The value of Information: the Case of Signal-Dependent Opportunity Sets
We generalize the economic decision problem considered by Blackwell(1953) in which a decision maker chooses an action after observing a signal correlated to the state of nature. Unlike Blackwell's case where the feasible set is fixed, in our framework, the feasible set of actions depends on the signal and the information system. As we indicate such a framework has more significance to economic models.
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|Date of creation:||1996|
|Date of revision:|
|Contact details of provider:|| Postal: Israel TEL-AVIV UNIVERSITY, THE FOERDER INSTITUTE FOR ECONOMIC RESEARCH, RAMAT AVIV 69 978 TEL AVIV ISRAEL.|
Web page: http://econ.tau.ac.il/foerder/about
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- Green, Jerry R, 1981. "Value of Information with Sequential Futures Markets," Econometrica, Econometric Society, vol. 49(2), pages 335-58, March.
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15-80, Wharton School Rodney L. White Center for Financial Research.
- Wilson, Robert B, 1978. "Information, Efficiency, and the Core of an Economy," Econometrica, Econometric Society, vol. 46(4), pages 807-16, July.
- Edward E. Schlee, 1996. "The Value of Information About Product Quality," RAND Journal of Economics, The RAND Corporation, vol. 27(4), pages 803-815, Winter.
- J. Hirshleifer, 1975.
"Speculation and Equilibrium: Information, Risk, and Markets,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 89(4), pages 519-542.
- Jack Hirshleifer, 1973. "Speculation and Equilibrium:Information,Risk,and Markets," UCLA Economics Working Papers 037, UCLA Department of Economics.
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