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The value of information - An axiomatic approach

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  • Gilboa, Itzhak
  • Lehrer, Ehud

Abstract

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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(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Gilboa, Itzhak & Lehrer, Ehud, 1991. "The value of information - An axiomatic approach," Journal of Mathematical Economics, Elsevier, vol. 20(5), pages 443-459.
  • Handle: RePEc:eee:mateco:v:20:y:1991:i:5:p:443-459
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    References listed on IDEAS

    as
    1. Hirshleifer, J & Riley, John G, 1979. "The Analytics of Uncertainty and Information-An Expository Survey," Journal of Economic Literature, American Economic Association, vol. 17(4), pages 1375-1421, December.
    2. Aumann, Robert J., 1974. "Subjectivity and correlation in randomized strategies," Journal of Mathematical Economics, Elsevier, pages 67-96.
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    Cited by:

    1. Lehrer, Ehud, 2005. "Updating non-additive probabilities-- a geometric approach," Games and Economic Behavior, Elsevier, vol. 50(1), pages 42-57, January.
    2. Costis Skiadas, 1991. "Conditioning and Aggregation of Preferences," Discussion Papers 1010, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    3. Azrieli, Yaron & Lehrer, Ehud, 2008. "The value of a stochastic information structure," Games and Economic Behavior, Elsevier, vol. 63(2), pages 679-693, July.
    4. Gilboa, Itzhak & Lehrer, Ehud, 1991. "Global Games," International Journal of Game Theory, Springer;Game Theory Society, pages 129-147.
    5. repec:hal:journl:halshs-00130451 is not listed on IDEAS
    6. Lehrer, Ehud & Rosenberg, Dinah, 2006. "What restrictions do Bayesian games impose on the value of information?," Journal of Mathematical Economics, Elsevier, vol. 42(3), pages 343-357, June.
    7. Eran Shmaya, 2006. "The Value of Information Structures in Zero-sum Games with Lack of Information on One Side," International Journal of Game Theory, Springer;Game Theory Society, vol. 34(2), pages 155-165, August.
    8. Lefort, Jean-Philippe, 2009. "Guessing the beliefs," Journal of Mathematical Economics, Elsevier, vol. 45(12), pages 846-853, December.
    9. Ehud Lehrer & Dinah Rosenberg, 2003. "Information and Its Value in Zero-Sum Repeated Games," Game Theory and Information 0312003, EconWPA.
    10. repec:hal:journl:halshs-00390625 is not listed on IDEAS
    11. Giovanni Rossi, 2003. "Global Coalitional Games," Department of Economics University of Siena 415, Department of Economics, University of Siena.
    12. repec:hal:wpaper:halshs-00648884 is not listed on IDEAS

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