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SUMMARY:Quantifying information and uncertainty - Emir Kamenica (The Unive
rsity of Chicago Booth School of Business)
DTSTART;VALUE=DATE-TIME:20190222T141500Z
DTEND;VALUE=DATE-TIME:20190222T160000Z
UID:https://talks.ox.ac.uk/talks/id/ae20c3ed-ab4c-4dcc-8d8b-61db34e32325/
DESCRIPTION:We examine ways to measure the amount of information generated
by a piece of news and the amount of uncertainty implicit in a given beli
ef. Say a measure of information is valid if it corresponds to the value o
f news in some decision problem. Say a measure of uncertainty is valid if
it corresponds to expected utility loss from not knowing the state in some
decision problem. We axiomatically characterize all valid measures of inf
ormation and uncertainty. We show that if measures of information and unce
rtainty arise from the same decision problem\, then they are coupled in th
at the expected reduction in uncertainty always equals the expected amount
of information generated. We provide explicit formulas for the measure of
information that is coupled with any given measure of uncertainty and vic
e versa. Finally\, we show that valid measures of information are the only
payment schemes that never provide incentives to delay information revela
tion.\n\nPlease sign up for meetings below:\nhttps://docs.google.com/sprea
dsheets/d/1ywTkCR-sjBInsVwaWA_M7D2iF7QamyiaLY0qYxR1NOM/edit#gid=0\nSpeaker
s:\nEmir Kamenica (The University of Chicago Booth School of Business)
LOCATION:Manor Road Building (Seminar Room A)\, Manor Road OX1 3UQ
URL:https://talks.ox.ac.uk/talks/id/ae20c3ed-ab4c-4dcc-8d8b-61db34e32325/
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DESCRIPTION:Talk:Quantifying information and uncertainty - Emir Kamenica (
The University of Chicago Booth School of Business)
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