On information-improvement and its generalization
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TheTheil's information-improvement and its generalized form are consequences of different forms of the branching property that these measures are required to satisfy. We consider a seemingly more generalized form of the branching property and show that it does not lead to new measures. We also form a functional equation in three variables through this generalized branching property and show that this lead to the same result.
KeywordsStochastic Process Probability Theory Functional Equation Economic Theory
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