Intrinsic Preference for Information

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dc.contributor.authorGrant, Simon
dc.contributor.authorKajii, Atsushi
dc.contributor.authorPolak, Ben
dc.date.accessioned2022-12-02T03:24:28Z
dc.date.issued1998
dc.date.updated2021-11-28T07:31:00Z
dc.description.abstractSuppose agents value information not only to make contingent plans but also intrinsically. How are such attitudes toward information related to attitudes toward risk? We generalize the Kreps–Porteus recursive expected utility model, dropping both recursivity and expected utility. There is a geometric analogy between risk and information. We characterize intrinsic information loving, in general, by a substitution property analogous to multivariate risk loving; and, for smooth preferences, by the convexity of Gateaux derivatives. Even with recursivity, preference for information does not imply expected utility: we provide an example. We examine connections between information loving and risk aversion for early- and late-resolving risks.Journal of Economic LiteratureClassification Numbers: D80, D81.en_AU
dc.format.mimetypeapplication/pdfen_AU
dc.identifier.issn0022-0531en_AU
dc.identifier.urihttp://hdl.handle.net/1885/281506
dc.language.isoen_AUen_AU
dc.publisherAcademic Pressen_AU
dc.rightsCopyright © 1998 by Academic Pressen_AU
dc.sourceJournal of Economic Theoryen_AU
dc.subjectInformationen_AU
dc.subjectrisk-aversionen_AU
dc.subjectanxietyen_AU
dc.subjectnon-expected utilityen_AU
dc.subjectGateauxen_AU
dc.titleIntrinsic Preference for Informationen_AU
dc.typeJournal articleen_AU
local.bibliographicCitation.issue2en_AU
local.bibliographicCitation.lastpage259en_AU
local.bibliographicCitation.startpage233en_AU
local.contributor.affiliationGrant, Simon, College of Business and Economics, ANUen_AU
local.contributor.affiliationKajii, Atsushi, University of Tsukubaen_AU
local.contributor.affiliationPolak, Ben, Yale Universityen_AU
local.contributor.authoremailu8611182@anu.edu.auen_AU
local.contributor.authoruidGrant, Simon, u8611182en_AU
local.description.embargo2099-12-31
local.description.notesImported from ARIESen_AU
local.identifier.absfor380399 - Economic theory not elsewhere classifieden_AU
local.identifier.ariespublicationU3488905xPUB20013en_AU
local.identifier.citationvolume83en_AU
local.identifier.doi10.1006/jeth.1996.2458en_AU
local.identifier.scopusID2-s2.0-0009666159
local.identifier.thomsonID000077719900003
local.identifier.uidSubmittedByU3488905en_AU
local.publisher.urlhttps://www.elsevier.com/en-auen_AU
local.type.statusPublished Versionen_AU

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