CFDP 1297
Monotone Preferences over Information
Author(s):Publication Date: March 2001
Pages: 13
Abstract:
We consider preference relations over information that are monotone: more information is preferred to less. We prove that, if a preference relation on information about an uncountable set of states of nature is monotone, then it is not representable by a utility function.
Keywords:
Value of information, Blackwell’s theorem, representation theorems, monotone preferences
JEL Classification Codes: C70, D11, D80