On the nonexistence of Blackwell's theorem-type results with general preference relations

Zvi Safra*, Eyal Sulganik

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

15 Scopus citations

Abstract

A well-known theorem of Blackwell states that, when quantity of information is properly defined, every expected utility decision maker prefers more information to less; for more general preferences, however, the theorem is no longer true. In this article, we investigate the extent to which Blackwell's Theorem does not hold and describe conditions, and situations, under which information is still valuable. We also show that, for many types of additions of information, there exists a decision maker who will reject this information.

Original languageEnglish
Pages (from-to)187-201
Number of pages15
JournalJournal of Risk and Uncertainty
Volume10
Issue number3
DOIs
StatePublished - May 1995

Keywords

  • Blackwell's Theorem
  • nonexpected utility preferences
  • value of information

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