What is the relationship between an agent's attitude towards information, and her attitude towards risk? If an agent always prefers more information, does this imply that she obeys the independence axiom? We provide a substitution property on preferences that is equivalent to the agent...

If an agent's preferences over subjectively uncertain acts are consistent with him having a subjective probability distribution over the states of nature, then those preferences can induce consistent preferences over 'objectively' risky lotteries. Such 'probabilistically sophisticated' behavior...