The Cost of Information: The Case of Constant Marginal Costs

• Tác giả: Luciano Pomatto, Philipp Strack, Omer Tamuz
• Ngôn ngữ: eng
• Ký hiệu phân loại: 003.54 Information theory
• Thông tin xuất bản: 2018
• Bộ sưu tập: Metadata
• ID: 162452

Tóm tắt

Comment: 69 pagesWe develop an axiomatic theory of information acquisition that captures the idea of constant marginal costs in information production: the cost of generating two independent signals is the sum of their costs, and generating a signal with probability half costs half its original cost. Together with Blackwell monotonicity and a continuity condition, these axioms determine the cost of a signal up to a vector of parameters. These parameters have a clear economic interpretation and determine the difficulty of distinguishing states.