Moscarini, Giuseppe; Smith, Lones - In: Econometrica 70 (2002) 6, pp. 2351-2366
An unresolved problem in Bayesian decision theory is how to value and price information. This paper resolves both problems assuming inexpensive information. Building on Large Deviation Theory, we produce a generically complete asymptotic order on samples of i.i.d. signals in finite-state,...