 2021. "Constrained versus Unconstrained Rational Inattention," Games, MDPI, vol. 12(1), pages 1-22, January.
    7. De Lara, Michel & Gilotte, Laurent, 2007. "A tight sufficient condition for Radner-Stiglitz nonconcavity in the value of information," Journal of Economic Theory, Elsevier, vol. 137(1), pages 696-708, November.
    8. Michel de Lara & Olivier Gossner, 2020. "Payoffs-Beliefs Duality and the Value of Information," Post-Print hal-01941006, HAL.
    9. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
    Full references (including those not matched with items on IDEAS)

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