The value of a stochastic information structure

@article{Azrieli2008TheVO,
  title={The value of a stochastic information structure},
  author={Yaron Azrieli and Ehud Lehrer},
  journal={Games and Economic Behavior},
  year={2008},
  volume={63},
  pages={679-693}
}
Upon observing a signal, a Bayesian decision maker updates her probability distribution over the state space, chooses an action, and receives a payoff that depends on the state and the action taken. An information structure determines the set of possible signals and the probability of each signal given a state. For a fixed decision problem, the value of an information structure is the maximal expected utility that the decision maker can get when the observed signals are governed by this… CONTINUE READING

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