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Equivalent comparisons of information channels

Nakata, Hiroyuki (2011) 'Equivalent comparisons of information channels.' Theory and Decision, 71 (4). pp. 559-574. ISSN 0040-5833

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Abstract

This article constructs a static model of information acquisition when the agent does not know exactly what pieces of information he is missing. A representation of preferences over information channels and menus of lotteries is shown by adapting the model of unforeseen contingencies by Dekel et al. (Econometrica 69:891–934, 2001; Econometrica 75:591–600, 2007), which is an extension of Kreps (Econometrica 47:565–576, 1979; Economic analysis of markets and games: essays in honor of Frank Hahn, 1992). Also, characterisation of informativeness of an information channel analogous to the one by Blackwell (Ann Math Stud 24:265–272, 1953) is examined in conjunction with the preference for flexibility by applying the structure of Shapley value.

Item Type: Article
Uncontrolled Keywords: Flexibility, Information channel, Informativeness, Shapley value
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Essex Business School
Depositing User: Hiroyuki Nakata
Date Deposited: 22 Nov 2011 10:14
Last Modified: 22 Nov 2011 10:14
URI: http://repository.essex.ac.uk/id/eprint/1552

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