The value of information - An axiomatic approach

Itzhak Gilboa*, Ehud Lehrer

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


The following question is addressed: Given a real-valued function on the partitions of a measure space, what are necessary and sufficient conditions in order that it be the value of information function for a Bayesian decision maker? A characterization is provided, and the analysis reveals a close relationship to cooperative game theory. The tools developed for characterization can also be used to derive somewhat surprising results regarding the properties of information functions.

Original languageEnglish
Pages (from-to)443-459
Number of pages17
JournalJournal of Mathematical Economics
Issue number5
StatePublished - 1991
Externally publishedYes


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