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Published 2001 | Version Published
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Monotone Preferences over Information

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Abstract

We consider preference relations over information that are monotone: more information is preferred to less. We prove that, if a preference relation on information about an uncountable set of states of nature is monotone, then it is not representable by a utility function.

Additional Information

© 2001 by the authors. Submitted: July 4, 2001; Accepted: December 17, 2001; Published: December 19, 2001. We would like to thank Jean-Pierre Benoit, Hugo Hopenhayn, Jean-Jacques Laffont, Ernesto Mordecki, Stephen Morris, and an anonymous referee for their comments. Part of this work was done while Juan Dubra visited the Department of Economics at Yale, and Federico Echenique visited U.C. Berkeley.

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20272
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CaltechAUTHORS:20101004-101111961

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Created
2010-10-04
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Updated
2019-11-26
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