Abstract
We provide necessary and sufficient conditions for a dynamically consistent agent always to prefer more informative signals (in single-agent problems). These conditions do not imply recursivity, reduction or independence. We provide a simple definition of dynamically consistent behavior, and we discuss whether an intrinsic information lover (say, an anxious person) is likely to be dynamically consistent.
Original language | English |
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Pages (from-to) | 263-286 |
Number of pages | 24 |
Journal | Theory and Decision |
Volume | 48 |
Issue number | 3 |
DOIs | |
Publication status | Published - 2000 |