Abstract
Typically, a problem in information economics consists of choosing simultaneously an optimal pair: (1) an information channel producing messages, and (2) a decision rule associating each message with an act. The givens of the problem are: the probability distribution on the states of the world, and the utility yielded by each combination of act and state, taking account of message costs.
Supported by the Office of Naval Research under task number NR-047-041 and the Western Management Science Institute under its grant from the Ford Foundation.
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Bibliography
Birkhoff, G., Lattice Theory (2nd ed.), American Mathematical Society, New York, (Colloquium Publications, Vol. 25), 1948.
Marschak, J., ‘Problems in Information Economics’ (1963), Selected Essays, 25.
Savage, L. J., The Foundations of Statistics, Wiley and Sons, New York, 1954. Revised, Dover, 1972.
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© 1974 D. Reidel Publishing Company, Dordrecht, Holland
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Marschak, J. (1974). The Payoff-Relevant Description of States and Acts (1963). In: Economic Information, Decision, and Prediction. Theory and Decision Library, vol 7-1. Springer, Dordrecht. https://doi.org/10.1007/978-94-010-9276-0_14
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DOI: https://doi.org/10.1007/978-94-010-9276-0_14
Publisher Name: Springer, Dordrecht
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