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Adding Decision Problem Makes Information More Valuable

Michel de Lara

Abstract

We consider decision-making under incomplete information about an unknown state of nature. We show that a decision problem yields a higher value of information than another, uniformly across information structures, if and only if it is obtained by adding an independent, parallel decision problem.

Adding Decision Problem Makes Information More Valuable

Abstract

We consider decision-making under incomplete information about an unknown state of nature. We show that a decision problem yields a higher value of information than another, uniformly across information structures, if and only if it is obtained by adding an independent, parallel decision problem.
Paper Structure (4 sections, 1 theorem, 13 equations)

This paper contains 4 sections, 1 theorem, 13 equations.

Table of Contents

  1. Introduction
  2. More valuable information
  3. Conclusion
  4. Proof of Theorem \ref{['th:more_valuable_information_equivalent_additively_separable']}

Key Result

Theorem 1

Consider two decision problems ${M}$ and ${L}$, given by the two utility functions $U_{{M}} \colon A_{{M}}\times\Omega\to {\mathbb R}$ and $U_{{L}} \colon A_{{L}}\times\Omega\to {\mathbb R}$. Suppose that the value functions $V_{U_{{M}}}$ and $V_{U_{{L}}}$ in eq:value_function_utility_classic take f

Theorems & Definitions (1)

  • Theorem 1