Dynamic Consistency and Preference for InformationFaculty of Economics & Commerce, and Economics Program, Research School of Social Sciences, Australian National University, 1997 - Decision-making - 16 pages |
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a₁ action available agent is dynamically agent who satisfies agent's preference relation atemporal expected utility Australia Card Australian National University backward induction Blackwell decision trees commitment trees consequence functions CONSISTENCY AND PREFERENCE Definition An agent's denote distributions of posteriors early-resolution mixed strategies elementary linear bifurcations example expected utility maximizer finite action sets fold-back property given recursivity H(Pi indifference and weak information to less intrinsic preference Johnsen & Donaldson's Kajii & Polak Kreps less informative signal Lo(Lo(X Lo(N Lo(X Machina metric space never strictly prefers pairs of two-stage Pk+1 preference for information preferences over two-stage prefers to randomize prior belief probability measure property of preferences pure strategy randomizing device reduction and recursivity relation over two-stage Sarin satisfies conditional quasi-convexity satisfies freedom indifference second-stage sublotteries signal realizations Simon Grant simple decision trees single-action information loving two-stage lotteries UC San Diego University of Tsukuba Wakker weakly preferred