Document Type
Discussion Paper
Publication Date
1-1-1999
CFDP Number
1208
CFDP Pages
18
Abstract
We provide necessary and sufficient conditions for a dynamically consistent agent always to prefer more informative signals (in single-agent problems). These conditions do not imply recursivity, reduction or independence. We provide a simple definition of dynamically consistent behavior, and we discuss whether an intrinsic information lover (say, an anxious person) is likely to be dynamically consistent.
Recommended Citation
Grant, Simon; Kajii, Atsushi; and Polak, Ben, "Preference for Information and Dynamic Consistency" (1999). Cowles Foundation Discussion Papers. 1456.
https://elischolar.library.yale.edu/cowles-discussion-paper-series/1456