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Statistical Determinants of Information Value

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Abstract

The special models in Chapter 5 define problems with particular outcome and or utility functions, assessing and explaining the value of information for all deci­sion problems within that class. Chapters 6 and 7 study the determinants of the value of information in a broader sense than in Chapter 5 by identifying various classes S2 of decision problems D, such that for all D e S2 it can be assured that information value increases or decreases with particular characteristics of D such as environmental riskiness, statistical informativeness, stochastic preference, and initial wealth. Some results hold for very broad classes of decision problems, others hold only for subclasses of DMs such as risk averters, or subclasses of problem structure such as those with utility of outcome functions that are in­creasing and or convex in particular variables. This chapter focuses on the infor­mation structure and the exogenous environment as determinants of information value; Chapter 7 covers the role of the decision maker’s preferences.

Keywords

Decision Rule Prior Distribution Expected Utility Stochastic Dominance Statistical Informativeness 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media New York 1999

Authors and Affiliations

  1. 1.College of Business and Public AdministrationDrake UniversityDes MoinesUSA

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