The Value of Information -- An Axiomatic Approach
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.
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|Date of creation:||Jun 1989|
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|Contact details of provider:|| Postal: Center for Mathematical Studies in Economics and Management Science, Northwestern University, 580 Jacobs Center, 2001 Sheridan Road, Evanston, IL 60208-2014|
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- Jack Hirshleifer & John G. Riley, 1979.
"The Analytics of Uncertainty and Information- An Expository Survey,"
UCLA Economics Working Papers
159, UCLA Department of Economics.
- Hirshleifer, J & Riley, John G, 1979. "The Analytics of Uncertainty and Information-An Expository Survey," Journal of Economic Literature, American Economic Association, vol. 17(4), pages 1375-1421, December.
- AUMANN, Robert J., .
"Subjectivity and correlation in randomized strategies,"
CORE Discussion Papers RP
167, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Aumann, Robert J., 1974. "Subjectivity and correlation in randomized strategies," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 67-96, March.
- R. Aumann, 2010. "Subjectivity and Correlation in Randomized Strategies," Levine's Working Paper Archive 389, David K. Levine.
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