Abstract
The well-known Blackwell theorem states the equivalence of statistical informativeness and economic valuableness. Çelen (2012) generalizes this theorem, which is well-known for subjective expected utility (seu), to maxmin expected utility (meu) preferences. We demonstrate that the underlying definition of the value of information used in Çelen (2012) is in contradiction with the principle of recursively defined utility. As a consequence, Çelen’s framework features dynamic inconsistency. Our main contribution consists in the definition of a value of information for meupreferences that is compatible with recursive utility and thus respects dynamic consistency.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
