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Comparative Statics, Informativeness, and the Interval Dominance Order

We identify a natural way of ordering functions, which we call the interval dominance order and develop a theory of monotone comparative statics based on this order. This way of ordering functions is weaker then the standard one based on the single crossing property (Milgrom and Shannon, 1994) and so our results apply in some settings where the single crossing property does not hold. For example, they are useful when examining the comparative statics of optimal stopping time problems. We also show that certain basic results in statistical decision theory which are important in economics – specifically, the complete class theorem of Karlin and Rubin (1956) and the results connected with Lehmann’s (1988) concept of informativeness – generalize to payoff functions obeying the interval dominance order.

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File URL: http://www.nuffield.ox.ac.uk/economics/papers/2007/w4/hlp27.pdf
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Paper provided by Economics Group, Nuffield College, University of Oxford in its series Economics Papers with number 2007-W04.

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Length: 40 pages
Date of creation: 03 Sep 2007
Date of revision:
Handle: RePEc:nuf:econwp:0704
Contact details of provider: Web page: http://www.nuff.ox.ac.uk/economics/

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  1. Susan Athey, 2002. "Monotone Comparative Statics Under Uncertainty," The Quarterly Journal of Economics, MIT Press, vol. 117(1), pages 187-223, February.
  2. Milgrom, Paul & Roberts, John, 1990. "Rationalizability, Learning, and Equilibrium in Games with Strategic Complementarities," Econometrica, Econometric Society, vol. 58(6), pages 1255-77, November.
  3. Susan Athey & Jonathan Levin, 1998. "The Value of Information In Monotone Decision Problems," Working papers 98-24, Massachusetts Institute of Technology (MIT), Department of Economics.
  4. Athey, Susan, 2002. "Monotone Comparative Statics Under Uncertainty," Scholarly Articles 3372263, Harvard University Department of Economics.
  5. Milgrom, Paul & Shannon, Chris, 1994. "Monotone Comparative Statics," Econometrica, Econometric Society, vol. 62(1), pages 157-80, January.
  6. Ormiston Michael B. & Schlee Edward E., 1993. "Comparative Statics under Uncertainty for a Class of Economic Agents," Journal of Economic Theory, Elsevier, vol. 61(2), pages 412-422, December.
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