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Comparisons of Signals

Author

Listed:
  • Benjamin Brooks
  • Alexander Frankel
  • Emir Kamenica

Abstract

A signal is a description of an information source that specifies both its correlation with the state and its correlation with other signals. Extending Blackwell (1953), we characterize when one signal is more valuable than another regardless of preferences and regardless of access to other signals. This comparison is equivalent to reveal-or-refine: every realization of the more valuable signal reveals the state or refines the realization of the less valuable signal. We also study other comparisons of signals, including sufficiency, martingale dominance, and Lehmann. Reveal-or-refine is also equivalent to making any of these comparisons robust to access to other signals.

Suggested Citation

  • Benjamin Brooks & Alexander Frankel & Emir Kamenica, 2024. "Comparisons of Signals," American Economic Review, American Economic Association, vol. 114(9), pages 2981-3006, September.
    • Handle: RePEc:aea:aecrev:v:114:y:2024:i:9:p:2981-3006
    DOI: 10.1257/aer.20230430
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    More about this item

    JEL classification:

    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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