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A unified differential information framework assessing that more information is preferred to less

Guadalupe Fugarolas Álvarez-Ude () and Carlos Hervés-Beloso ()

MPRA Paper from University Library of Munich, Germany

Abstract: The Walrasian model has played a central role in all aspects of economics. The purpose of this paper is to propose a general modeling of differential information in the spirit of the Arrow-Debreu model and following the Radner tradition but away from the usual measurability conception. We provide a characterization of better informed agents in order to firstly formalize an essential feature known as part of some oral tradition: a decisionmaker prefers more information to less.

Keywords: Uncertainty; differential information; information sets; informational feasibility and better informed agents (search for similar items in EconPapers)
JEL-codes: D80 C65 D50 (search for similar items in EconPapers)
Date: 2005
New Economics Papers: this item is included in nep-knm and nep-upt
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