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.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1998
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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.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2000
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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.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2006
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