4.5 Article

Comparison of Decisions under Unknown Experiments

Journal

JOURNAL OF POLITICAL ECONOMY
Volume 129, Issue 11, Pages 3185-3205

Publisher

UNIV CHICAGO PRESS
DOI: 10.1086/716104

Keywords

-

Categories

Funding

  1. Sloan Foundation
  2. NOMIS Foundation

Ask authors/readers for more resources

This passage discusses how an econometrician can determine which of two experiments provides higher expected utility. The necessary condition provided in the text can identify which experiment has a higher value of information.
We take the perspective of an econometrician who wants to determine which of two experiments provides higher expected utility but only knows the decisions under each experiment. To compare these decisions, the econometrician must make inferences about what the experiment might have been for each set of decisions. We provide a necessary and sufficient condition that identifies when every experiment consistent with one set of decisions has a higher value of information than every experiment consistent with the other set of decisions.

Authors

I am an author on this paper
Click your name to claim this paper and add it to your profile.

Reviews

Primary Rating

4.5
Not enough ratings

Secondary Ratings

Novelty
-
Significance
-
Scientific rigor
-
Rate this paper

Recommended

No Data Available
No Data Available