Related papers: Adding Decision Problem Makes Information More Val…
It is commonly-accepted wisdom that more information is better, and that information should never be ignored. Here we argue, using both a Bayesian and a non-Bayesian analysis, that in some situations you are better off ignoring information…
It is commonly-accepted wisdom that more information is better, and that information should never be ignored. Here we argue, using both a Bayesian and a non-Bayesian analysis, that in some situations you are better off ignoring information…
This paper compares statistical experiments in discounted problems, ranging from the simplest ones where the state is fixed and the flow of information exogenous to more complex ones, where the decision-maker controls the flow of…
We investigate the potential of deliberation to create consensus among fully-informed citizens. Our approach relies on two cognitive assumptions: i. citizens need a thinking frame (or perspective) to consider an issue; and ii. citizens…
In this paper, we consider sequential dynamic team decision problems with nonclassical information structures. First, we address the problem from the point of view of a ``manager" who seeks to derive the optimal strategy of the team in a…
As we know, there is a controversy about the decision making under risk between economists and psychologists. We discuss to build a unified theory of risky choice, which would explain both of compensatory and non-compensatory theories. For…
Comparisons are made for the amount of agreement of the composite likelihood information criteria and their full likelihood counterparts when making decisions among the fits of different models, and some properties of penalty term for…
A general notion of information-related complexity applicable to both natural and man-made systems is proposed. The overall approach is to explicitly consider a rational agent performing a certain task with a quantifiable degree of success.…
Observation of other people's choices can provide useful information in many circumstances. However, individuals may not utilize this information efficiently, i.e., they may make decision-making errors in social interactions. In this paper,…
This paper studies a decentralized many-to-one matching market where preferences remain uncertain during the matching process. Institutions initiate matching by sending offers, and applicants decide whether to accept upon receiving them.…
The roles played by decision factors in making complex subject are decisions are characterized by how these factors affect the overall decision. Evidence that partially matches a factor is evaluated, and then effective computational rules…
A seller offers an asset in a decentralised market. Buyers have private signals about their common value. I study whether the market becomes allocatively more efficient with (i) more buyers, (ii) better-informed buyers. Both increase the…
This paper examines games with strategic complements or substitutes and incomplete information, where players are uncertain about the opponents' parameters. We assume that the players' beliefs about the opponent's parameters are selected…
We derive the amount of information retrieved by a quantum measurement in estimating an unknown maximally entangled state, along with the pertaining disturbance on the state itself. The optimal tradeoff between information and disturbance…
Merging beliefs depends on the relative reliability of their sources. When unknown, assuming equal reliability is unwarranted. The solution proposed in this article is that every reliability profile is possible, and only what holds…
A structure called a decision making problem is considered. The set of outcomes (consequences) is partially ordered according to the decision maker's preferences. The problem is how these preferences affect a decision maker to prefer one of…
In this paper, we provide an approach to clustering relational matrices whose entries correspond to either similarities or dissimilarities between objects. Our approach is based on the value of information, a parameterized,…
The paper considers the problem of multi-objective decision support when outcomes are uncertain. We extend the concept of Pareto-efficient decisions to take into account the uncertainty of decision outcomes across varying contexts. This…
This paper studies a game in which an informed sender with state-independent preferences uses verifiable messages to convince a receiver to choose an action from a finite set. We characterize the equilibrium outcomes of the game and compare…
Unmeasured confounding is a threat to causal inference and gives rise to biased estimates. In this article, we consider the problem of individualized decision-making under partial identification. Firstly, we argue that when faced with…