Comparative Statics, Informativeness, and the Interval Dominance Order
We identify a new way to order functions, called the interval dominance order, that generalizes both the single crossing property and a standard condition used in statistical decision theory. This allows us to provide a unified treatment of the major theorems on monotone comparative statics with and...
| Veröffentlicht in: | Econometrica. - Wiley. - 77(2009), 6, Seite 1949-1992 |
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| Format: | Online-Aufsatz |
| Sprache: | English |
| Veröffentlicht: |
2009
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| Zugriff auf das übergeordnete Werk: | Econometrica |
| Schlagworte: | Single crossing property interval dominance order supermodularity comparative statics optimal stopping time capital deepening complete class theorem statistical decision theory informativeness Behavioral sciences mehr... |
| Zusammenfassung: | We identify a new way to order functions, called the interval dominance order, that generalizes both the single crossing property and a standard condition used in statistical decision theory. This allows us to provide a unified treatment of the major theorems on monotone comparative statics with and without uncertainty, the comparison of signal informativeness, and a non-Bayesian theorem on the completeness of increasing decision rules. We illustrate the concept and results with various applications, including an application to optimal stopping time problems where the single crossing property is typically violated. |
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| ISSN: | 14680262 |