Preference for Information and Dynamic Consistency
We provide necessary and sufficient conditions for a dynamically consistent agent always to prefer more informative signals (in single-agent problems). These conditions do not imply recursivity, reduction or independence. We provide a simple definition of dynamically consistent behavior, and we discuss whether an intrinsic information lover (say, an anxious person) is likely to be dynamically consistent.
|Collections||ANU Research Publications|
|Source:||Theory and Decision|
|01_Grant_Preference_for_Information_and_2000.pdf||140.11 kB||Adobe PDF||Request a copy|
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