The demand for information: More heat than light
نویسندگان
چکیده
منابع مشابه
The demand for information: More heat than light
This paper produces a theory of the value of Gaussian information given two states and two actions, tracing the solution of the option pricing formula, but for the process of beliefs. We derive explicit formulas for the value of information. The marginal value is convex and rising, concave and peaking, and finally convex and falling. As the price falls, demand is initially zero, and eventually ...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2008
ISSN: 0022-0531
DOI: 10.1016/j.jet.2007.03.003