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The Value of Information - An Axiomatic Approach

Author

Listed:
  • Itzhak Gilboa

    (Northwestern University [Evanston])

  • Ehud Lehrer

    (Northwestern University [Evanston])

Abstract

The following question is addressed: Given a real-valued function on the partitions of a measure space, what are necessary and sufficient conditions in order that it be the value of information function for a Bayesian decision maker? A characterization is provided, and the analysis reveals a close relationship to cooperative game theory. The tools developed for characterization can also be used to derive somewhat surprising results regarding the properties of information functions.

Suggested Citation

  • Itzhak Gilboa & Ehud Lehrer, 1991. "The Value of Information - An Axiomatic Approach," Post-Print hal-00753232, HAL.
    • Handle: RePEc:hal:journl:hal-00753232
    DOI: 10.1016/0304-4068(91)90002-B
    as

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