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Keywords
(10)
Decision Making Under Uncertainty
Decision Problem
Economic Model
Indexation
Information Structure
Necessary and Sufficient Condition
Stochastic Dominance
Stochastic Order
Value of Information
Decision Maker
Related Publications
(6)
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The Comparative Statics of Changes in Risk Revisited
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The Value of Information in Monotone Decision Problems
The Value of Information in Monotone Decision Problems,Jonathan Levin,Susan Athey
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The Value of Information in Monotone Decision Problems
(
Citations: 50
)
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Jonathan Levin
,
Susan Athey
February 2001 This paper studies decision problems under uncertainty where a decisionmaker observes an imperfect signal about the true state of the world. We analyze the information preferences and information demand of such decisionmakers, based on properties of their payoff functions. We restrict attention to "monotone decision problems," whereby the posterior beliefs induced by the signal can be ordered so that higher actions are chosen in response to higher signal realizations. Monotone decision problems are frequently encountered in economic modeling. We provide necessary and sufficient conditions for all decision makers with different classes of payoff functions to prefer one
information structure
to another. We also provide conditions under which two decisionmakers in a given class can be ranked in terms of their marginal value for information and hence information demand. Applications and examples are given. Working Papers Index
Published in 2001.
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Citation Context
(26)
...ple, Lehmann (1988) and
Athey and Levin (2001)
) impose restrictions on the prior or posterior...
...
Athey and Levin (2001)
generates a family of distributionsfH ig ordered in terms of secondorder...
Xianwen Shiy
.
Optimal auctions with information acquisition
...Theory [
2
, 5, 13, 21] and in Artificial Intelligence [9, 20, 22]...
Rina AzoulaySchwartz
,
et al.
The impact of available information on negotiation results
...Earlier work focusses on particular classes of decision problems, such as portfolio decisions (Athey 2000), or monotone decision problems (
Athey and Levin 2001
)...
Thomas A. Weber
.
Simple methods for evaluating and comparing binary experiments
...MRk(G;z)ak(z) o dz: (
2
) <{[SECTION]}>3 Convexity of the Auctioneer’s Revenue...
Marcus Hagedorn
.
The value of information for auctioneers
...Under our assumptions of additive separability and independency of the bidders’ types, it is easy to see that the utility of a bidder in any auction game, and for some flxed strategies of the other bidders, is linear in the state, this is in Ti and in Qi. An application of the results of
Athey and Levin (2001)
[Lemma 1] to such decision problems shows that a su‐cient condition to assure the existence of an increasing best response is that ...
...
Athey and Levin (2001)
gives us a meaningful deflnition of more informative signals for decision problems that are linear in the state...
...An application of Theorem 1 of
Athey and Levin (2001)
implies that our deflnition is such that a signal X· is more informative than another signal X·...
Ángel HernandoVeciana
.
Information acquisition in auctions: Sealed bids vs. open bids
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(16)
CHARACTERIZING PROPERTIES OF STOCHASTIC OBJECTIVE FUNCTIONS
(
Citations: 26
)
Susan Athey
Published in 2000.
Equivalent Comparisons of Experiments
(
Citations: 254
)
David Blackwell
Journal:
The Annals of Mathematical Statistics
, vol. 24, no. 1953, pp. 265272, 1953
Increasing Generalized Correlation: A Definition and Some Economic Consequences
(
Citations: 50
)
Larry G. Epstein
,
Stephen M. Tanny
Published in 1980.
Intrinsic Preference for Information
(
Citations: 50
)
Simon Grant
,
Atsushi Kajii
,
Ben Polak
Journal:
Journal of Economic Theory  J ECON THEOR
, vol. 83, no. 2, pp. 233259, 1998
The Theory of Decision Procedures for Distributions with Monotone Likelihood Ratio
(
Citations: 77
)
Samuel Karlin
,
Herman Rubin
Journal:
The Annals of Mathematical Statistics
, vol. 27, no. 1956, pp. 272299, 1956
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Citations
(50)
Optimal auctions with information acquisition
Xianwen Shiy
Journal:
Games and Economic Behavior  GAME ECON BEHAV
, 2012
Managing KnowHow
(
Citations: 1
)
Deishin Lee
,
Eric Van den Steen
Journal:
Management Science  Management
, vol. 56, no. 2, pp. 270285, 2010
The impact of available information on negotiation results
Rina AzoulaySchwartz
,
Daphna DorShiffer
Journal:
Annals of Mathematics and Artificial Intelligence  AMAI
, vol. 60, no. 3, pp. 311340, 2010
Simple methods for evaluating and comparing binary experiments
Thomas A. Weber
Journal:
Theory and Decision  THEOR DECIS
, vol. 69, no. 2, pp. 257288, 2010
Comparative Statics, Informativeness, and the Interval Dominance Order
(
Citations: 6
)
John K.H. Quah
,
Bruno Strulovici
Published in 2009.