Intrinsic preference for information

Article Abstract:

The relationship between agents' intrinsic preference for information and attitudes toward risk is investigated. The Kreps-Porteus recursive expected utility model is generalized by dropping both recursivity and expected utility. In addition, intrinsic information loving is characterized by a substitution property similar to multivariate risk loving. The relationship between risk aversion and information loving is then discussed. Results show that preference for information does not imply expected utility even with the presence of recursivity.

Econometrics & Model Building, Models, Risk (Economics), Economics, Econometrics, Anxiety, Information theory, Business models, Utility theory, Utility functions, Information theory in economics

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Decomposable choice under uncertainty

Article Abstract:

Issues concerning the sure-thing principal of L. J. Savage are presented.The axioms of decomposability, dynamic programming solvability as proposed by F. Gul and O. Lantto, and the relationship between probabilistic sophistication and betweenness are discussed.

Research, Influence, Economic research, Dynamic programming, Uncertainty, Savage, L. J.

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Bayesian beliefs with stochastic monotonicity: an extension of Machina and Schmeidler

Article Abstract:

Application of subjective probability to analyze stochastic monotonicity of independent results of Horse/roulette lotteries is described.

United States, Australia, Amusement and recreation, not elsewhere classified, Lotteries, Other Gambling Industries, Usage, Stochastic analysis, Probabilities, Probability theory, Lottery industry

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