Theory and Decision 51 (2/4):351-365 (2001)
|Abstract||The productivity of (human) information processing as an economic activity is a question that is raising some interest. Using Marschak's evaluation framework, Radner and Stiglitz have shown that, under certain conditions, the production function of this activity has increasing marginal returns in its initial stage. This paper shows that, under slightly different conditions, this information processing function has repeated convexities with ongoing processing activity. Even for smooth changes in the signals' likelihoods, the function is only piecewise smooth with non-differentiable convexities at points of conditional changes of action. For linear likelihood functions the processing value proves to be piecewise linear with convexities at these levels|
|Keywords||Value of Information Information Structures Information Processing Functions Information Economics Decision|
No categories specified
(categorize this paper)
|Through your library||Configure|
Similar books and articles
Hubert R. Dinse (2001). Multiple and Variant Time Scales in Dynamic Information Processing. Behavioral and Brain Sciences 24 (5):814-814.
Marty J. Wolf (2013). The Importance of Actualizing Control in the Processing of Instructional Information. Philosophy and Technology 26 (1):67-70.
Nir Fresco (2013). Information Processing as an Account of Concrete Digital Computation. Philosophy and Technology 26 (1):31-60.
Vinod Goel (1991). Notationality and the Information Processing Mind. Minds and Machines 1 (2):129-166.
Gualtiero Piccinini & Andrea Scarantino (2011). Information Processing, Computation, and Cognition. Journal of Biological Physics 37 (1):1-38.
David M. Sanbonmatsu, Sam Vanous, Christine Hook, Steven S. Posavac & Frank R. Kardes (2011). Whither the Alternatives: Determinants and Consequences of Selective Versus Comparative Judgemental Processing. Thinking and Reasoning 17 (4):367 - 386.
Nir Fresco (2013). Instructional Information Processing: Replies Considered. [REVIEW] Philosophy and Technology 26 (1):71-72.
John Barresi & John R. Christie (2002). Consciousness and Information Processing: A Reply to Durgin. Consciousness and Cognition 11 (2):372-374.
Keith D. Farnsworth, John Nelson & Carlos Gershenson (forthcoming). Living is Information Processing: From Molecules to Global Systems. Acta Biotheoretica.
Rajendra D. Badgaiyan (2002). Nonconscious Processing, Anterior Cingulate, and Catatonia. Behavioral and Brain Sciences 25 (5):578-579.
Eric Dietrich & Arthur B. Markman (1998). All Information Processing Entails Computation, or, If R. A. Fisher Had Been a Cognitive Scientist . . Behavioral and Brain Sciences 21 (5):637-638.
John R. Christie & John Barresi (2002). Consciousness and Information Processing: A Reply to Durgin. Consciousness and Cognition 11 (2):372-374.
Added to index2010-09-02
Total downloads2 ( #246,081 of 722,871 )
Recent downloads (6 months)1 ( #60,917 of 722,871 )
How can I increase my downloads?