Information and preference reversals in lotteries
| dc.citation.epage | 756 | en_US |
| dc.citation.issueNumber | 3 | en_US |
| dc.citation.spage | 752 | en_US |
| dc.citation.volumeNumber | 210 | en_US |
| dc.contributor.author | Bakır, N. O. | en_US |
| dc.contributor.author | Klutke, G-A. | en_US |
| dc.date.accessioned | 2016-02-08T09:53:22Z | |
| dc.date.available | 2016-02-08T09:53:22Z | |
| dc.date.issued | 2011 | en_US |
| dc.department | Department of Industrial Engineering | en_US |
| dc.description.abstract | Several approaches have been proposed for evaluating information in expected utility theory. Among the most popular approaches are the expected utility increase, the selling price and the buying price. While the expected utility increase and the selling price always agree in ranking information alternatives, Hazen and Sounderpandian [11] have demonstrated that the buying price may not always agree with the other two. That is, in some cases, where the expected utility increase would value information A more highly than information B, the buying price may reverse these preferences. In this paper, we discuss the conditions under which all these approaches agree in a generic decision environment where the decision maker may choose to acquire arbitrary information bundles. | en_US |
| dc.description.provenance | Made available in DSpace on 2016-02-08T09:53:22Z (GMT). No. of bitstreams: 1 bilkent-research-paper.pdf: 70227 bytes, checksum: 26e812c6f5156f83f0e77b261a471b5a (MD5) Previous issue date: 2011 | en |
| dc.identifier.doi | 10.1016/j.ejor.2010.09.037 | en_US |
| dc.identifier.eissn | 1872-6860 | |
| dc.identifier.issn | 0377-2217 | |
| dc.identifier.uri | http://hdl.handle.net/11693/21942 | |
| dc.language.iso | English | en_US |
| dc.publisher | Elsevier | en_US |
| dc.relation.isversionof | http://dx.doi.org/10.1016/j.ejor.2010.09.037 | en_US |
| dc.source.title | European Journal of Operational Research | en_US |
| dc.subject | Utility theory | en_US |
| dc.subject | Preference reversals | en_US |
| dc.subject | Value of information | en_US |
| dc.title | Information and preference reversals in lotteries | en_US |
| dc.type | Article | en_US |
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