Karni , E. and Safra, Zvi (2022) Hybrid decision model and the ranking of experiments. Journal of Mathematical Economics, 101 . 102700. doi:10.1016/j.jmateco.2022.102700 ISSN 0304-4068.

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Abstract

Departing from the reduction of compound lotteries axiom on multi-stage lotteries, this paper proposes a new hybrid model to analyze decision trees. Applied to multi-stage decision trees induced by experiments, Blackwell’s (1953) definition of the relation “more informative” on the set of information structures is equivalent to experiments being more valuable to a class of non-expected utility preferences. This result extends Blackwell’s theorem and provides new insights regarding the evaluation of information produced by experiments.

Item Type:	Journal Article
Subjects:	Q Science > QA Mathematics
Divisions:	Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH):	Probabilities, Decision trees, Decision making
Journal or Publication Title:	Journal of Mathematical Economics
Publisher:	Elsevier
ISSN:	0304-4068
Official Date:	August 2022
Dates:	Date Event August 2022 Published 7 May 2022 Available 9 April 2022 Accepted
Volume:	101
Article Number:	102700
DOI:	10.1016/j.jmateco.2022.102700
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
Date of first compliant deposit:	12 April 2022
Date of first compliant Open Access:	7 November 2023
Related URLs:	Publisher

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