Theory and Decision 80 (2):167-185 (2016)

John Quiggin
University of Queensland
Recent literature has examined the problem facing decision makers with bounded awareness, who may be unaware of some states of nature. A question that naturally arises here is whether a value of awareness, analogous to value of information, can be attributed to changes in awareness. In this paper, such a value is defined. It is shown that the sum VOA +\documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document}$$+$$\end{document} VOI is constant and, except for scale effects, independent of the choice set. It follows that the larger is VOA, the smaller is VOI. This point is illustrated for a simple two-state case, then proved for general classes of compact convex choice sets, and for alternative interpretations of the concept of unawareness.
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DOI 10.1007/s11238-015-9496-x
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References found in this work BETA

Theory of Games and Economic Behavior.John Von Neumann & Oskar Morgenstern - 1944 - Princeton, NJ, USA: Princeton University Press.
Theory of Games and Economic Behavior. [REVIEW]E. N. - 1945 - Journal of Philosophy 42 (20):550-554.

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