arXiv
Open Access
2022
Making Information More Valuable
Mark Whitmeyer
Abstrak
We study what changes to an agent's decision problem increase her value for information. We prove that information becomes more valuable if and only if the agent's reduced-form payoff in her belief becomes more convex. When the transformation corresponds to the addition of an action, the requisite increase in convexity occurs if and only if a simple geometric condition holds, which extends in a natural way to the addition of multiple actions. We apply these findings to two scenarios: a monopolistic screening problem in which the good is information and delegation with information acquisition.
Topik & Kata Kunci
Penulis (1)
M
Mark Whitmeyer
Akses Cepat
Informasi Jurnal
- Tahun Terbit
- 2022
- Bahasa
- en
- Sumber Database
- arXiv
- Akses
- Open Access ✓