The value of information and the value of awareness
| dc.creator | Quiggin, John | |
| dc.date | 2017-04-01T14:06:16Z | |
| dc.date.accessioned | 2026-07-09T07:12:35Z | |
| dc.description | Recent literature has examined the problem facing decisionmakers with bounded awareness, who may be unaware of some states of nature. A question that naturally arises here is whether a value of awareness (VOA), analogous to VOI, can be attributed to changes in awareness. In this note it is shown, in a sense that will be made precise, that the sum VOA+VOI is constant and independent of the choice set. It follows that, the greater is VOA, the less is VOI. This point is illustrated for a simple two-state case, then proved for general classes of choice sets. The analysis is then extended to cover alternative concepts of choice under unawareness. | |
| dc.identifier | doi:10.22004/ag.econ.151207 | |
| dc.identifier | https://ageconsearch.umn.edu/record/151207/files/R13_2WP.pdf | |
| dc.identifier | http://ageconsearch.umn.edu/record/151207 | |
| dc.identifier.uri | http://hdl.handle.net/123456789/585699 | |
| dc.language | eng | |
| dc.publisher | ||
| dc.source | http://ageconsearch.umn.edu/record/151207 | |
| dc.title | The value of information and the value of awareness | |
| dc.type | Text |