کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5072797 | 1373517 | 2008 | 15 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: The value of a stochastic information structure The value of a stochastic information structure](/preview/png/5072797.png)
Upon observing a signal, a Bayesian decision maker updates her probability distribution over the state space, chooses an action, and receives a payoff that depends on the state and the action taken. An information structure determines the set of possible signals and the probability of each signal given a state. For a fixed decision problem, the value of an information structure is the maximal expected utility that the decision maker can get when the observed signals are governed by this structure. Thus, every decision problem induces a preference order over information structures according to their value. We characterize preference orders that can be obtained in this way. We also characterize the functions defined over information structures that measure their value.
Journal: Games and Economic Behavior - Volume 63, Issue 2, July 2008, Pages 679-693