Ordering of information-transfer mechanisms by gross and net payoff

Ergas, Henry, 1952- (1977). Ordering of information-transfer mechanisms by gross and net payoff Master's Thesis, School of Economics, The University of Queensland.

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Author Ergas, Henry, 1952-
Thesis Title Ordering of information-transfer mechanisms by gross and net payoff
School, Centre or Institute School of Economics
Institution The University of Queensland
Publication date 1977
Thesis type Master's Thesis
Total pages 63
Language eng
Subjects 14 Economics
Formatted abstract
This paper focuses on the extension to networks of agents of the criteria for optimal choice of information system developed by D. Blackwell and J. Marschak. In I, these networks - referred to as information-transfer mechanisms - are distinguished from real-time mechanisms.

A formal model of information-transfer mechanism (henceforth: mechanisms) is presented in Part II where an automaton theory analogy is used to derive the concept of a finite state language (FSL). The mechanism equivalent of an FSL-a partition in P-space - then serves as a basis for application of the Blackwell theorem on comparison of experiments. This theorem is used in Part III to order mechanisms by gross payoff and is compared with the Shannon measures of entropy and equivocation.

IV extends these results to the orderil1g of mechanisms by net payoff. Particular emphasis is put on the concept of payoff relevance and on the ordering of Pareto-satisfactory resource allocation processes. Some remaining issues and research implications are raised in the conclusion.

Document type: Thesis
Collection: UQ Theses (non-RHD) - UQ staff and students only
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Created: Wed, 20 Oct 2010, 10:53:10 EST by Ning Jing on behalf of The University of Queensland Library