Decision Making Under Risk and Uncertainty

Language: English

Published by Springer Netherlands Okt 2012, 2012

9401052611 / 9789401052610

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Seller: BuchWeltWeit Ludwig Meier e.K., Bergisch Gladbach, GermanyBuchWeltWeit Ludwig Meier e.K.

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This item is printed on demand - it takes 3-4 days longer - 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). 276 pp. Englisch.

Seller Inventory # 9789401052610

Title
Decision Making Under Risk and Uncertainty
Author
J. Geweke
Publisher
Springer Netherlands Okt 2012
Publication year
2012
Condition
Neu
Binding
Taschenbuch
Language
English
ISBN 10
9401052611
ISBN 13
9789401052610
Item weight
446 grams
Dimensions
240x160x16 mm

BuchWeltWeit Ludwig Meier e.K.

Bergisch Gladbach, Germany

5-star seller

AbeBooks seller since January 11, 2012

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BuchWeltWeit Ludwig Meier e.K.

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