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Comparison of Decisions under Unknown Experiments

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  • Andrew Caplin
  • Daniel Martin

Abstract

We take the perspective of an econometrician who wants to determine which of two experiments provides higher expected utility but only knows the decisions under each experiment. To compare these decisions, the econometrician must make inferences about what the experiment might have been for each set of decisions. We provide a necessary and sufficient condition that identifies when every experiment consistent with one set of decisions has a higher value of information than every experiment consistent with the other set of decisions.

Suggested Citation

  • Andrew Caplin & Daniel Martin, 2021. "Comparison of Decisions under Unknown Experiments," Journal of Political Economy, University of Chicago Press, vol. 129(11), pages 3185-3205.
    • Handle: RePEc:ucp:jpolec:doi:10.1086/716104
    DOI: 10.1086/716104
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    Cited by:

    1. Michele Giannola, 2022. "Parental investments and intra-household inequality in child human capital: evidence from a survey experiment," IFS Working Papers W22/54, Institute for Fiscal Studies.
    2. Ashesh Rambachan, 2022. "Identifying Prediction Mistakes in Observational Data," NBER Chapters, in: Economics of Artificial Intelligence, National Bureau of Economic Research, Inc.

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