Preference for information and dynamic consistency

Citation
S. Grant et al., Preference for information and dynamic consistency, THEOR DECIS, 48(3), 2000, pp. 263-286
Citations number
23
Categorie Soggetti
Economics
Journal title
THEORY AND DECISION
ISSN journal
00405833 → ACNP
Volume
48
Issue
3
Year of publication
2000
Pages
263 - 286
Database
ISI
SICI code
0040-5833(200005)48:3<263:PFIADC>2.0.ZU;2-I
Abstract
We provide necessary and sufficient conditions for a dynamically consistent agent always to prefer more informative signals (in single-agent problems) . These conditions do not imply recursivity, reduction or independence. We provide a simple definition of dynamically consistent behavior, and we disc uss whether an intrinsic information lover (say, an anxious person) is like ly to be dynamically consistent.