Comparison of information structures
Several authors have observed that in interactive decision frameworks, welfare is not monotonic with information in the sense that more information can make agents worse off. This contrasts with Blackwell’s comparison of statistical experiments in which more information can only make the statistician better off. We introduce the notion of an information structure L as being richer than another J when for every game G, all correlated equilibrium distributions of G induced by J are also induced by L. If L is richer than J, L can always make all agents as well off than J. We also define J to be faithfully reproducible from L when all the players can compute from their information in L “new information” that reproduces what they could have received from J . Our main result is that L is richer than J if and only if J is faithfully reproducible from L.
|Date of creation:||01 Dec 1997|
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- Neyman, Abraham, 1991. "The positive value of information," Games and Economic Behavior, Elsevier, vol. 3(3), pages 350-355, August.
- repec:dau:papers:123456789/6244 is not listed on IDEAS
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"Correlated Equilibrium as an Expression of Bayesian Rationality,"
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- R. Aumann, 2010. "Subjectivity and Correlation in Randomized Strategies," Levine's Working Paper Archive 389, David K. Levine.
- Gossner, Olivier, 1998. "Secure Protocols or How Communication Generates Correlation," Journal of Economic Theory, Elsevier, vol. 83(1), pages 69-89, November.
- GOSSNER, Olivier, "undated". "Secure protocols or how communication generates correlation," CORE Discussion Papers RP 1361, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- GOSSNER, Olivier, 1997. "Secure protocols or how communication generates correlation," CORE Discussion Papers 1997092, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Hirshleifer, Jack, 1971. "The Private and Social Value of Information and the Reward to Inventive Activity," American Economic Review, American Economic Association, vol. 61(4), pages 561-574, September. Full references (including those not matched with items on IDEAS)
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