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Schur convexity, quasi-convexity and preference for early resolution of uncertainty

Abstract

This paper deals with decision makers who choose among information systems. It shows that the properties of Schur convexity and of quasi-convexity are equivalent, even when general preferences are considered. Since Schur convexity is closely related to having a willingness to accept information and since quasi-convexity is closely related to having a preference for early resolution of the uncertainty about which information system prevails, then it follows that the equivalence implies that decision makers prefer more information to less if, and only if, they prefer early resolution of uncertainty to later resolution.

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Safra, Z., Sulganik, E. Schur convexity, quasi-convexity and preference for early resolution of uncertainty. Theor Decis 39, 213–218 (1995). https://doi.org/10.1007/BF01078986

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Keywords

  • Information System
  • Decision Maker
  • General Preference
  • Early Resolution