CFDP 1297

Monotone Preferences over Information

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