Comparison of decisions under unknown experiments

Andrew Caplin, Daniel Martin

Research output: Contribution to journalArticlepeer-review

Abstract

We take the perspective of an econometrician who wants to determine which of two experiments provides higher expected utility but only knows the decisions under each experiment. To compare these decisions, the econometrician must make inferences about what the experiment might have been for each set of decisions. We provide a necessary and sufficient condition that identifies when every experiment consistent with one set of decisions has a higher value of information than every experiment consistent with the other set of decisions.

Original languageEnglish (US)
Pages (from-to)3185-3205
Number of pages21
JournalJournal of Political Economy
Volume129
Issue number11
DOIs
StatePublished - Nov 2021

ASJC Scopus subject areas

  • Economics and Econometrics

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