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What restrictions do Bayesian games impose on the value of information?

  • Ehud Lehrer

    (Tel Aviv U.)

  • Dinah Rosenberg

    (U. Paris Nord)

In a Bayesian game players play an unknown game. Before the game starts some players may receive a signal regarding the specific game actually played. Typically, information structures that determine different signals, induce different equilibrium payoffs.In zero-sum games the equilibrium payoff measures the value of the particular information structure which induces it. We pose a question as to what restrictions do Bayesian games impose on the value of information. We provide answers in two kinds of information structures: symmetric, where both players are equally informed, and one-sided where only one player is informed.

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Paper provided by EconWPA in its series Game Theory and Information with number 0312005.

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Date of creation: 11 Dec 2003
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Handle: RePEc:wpa:wuwpga:0312005
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  16. 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.
  17. Ehud Lehrer & Dinah Rosenberg, 2003. "Information and Its Value in Zero-Sum Repeated Games," Game Theory and Information 0312003, EconWPA.
  18. Sulganik, Eyal & Zilcha, Itzhak, 1997. "The value of information: The case of signal-dependent opportunity sets," Journal of Economic Dynamics and Control, Elsevier, vol. 21(10), pages 1615-1625, August.
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