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The value of perfect information in nonlinear utility theory

✍ Scribed by Edward E. Schlee

Publisher
Springer US
Year
1991
Tongue
English
Weight
203 KB
Volume
30
Category
Article
ISSN
0040-5833

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✦ Synopsis

Wakker (1988)

has recently shown that, in contrast to an expected utility maximizer, the value of information will sometimes be negative for an agent who violates the independence axiom of expected utility theory. We demonstrate, however, that the value of perfect information will always be nonnegative if the agent satisfies a weak dominance axiom. This result thus mitigates to some degree the normative objection to nonlinear utility theory implicit in Wakker's finding.

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