On the Nonexistence of Blackwell's Theorem-Type Results with General Preference Relations

Zvi Safra and Eyal Sulganik

Journal of Risk and Uncertainty, 1995, vol. 10, issue 3, 187-201

Abstract: A well-known theorem of Blackwell states that, when quantity of information is properly defined, every expected utility decisionmaker prefers more information to less; for more general preferences, however, the theorem is no longer true. In this article, we investigate the extent to which Blackwell's Theorem does not hold and describe conditions, and situations, under which information is still valuable. We also show that, for many types of additions of information, there exists a decision maker who will reject this information. Copyright 1995 by Kluwer Academic Publishers

Date: 1995
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