The cost of information

Luciano Pomatto
Luciano Pomatto

arXiv: Theoretical Economics, 2018.

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Abstract:

We develop an axiomatic theory of information acquisition that captures the idea of constant marginal costs in information production: the cost of generating two independent signals is the sum of their costs, and generating a signal with probability half costs half its original cost. Together with a monotonicity and a continuity condition...More

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