کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
957624 | 928539 | 2008 | 30 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The demand for information: More heat than light
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This paper produces a theory of value for Gaussian information with two states and two actions, tracing the solution of the option pricing formula, but for the process of beliefs. We derive explicit formulas for the value of information. The marginal value is convex and rising, concave and peaking, and finally convex and falling. As the price falls, demand is initially zero, and eventually logarithmic. Its elasticity exceeds one, and falls to zero with the price. Demand is hill-shaped in beliefs, zero at extremes. Our results approximate models where information means the sample size for weak discrete informative signals.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Theory - Volume 138, Issue 1, January 2008, Pages 21–50
Journal: Journal of Economic Theory - Volume 138, Issue 1, January 2008, Pages 21–50
نویسندگان
Jussi Keppo, Giuseppe Moscarini, Lones Smith,