; information transactions ; Kullback-Leibler divergence ; relative entropy ; decision under uncertainty ; investment ; Blackwell …An information transaction entails the purchase of information. Formally, it consists of an information structure … together with a price. We develop an index of the appeal of information transactions, which is derived as a dual to the agent …

purchase information about the state of nature in the form of an information structure. Given his prior, information structure … 'a' is more informative than information structure 'b' if whenever he rejects 'a' at some price, he also rejects 'b' at … that price. We show that this complete informativeness ordering is represented by the decrease in entropy of his beliefs …

ordering based on similar premises exists. -- Informativeness ; information structures ; entropy ; decision under uncertainty … purchase information about the state of nature in the form of an information structure. Given his prior, information structure … 'a' is more informative than information structure 'b' if whenever he rejects 'a' at some price, he also rejects 'b' at …