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Comparison of Information Structures

  • Gossner, Olivier

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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Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 30 (2000)
Issue (Month): 1 (January)
Pages: 44-63

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Handle: RePEc:eee:gamebe:v:30:y:2000:i:1:p:44-63
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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. Aumann, Robert J, 1987. "Correlated Equilibrium as an Expression of Bayesian Rationality," Econometrica, Econometric Society, vol. 55(1), pages 1-18, January.
  3. Neyman, Abraham, 1991. "The positive value of information," Games and Economic Behavior, Elsevier, vol. 3(3), pages 350-355, August.
  4. R. Aumann, 2010. "Subjectivity and Correlation in Randomized Strategies," Levine's Working Paper Archive 389, David K. Levine.
  5. Gossner, Olivier, 1998. "Secure Protocols or How Communication Generates Correlation," Economics Papers from University Paris Dauphine 123456789/6244, Paris Dauphine University.
  6. 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.
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