An Information-Gap Framework for Capturing Preferences About Uncertainty
نویسندگان
چکیده
We propose an integrated theoretical framework that captures preferences for acquiring or avoiding information as well as preferences for exposure to uncertainty (i.e., risk or ambiguity) by allowing utility to depend not just on material payoffs but also on beliefs and the attention devoted to them. We use this framework to introduce the concept of an information gap – a specific uncertainty that one recognizes and is aware of. We characterize a specific utility function that describes feelings about information gaps. We suggest that feelings about information gaps are the source of curiosity as well as a second motive to manage one’s thoughts through information acquisition or avoidance. In addition, we suggest that feelings about information gaps also contribute to riskand ambiguity preferences.
منابع مشابه
An Information-Gap Theory of Feelings About Uncertainty
We propose a theory of feelings about uncertainty that has implications for preferences about acquiring or avoiding information as well as for preferences about exposure to uncertainty (i.e., risk or ambiguity). Our theoretical framework allows utility to depend not just on material payoffs but also on beliefs and the attention devoted to them. We use this framework to introduce the concept of ...
متن کاملA social recommender system based on matrix factorization considering dynamics of user preferences
With the expansion of social networks, the use of recommender systems in these networks has attracted considerable attention. Recommender systems have become an important tool for alleviating the information that overload problem of users by providing personalized recommendations to a user who might like based on past preferences or observed behavior about one or various items. In these systems...
متن کاملInformation Gaps for Risk and Ambiguity
We apply a model of preferences for information to the domain of decision making under risk and ambiguity. An uncertain prospect exposes an individual to an information gap. Gambling makes the missing information more important, attracting more attention to the information gap. To the extent that the uncertainty (or other circumstances) makes the information gap unpleasant to think about, an in...
متن کاملHarnessing the Potential to Quantify Public Preferences for Healthcare Priorities through Citizens’ Juries
Despite progress towards greater public engagement, questions about the optimal approach to access public preferences remain unanswered. We review two increasingly popular methods for engaging the public in healthcare priority-setting and determining their preferences; the Citizens’ Jury (CJ) and Discrete Choice Experiment (DCE). We discuss the theoretical framework from which each method is de...
متن کاملA practical approach to open-pit mine planning under price uncertainty using information gap decision theory
In the context of open-pit mine planning, uncertainties including commodity price would significantly affect the technical and financial aspects of mining projects. A mine planning that takes place regardless of the uncertainty in price just develops an optimized plan at the starting time of the mining operation. Given the price change over the life of mine, which is quite certain, optimality o...
متن کامل