On comparisons of information structures with infinite states

M. Khan, Haomiao Yu and Zhixiang Zhang

Journal of Economic Theory, 2024, vol. 218, issue C

Abstract: Blackwell's theorem on the comparison of information structures is by now sufficiently well-understood for a finite state space, but important gaps remain in the infinite case. While the equivalence of (i) sufficiency and (ii) more-informativeness is known, we present a comprehensive theory that establishes equivalences between these two orders (in both their original and almost all versions) and three additional prior-dependent criteria on general (Polish) state spaces. We consider (iii) Bayesian preference, (iv) convex dominance, and (v) mean-preserving-spread (dilation) for all priors as well as for a given full-support prior. We provide counterexamples to underscore the necessity of the assumptions underlying some of our findings, and offer a generalization of the Hirschleifer-Schlee theorem as an application.

Keywords: Information structure; Sufficiency; Informativeness; Bayesian-better-than; Convex domination; Mean-preserving spread/dilation (search for similar items in EconPapers)
JEL-codes: C6 D5 D8 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0022053124000474
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:218:y:2024:i:c:s0022053124000474

DOI: 10.1016/j.jet.2024.105841

Access Statistics for this article

Journal of Economic Theory is currently edited by A. Lizzeri and K. Shell

More articles in Journal of Economic Theory from Elsevier
Bibliographic data for series maintained by Catherine Liu ().