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Comparative Statics, Informativeness, and the Interval Dominance Order

  • John Quah
  • Bruno Strulovici

We identify a natural way of ordering functions, which we call the interval dominance order and develop a theory of monotone comparative statistics based on this order.� This way of ordering functions is weaker than 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 statistics 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.nuff.ox.ac.uk/economics/papers/2007/w4/hlp24.pdf
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Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 2007-WO4.

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Date of creation: 01 Nov 2007
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Handle: RePEc:oxf:wpaper:2007-wo4
Contact details of provider: Postal: Manor Rd. Building, Oxford, OX1 3UQ
Web page: http://www.economics.ox.ac.uk/
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  1. Milgrom, Paul & Roberts, John, 1990. "Rationalizability, Learning, and Equilibrium in Games with Strategic Complementarities," Econometrica, Econometric Society, vol. 58(6), pages 1255-77, November.
  2. Milgrom, P. & Shannon, C., 1991. "Monotone Comparative Statics," Papers 11, Stanford - Institute for Thoretical Economics.
  3. Athey, Susan, 2002. "Monotone Comparative Statics Under Uncertainty," Scholarly Articles 3372263, Harvard University Department of Economics.
  4. 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.
  5. 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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