The Value of Information - An Axiomatic Approach

Itzhak Gilboa and Ehud Lehrer
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Ehud Lehrer: Northwestern University [Evanston]

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Abstract: The following question is addressed: Given a real-valued function on the partitions of a measure space, what are necessary and sufficient conditions in order that it be the value of information function for a Bayesian decision maker? A characterization is provided, and the analysis reveals a close relationship to cooperative game theory. The tools developed for characterization can also be used to derive somewhat surprising results regarding the properties of information functions.

Keywords: Value; Information; Axiomatic Approach (search for similar items in EconPapers)
Date: 1991
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Citations: View citations in EconPapers (21)

Published in Journal of Mathematical Economics, 1991, vol. 20, issue 5, pp. 443-459. ⟨10.1016/0304-4068(91)90002-B⟩

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Journal Article: The value of information - An axiomatic approach (1991)
Working Paper: The Value of Information -- An Axiomatic Approach (1989)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00753232

DOI: 10.1016/0304-4068(91)90002-B

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