Informativeness of experiments for MEU

• Verfasst von: Heyen, Daniel [VerfasserIn]
• Verfasst von: Wiesenfarth, Boris Roland [VerfasserIn]
• Titel: Informativeness of experiments for MEU
• Titelzusatz: a recursive definition
• Verf.angabe: Daniel Heyen, Boris R. Wiesenfarth
• Jahr: 2015
• Jahr des Originals: 2014
• Umfang: 3 S.
• Fussnoten: Available online 10 December 2014 ; Gesehen am 14.09.2020
• Titel Quelle: Enthalten in: Journal of mathematical economics
• Ort Quelle: Amsterdam : North-Holland, 1974
• Jahr Quelle: 2015
• Band/Heft Quelle: 57(2015), Seite 28-30
• ISSN Quelle: 0304-4068
• DOI: doi:10.1016/j.jmateco.2014.12.002
• Datenträger: Online-Ressource
• Sprache: eng
• Bibliogr. Hinweis: Erscheint auch als : Druck-Ausgabe: Heyen, Daniel, 1981 - : Informativeness of experiments for MEU. - 2015
• Sach-SW: Blackwell
• Sach-SW: Maxmin expected utility
• Sach-SW: Recursive utility
• Sach-SW: Value of information
• K10plus-PPN: 1731798938

Abstract

The well-known Blackwell theorem states the equivalence of statistical informativeness and economic valuableness. Çelen (2012) generalizes this theorem, which is well-known for subjective expected utility (seu), to maxmin expected utility (meu) preferences. We demonstrate that the underlying definition of the value of information used in Çelen (2012) is in contradiction with the principle of recursively defined utility. As a consequence, Çelen’s framework features dynamic inconsistency. Our main contribution consists in the definition of a value of information for meupreferences that is compatible with recursive utility and thus respects dynamic consistency.