In the spirit of von Neumann and Morgenstern (1947), this paper provides an axiomatic representation of information … Blackwell informativeness axiom, I show that any ordering over information can be essentially uniquely represented as …, equivalently: (a) a strictly increasing cost of information acquisition; (b) for a given prior, the expected utility from a …

We axiomatize a new class of recursive dynamic models that capture subjective constraints on the amount of information … a decision maker can obtain, pay attention to, or absorb, via a Markov Decision Process for Information Choice (MIC). An … MIC is a subjective decision process that specifies what type of information about the payoff-relevant state is feasible …