Blackwell-Monotone Updating Rules
Fuente:
arXiv
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| Autore principale: | |
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| Natura: | Preprint |
| Pubblicazione: |
2023
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| _version_ | 1866911596840747008 |
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| author | Whitmeyer, Mark |
| author_facet | Whitmeyer, Mark |
| contents | An updating rule specifies how an agent reacts to information. An updating rule is Blackwell monotone if more information is always better for an agent in a decision problem and strictly Blackwell monotone if, in addition, there is always a decision problem in which more information is strictly better for an agent. Bayes' law is strictly Blackwell monotone, and I show that within a broad class of updating rules--those that distort the Bayesian posteriors in a signal-independent manner--it is the only strictly Blackwell-monotone updating rule. If an agent's decisions are evaluated non-paternalistically (according to her beliefs), the Blackwell-monotone updating rules are affine distortions of the Bayesian posteriors. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2302_13956 |
| institution | arXiv |
| publishDate | 2023 |
| record_format | arxiv |
| spellingShingle | Blackwell-Monotone Updating Rules Whitmeyer, Mark Theoretical Economics An updating rule specifies how an agent reacts to information. An updating rule is Blackwell monotone if more information is always better for an agent in a decision problem and strictly Blackwell monotone if, in addition, there is always a decision problem in which more information is strictly better for an agent. Bayes' law is strictly Blackwell monotone, and I show that within a broad class of updating rules--those that distort the Bayesian posteriors in a signal-independent manner--it is the only strictly Blackwell-monotone updating rule. If an agent's decisions are evaluated non-paternalistically (according to her beliefs), the Blackwell-monotone updating rules are affine distortions of the Bayesian posteriors. |
| title | Blackwell-Monotone Updating Rules |
| topic | Theoretical Economics |
| url | https://arxiv.org/abs/2302.13956 |