Decision Making Under Risk and Uncertainty

Language: English

Published by Springer Netherlands, Springer Netherlands Aug 1992, 1992

0792319044 / 9780792319047

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This item is printed on demand - Print on Demand Titel. Neuware -As desired, the infonnation demand correspondence is single valued at equilibrium prices. Hence no planner is needed to assign infonnation allocations to individuals. Proposition 4. For any given infonnation price system p E . P (F \*), almost every a E A demands a unique combined infonnation structure (although traders may be indifferent among partial infonnation sales from different information allocations, etc. ). In particular, the aggregate excess demand correspondence for net combined infonnation trades is a continuous function. Proof Uniqueness fails only if an agent can obtain the same expected utility from two or more net combined infonnation allocations. If this happens, appropriate slight perturbations of personal probability vectors destroy the equality unless the utility functions and wealth allocations were independent across states. Yet, when utilities and wealths don't depend on states in S, no infonnation to distinguish the states is desired, so that the demand for such infonnation structures must equal zero. To show the second claim, recall that if the correspondence is single valued for almost every agent, then its integral is also single valued. Finally, note that an upper hemicontinuous (by Proposition 2) correspondence which is single valued everywhere is, in fact, a continuous function. [] REFERENCES Allen, Beth (1986a). 'The Demand for (Differentiated) Infonnation'; Review of Economic Studies. 53. (311-323). Allen, Beth (1986b). 'General Equilibrium with Infonnation Sales'; Theory and Decision. 21. (1-33). Allen, Beth (1990). 'Infonnation as an Economic Commodity'; American Economic Review. 80. (268-273).Springer Verlag GmbH, Tiergartenstr. 17, 69121 Heidelberg 272 pp. Englisch.…

Seller Inventory # 9780792319047

Title
Decision Making Under Risk and Uncertainty
Author
J. Geweke
Publisher
Springer Netherlands, Springer Netherlands Aug 1992
Publication year
1992
Condition
Neu
Binding
Buch
Language
English
ISBN 10
0792319044
ISBN 13
9780792319047
Item weight
576 grams
Dimensions
241x160x20 mm

buchversandmimpf2000

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