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The paper introduces a notion of complementarity substitutability of two signals which requires that in all decision problems each signal becomes more less valuable when the other signal becomes available. We provide a general characterization which relates com- plementarity and substitutability to a Blackwell comparison of two auxiliary signals. In a setting with a binary state space and binary signals, we find an explicit characteriza- tion that permits an intuitive interpretation of complementarity and substitutability. We demonstrate how these conditions extend to more general settings.

Item Type: MPRA Paper -

Original Title: When are Signals Complements or Substitutes?-

Language: English-

Keywords: Information, signals, complementarity, substitutability.-

Subjects: D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D80 - General-

Autor: Börgers, Tilman

Fuente: https://mpra.ub.uni-muenchen.de/29124/

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