Please use this identifier to cite or link to this item: https://hdl.handle.net/20.500.11851/6607
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dc.contributor.authorAbbas, Ali E.-
dc.contributor.authorBakır, Niyazi Onur-
dc.contributor.authorKlutke, Georgia-Ann-
dc.contributor.authorSun, Zhengvvei-
dc.date.accessioned2021-09-11T15:42:57Z-
dc.date.available2021-09-11T15:42:57Z-
dc.date.issued2013en_US
dc.identifier.issn1545-8490-
dc.identifier.issn1545-8504-
dc.identifier.urihttps://doi.org/10.1287/deca.2013.0275-
dc.identifier.urihttps://hdl.handle.net/20.500.11851/6607-
dc.description.abstractThis paper analyzes the value of information in a two-action decision problem where a decision maker is deciding on whether to accept an uncertain investment. We investigate the effects of the decision maker's risk aversion function on the value of information in this setting. We analyze the value of perfect information and the value of partition information where a decision maker with deterministic initial wealth receives information specifying that the outcome lies within a subset of the domain. We show that if two decision makers reject the investment without the information, then the more risk-averse decision maker will value information (both perfect and partition), less than the less risk averse one. On the other hand, if both decision makers initially accept the investment, or are indifferent to the investment without the information, then (i) the more risk-averse decision maker will value perfect information higher than the less risk-averse one, but (ii) this monotonicity result need not apply for the case of partition information. These results enable us to compare the value of information when decision makers have different risk aversion levels. They also hold when comparison of risk aversion is restricted only to a domain defined by the lottery.en_US
dc.language.isoenen_US
dc.publisherInformsen_US
dc.relation.ispartofDecision Analysisen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectvalue of informationen_US
dc.subjectrisk aversionen_US
dc.subjectperfect informationen_US
dc.subjectpartition informationen_US
dc.titleEffects of Risk Aversion on the Value of Information in Two-Action Decision Problemsen_US
dc.typeArticleen_US
dc.departmentFaculties, Faculty of Engineering, Department of Industrial Engineeringen_US
dc.departmentFakülteler, Mühendislik Fakültesi, Endüstri Mühendisliği Bölümütr_TR
dc.identifier.volume10en_US
dc.identifier.issue3en_US
dc.identifier.startpage257en_US
dc.identifier.endpage275en_US
dc.authorid0000-0002-4432-1434-
dc.identifier.wosWOS:000323993200006en_US
dc.identifier.scopus2-s2.0-84885152151en_US
dc.institutionauthorBakır, Niyazi Onur-
dc.identifier.doi10.1287/deca.2013.0275-
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.identifier.scopusqualityQ2-
item.openairetypeArticle-
item.languageiso639-1en-
item.grantfulltextnone-
item.fulltextNo Fulltext-
item.openairecristypehttp://purl.org/coar/resource_type/c_18cf-
item.cerifentitytypePublications-
crisitem.author.dept06.03. Department of Industrial Design-
Appears in Collections:Endüstri Mühendisliği Bölümü / Department of Industrial Engineering
Scopus İndeksli Yayınlar Koleksiyonu / Scopus Indexed Publications Collection
WoS İndeksli Yayınlar Koleksiyonu / WoS Indexed Publications Collection
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