The Value of Information Under Unawareness
نویسندگان
چکیده
منابع مشابه
The value of information under unawareness
The value of information is examined in a single-agent environment with unawareness. Although the agent has a correct prior about events he is aware of and has a clear understanding of his available actions and payoffs, his unawareness may lead him to commit information processing errors and to behave suboptimally. As a result, the value of information can be negative, contrasting what is true ...
متن کاملTrade and the Value of Information Under Unawareness
The value of information and the possibility of speculation are examined in an environment with unawareness. Although agents have “correct” prior beliefs about events they are aware of and have a clear understanding of their available actions and payoffs, their unawareness may lead them to commit information processing errors and to behave suboptimally. As a result, more information is not alwa...
متن کاملThe value of information in risk-sharing environments with unawareness
The value of information is examined in a risk-sharing environment with unawareness and complete markets. Information and awareness are symmetric among agents, who have a clear understanding of their actions and deterministic payoffs. We show with examples that public information can make some agents strictly better off at the expense of others, contrasting the standard results of Hirshleifer [...
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چکیده ندارد.
15 صفحه اولInformation structures with unawareness
I construct a multi-agent state space model with unawareness following Aumann (1976). Dekel, Lipman and Rustichini (1998) show that standard state space models are incapable of representing unawareness. The model circumvents the impossibility result by endowing the agent a subjective state space that differs from the full state space when he has the unawareness problem. Information is modeled a...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2015
ISSN: 1556-5068
DOI: 10.2139/ssrn.3117975