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Consumer Theory for Cheap Information.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Consumer Theory for Cheap Information./
Author:	Baker, Gary Glenwood.
Description:	1 online resource (66 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 84-02, Section: A.
Contained By:	Dissertations Abstracts International84-02A.
Subject:	Information science. -
Online resource:	click for full text (PQDT)
ISBN:	9798837522437

Consumer Theory for Cheap Information.
Baker, Gary Glenwood.

Consumer Theory for Cheap Information. - 1 online resource (66 pages)

Source: Dissertations Abstracts International, Volume: 84-02, Section: A.

Thesis (Ph.D.)--The University of Wisconsin - Madison, 2022.

Includes bibliographical references

This dissertation consists of two chapters on the approximating the demand for information from multiple sources. Chapter 1 develops a consumer theory for multiple cheap sources of information in a finite-action/finite-state setting. I show that demand for information in this setting is well approximated by a precision maximization problem. Isoprecision curves-the approximate indifference curves-are the upper envelope of finitely many quasiconvex curves and hence exhibit kinks. Hicksian demand for information is thus approximately locally constant and discontinuous. Finally, I derive an upper bound, quadratic in the number of possible states, for the number of sources ever used in non-vanishing proportions: at most as many as there are state pairs. Chapter 2 generalizes the Chapter 1 to a class of monotone decision problems with one-dimensional continuous states. I show that the decision maker's expected loss is approximately the loss she would have from taking the optimal action implied by the maximum likelihood estimate, and thus is a weighted average of the reciprocal of the Fisher information. In contrast to the discrete case, approximate indifference curves are smooth and exhibit monotonically increasing rates of substitution. Large sample demand in such settings this behaves much closer to the benchmark consumer theory model, in contrast to the results of Chapter 1.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798837522437Subjects--Topical Terms:

561178
Information science.
Subjects--Index Terms:

Bayesian decision theoryIndex Terms--Genre/Form:

554714
Electronic books.

Consumer Theory for Cheap Information.
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500 $a Advisor: Smith, Lones.
502 $a Thesis (Ph.D.)--The University of Wisconsin - Madison, 2022.
504 $a Includes bibliographical references
520 $a This dissertation consists of two chapters on the approximating the demand for information from multiple sources. Chapter 1 develops a consumer theory for multiple cheap sources of information in a finite-action/finite-state setting. I show that demand for information in this setting is well approximated by a precision maximization problem. Isoprecision curves-the approximate indifference curves-are the upper envelope of finitely many quasiconvex curves and hence exhibit kinks. Hicksian demand for information is thus approximately locally constant and discontinuous. Finally, I derive an upper bound, quadratic in the number of possible states, for the number of sources ever used in non-vanishing proportions: at most as many as there are state pairs. Chapter 2 generalizes the Chapter 1 to a class of monotone decision problems with one-dimensional continuous states. I show that the decision maker's expected loss is approximately the loss she would have from taking the optimal action implied by the maximum likelihood estimate, and thus is a weighted average of the reciprocal of the Fisher information. In contrast to the discrete case, approximate indifference curves are smooth and exhibit monotonically increasing rates of substitution. Large sample demand in such settings this behaves much closer to the benchmark consumer theory model, in contrast to the results of Chapter 1.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Information science. $3 561178
653 $a Bayesian decision theory
653 $a Comparison of experiments
653 $a Demand for information
653 $a Value of information
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