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A Bayesian Approach to the Production of Information with a Linear Utility Function

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  • Ian Tonks

Abstract

The paper considers the problem facing a consumer deciding whether to purchase a good whose effect on utility is unknown. The consumer is allowed to learn about the effect over time according to a Bayesian updating procedure. Of interest is the quantity of the good the consumer will purchase in the first period. The paper allows the consumer's budget constraint to be spread over more than one period and consequently generates results which contradicts earlier work.

Suggested Citation

  • Ian Tonks, 1984. "A Bayesian Approach to the Production of Information with a Linear Utility Function," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 51(3), pages 521-527.
    • Handle: RePEc:oup:restud:v:51:y:1984:i:3:p:521-527.
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    File URL: http://hdl.handle.net/10.2307/2297438
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    Cited by:

    1. Hector Chade & Edward E. Schlee, 2000. "Increasing Returns in the Value of Information," Econometric Society World Congress 2000 Contributed Papers 1715, Econometric Society.

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