The Appeal of Information Transactions

Cabrales, Antonio; Gossner, Olivier; Serrano, Roberto

Publication:
The Appeal of Information Transactions

dc.affiliation.dpto	UC3M. Departamento de Economía	es
dc.contributor.author	Cabrales, Antonio
dc.contributor.author	Gossner, Olivier
dc.contributor.author	Serrano, Roberto
dc.contributor.editor	Universidad Carlos III de Madrid. Departamento de Economía
dc.date.accessioned	2012-09-18T08:29:33Z
dc.date.available	2012-09-18T08:29:33Z
dc.date.issued	2012-09
dc.description.abstract	An information transaction entails the purchase of information. Formally, it consists of an information structure together with a price. We develop an index of the appeal of information transactions, which is derived as a dual to the agent’s preferences for information. The index of information transactions has a simple analytic characterization in terms of the relative entropy from priors to posteriors, and it also connects naturally with a recent index of riskiness.
dc.format.mimetype	application/pdf
dc.identifier.issn	2340-5031
dc.identifier.repec	we1224
dc.identifier.uri	https://hdl.handle.net/10016/15388
dc.identifier.uxxi	DT/0000000829
dc.language.iso	eng
dc.relation.ispartofseries	UC3M Working papers. Economics
dc.relation.ispartofseries	12-24
dc.rights	Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.accessRights	open access
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.eciencia	Economía
dc.subject.jel	C00
dc.subject.jel	C43
dc.subject.jel	D00
dc.subject.jel	D80
dc.subject.jel	D81
dc.subject.jel	G00
dc.subject.jel	G11
dc.subject.other	Informativeness
dc.subject.other	Information transactions
dc.subject.other	Kullback-Leibler divergence
dc.subject.other	Relative entropy
dc.subject.other	Decision under uncertainty
dc.subject.other	Investment
dc.subject.other	Blackwell ordering
dc.title	The Appeal of Information Transactions
dc.type	working paper	*
dc.type.hasVersion	SMUR	*
dspace.entity.type	Publication