Using payoffs-beliefs duality, the paper proves necessary and sufficient conditions for positive value of information and classifies marginal value near no information as zero, finite, or infinite.
Bernoulli, Specimen theoriae novae de mensura sortis , in Commentarii Academiae Scientiarum Imperialis Petropolitanae, vol
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Payoffs-Beliefs Duality and the Value of Information
Using payoffs-beliefs duality, the paper proves necessary and sufficient conditions for positive value of information and classifies marginal value near no information as zero, finite, or infinite.