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Preference for Information and Dynamic Consistency

Grant, Simon; Kajii, Atsushi; Polak, Ben


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.

CollectionsANU Research Publications
Date published: 2000
Type: Journal article
Source: Theory and Decision


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