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- W2893276171 abstract "In this article, I propose an experimental design to measure the value of instrumental information in a model-free setup. In particular, this study provides operating instructions to test Blackwell’s ranking of informative structures under risk and under ambiguity. Drawing on Ellsberg’s two-color thought experiment, the subject faces three different types of choice situations: simple risk, compound risk and ambiguity. The original experiment is modified by enabling the agent to observe random draws with replacement so that he can learn about the composition of the urns. The proposed design allows to estimate the value of signals that differ in their informativeness and how it relates to ambiguity attitudes." @default.
- W2893276171 created "2018-10-05" @default.
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- W2893276171 date "2018-01-01" @default.
- W2893276171 modified "2023-09-27" @default.
- W2893276171 title "The price for instrumentally valuable information" @default.
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