The value of information - An axiomatic approach
The following question is addressed: Given a real-valued function on the partitions of a measure space, what are necessary and sufficient conditions in order that it be the value of information function for a Bayesian decision maker? A characterization is provided, and the analysis reveals a close relationship to cooperative game theory. The tools developed for characterization can also be used to derive somewhat surprising results regarding the properties of information functions.
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- Hirshleifer, J & Riley, John G, 1979.
"The Analytics of Uncertainty and Information-An Expository Survey,"
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