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On the Concept of the Value of Information in Competitive Situations

Author

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  • Jean-Pierre Ponssard

    (X-DEP-ECO - Département d'Économie de l'École Polytechnique - X - École polytechnique - IP Paris - Institut Polytechnique de Paris)

Abstract

In this paper a game theoretic model is used to extend information value theory, as developed in decision analysis, to competitive situations. One of the main differences between competitive and noncompetitive situations is that part of the environment (namely the competitors) may be modified as a result of experimentation in another part of the environment (nature). Hence, states of the world and actions may no more be independent. Nevertheless, we shall show how the classical concept may be generalized to cover competitive situations.

Suggested Citation

  • Jean-Pierre Ponssard, 1976. "On the Concept of the Value of Information in Competitive Situations," Post-Print hal-00365726, HAL.
    • Handle: RePEc:hal:journl:hal-00365726
    DOI: 10.1287/mnsc.22.7.739
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    Cited by:

    1. Chang, Chun-Hao & Prakash, Arun J. & Yeh, Shu, 2004. "Sale of monopoly information and behavior of rivaling clients: A theoretical perspective," Review of Financial Economics, Elsevier, vol. 13(3), pages 283-304.
    2. Marcel Dreef & Peter Borm, 2006. "On the role of chance moves and information in two-person games," TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer;Sociedad de Estadística e Investigación Operativa, vol. 14(1), pages 75-98, June.
    3. Johan Lagerlöf, 2004. "Are We Better Off if Our Politicians Have More Information?," Scandinavian Journal of Economics, Wiley Blackwell, vol. 106(1), pages 123-142, March.
    4. Russell Golman & David Hagmann & George Loewenstein, 2017. "Information Avoidance," Journal of Economic Literature, American Economic Association, vol. 55(1), pages 96-135, March.
    5. Chun‐Hao Chang & Arun J. Prakash & Shu Yeh, 2004. "Sale of monopoly information and behavior of rivaling clients: A theoretical perspective," Review of Financial Economics, John Wiley & Sons, vol. 13(3), pages 283-304.
    6. Neubauer, Silke, 1997. "Interdivisional information sharing: the strategic advantage of knowing nothing," Discussion Papers, Research Unit: Market Dynamics FS IV 97-33, WZB Berlin Social Science Center.
    7. Markus Christen, 2005. "Research Note---Cost Uncertainty Is Bliss: The Effect of Competition on the Acquisition of Cost Information for Pricing New Products," Management Science, INFORMS, vol. 51(4), pages 668-676, April.
    8. Rajiv D. Banker & Robert J. Kauffman, 2004. "50th Anniversary Article: The Evolution of Research on Information Systems: A Fiftieth-Year Survey of the Literature in Management Science," Management Science, INFORMS, vol. 50(3), pages 281-298, March.
    9. MortonI. Kamien, 1987. "The Value of Infommation in a Strategic Conflict," Discussion Papers 717, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    10. Francisco Santos-Arteaga & Debora Di Caprio & Madjid Tavana, 2014. "A Self-regulating Information Acquisition Algorithm for Preventing Choice Regret in Multi-perspective Decision Making," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 6(3), pages 165-175, June.
    11. Tapan Biswas & Jolian McHardy, 2010. "Strategic behaviour of firms in a duopoly and the impact of extending the patenting period," Working Papers 2010014, The University of Sheffield, Department of Economics.
    12. Joseph Kadane & Javier Girón & Daniel Peña & Peter Fishburn & Simon French & D. Lindley & Giovanni Parmigiani & Robert Winkler, 1993. "Several Bayesians: A review," TEST: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer;Sociedad de Estadística e Investigación Operativa, vol. 2(1), pages 1-32, December.
    13. Lee, Ching Chyi & Ferguson, Michael J., 2010. "To reveal or not to reveal? Strategic disclosure of private information in negotiation," European Journal of Operational Research, Elsevier, vol. 207(1), pages 380-390, November.

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