Preference for Information and Dynamic Consistency
We provide necessary and sufficient conditions for a dynamically consistent agent always to prefer more informative signals (in single-agent problems). These conditions do not imply recursivity, reduction or independence. We provide a simple definition of dynamically consistent behavior, and we discuss whether an intrinsic information lover (say, an anxious person) is likely to be dynamically consistent.
(This abstract was borrowed from another version of this item.)
Volume (Year): 48 (2000)
Issue (Month): 3 (May)
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