{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/42295"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/42295","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Effects of risk aversion on value of information in two-action decision problems","abstract":"This thesis work analyzes the value of information in two-action decision problems with different settings and provides upper and lower bounds on the value of perfect information. The research shows that if two decision makers accept the lottery without the information, then the more risk averse decision maker will value the perfect information higher than the less risk averse one. Conversely, if two decision makers reject the lottery without the information, then the less risk averse decision maker will value the perfect information higher than the more risk averse one. Finally, if a decision maker feels indifferent between accepting and rejecting the lottery without the information, then he/she will value the perfect information higher than any other decision maker with a more or less risk aversion. The work reveals that different measures of risk aversion are corresponding to the different assumptions on the dependent structure between the initial wealth and the lottery. This thesis exhibits how the different lotteries change the effects of risk aversion on the value of perfect information. Finally, the research extends these results to the imperfect information on sets under some assumptions.","abstract_html":"This thesis work analyzes the value of information in two-action decision problems with different settings and provides upper and lower bounds on the value of perfect information. The research shows that if two decision makers accept the lottery without the information, then the more risk averse decision maker will value the perfect information higher than the less risk averse one. Conversely, if two decision makers reject the lottery without the information, then the less risk averse decision maker will value the perfect information higher than the more risk averse one. Finally, if a decision maker feels indifferent between accepting and rejecting the lottery without the information, then he/she will value the perfect information higher than any other decision maker with a more or less risk aversion. The work reveals that different measures of risk aversion are corresponding to the different assumptions on the dependent structure between the initial wealth and the lottery. This thesis exhibits how the different lotteries change the effects of risk aversion on the value of perfect information. Finally, the research extends these results to the imperfect information on sets under some assumptions.","abstract_has_math":false,"creators":["Sun, Zhengwei"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Industrial Engineering","degree_department":null,"school":null,"contributors":["Abbas, Ali E.","Pang, Jong-Shi","Song, Renming","Feng, Liming"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2013,"date_issued":"2013-02-03T19:30:38Z","date_published":"2013-02-03T19:30:38Z","updated_at":"2026-07-22T22:25:33Z","subjects":["risk aversion","value of information","Ross's measure","stochastic dominance"],"languages":["en"],"rights":["Copyright 2012 Zhengwei Sun"],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"http://hdl.handle.net/2142/42295","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Abbas, Ali E.","Pang, Jong-Shi","Song, Renming","Feng, Liming"]},{"key":"dc:creator","label":"Author","values":["Sun, Zhengwei"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2013-02-03T19:30:38Z","2012-12"]},{"key":"dc:type","label":"Dc Type","values":["text"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Industrial Engineering"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["risk aversion","value of information","Ross's measure","stochastic dominance"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["en"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright 2012 Zhengwei Sun"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["http://hdl.handle.net/2142/42295"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["This thesis work analyzes the value of information in two-action decision problems with different settings and provides upper and lower bounds on the value of perfect information. The research shows that if two decision makers accept the lottery without the information, then the more risk averse decision maker will value the perfect information higher than the less risk averse one. Conversely, if two decision makers reject the lottery without the information, then the less risk averse decision maker will value the perfect information higher than the more risk averse one. Finally, if a decision maker feels indifferent between accepting and rejecting the lottery without the information, then he/she will value the perfect information higher than any other decision maker with a more or less risk aversion. The work reveals that different measures of risk aversion are corresponding to the different assumptions on the dependent structure between the initial wealth and the lottery. This thesis exhibits how the different lotteries change the effects of risk aversion on the value of perfect information. Finally, the research extends these results to the imperfect information on sets under some assumptions.","Item withdrawn by Mark Zulauf (zulauf@illinois.edu) on 2012-11-12T21:22:32Z Item was in collections: University of Illinois Theses & Dissertations (ID: 1) No. of bitstreams: 2 dissertation_Zhengwei Sun.docx: 4456035 bytes, checksum: bea20905cbbb537ed0cb1b826f09ccb0 (MD5) Sun_Zhengwei.pdf: 2382913 bytes, checksum: cf7e420db2c1dee0229411359f1a24e8 (MD5)","Made available in DSpace on 2013-02-03T19:30:38Z (GMT). No. of bitstreams: 3 Zhengwei_Sun.pdf: 2382913 bytes, checksum: cf7e420db2c1dee0229411359f1a24e8 (MD5) dissertation_Zhengwei Sun.docx: 4456035 bytes, checksum: bea20905cbbb537ed0cb1b826f09ccb0 (MD5) license.txt: 4059 bytes, checksum: e5b0b9aeae100d14785338b83b469b01 (MD5)"]},{"key":"dc:title","label":"Title","values":["Effects of risk aversion on value of information in two-action decision problems"]}]}],"canonical_facts":{"dc:contributor":["Abbas, Ali E.","Pang, Jong-Shi","Song, Renming","Feng, Liming"],"dc:creator":["Sun, Zhengwei"],"dc:date":["2013-02-03T19:30:38Z","2012-12"],"dc:description":["This thesis work analyzes the value of information in two-action decision problems with different settings and provides upper and lower bounds on the value of perfect information. The research shows that if two decision makers accept the lottery without the information, then the more risk averse decision maker will value the perfect information higher than the less risk averse one. Conversely, if two decision makers reject the lottery without the information, then the less risk averse decision maker will value the perfect information higher than the more risk averse one. Finally, if a decision maker feels indifferent between accepting and rejecting the lottery without the information, then he/she will value the perfect information higher than any other decision maker with a more or less risk aversion. The work reveals that different measures of risk aversion are corresponding to the different assumptions on the dependent structure between the initial wealth and the lottery. This thesis exhibits how the different lotteries change the effects of risk aversion on the value of perfect information. Finally, the research extends these results to the imperfect information on sets under some assumptions.","Item withdrawn by Mark Zulauf (zulauf@illinois.edu) on 2012-11-12T21:22:32Z Item was in collections: University of Illinois Theses & Dissertations (ID: 1) No. of bitstreams: 2 dissertation_Zhengwei Sun.docx: 4456035 bytes, checksum: bea20905cbbb537ed0cb1b826f09ccb0 (MD5) Sun_Zhengwei.pdf: 2382913 bytes, checksum: cf7e420db2c1dee0229411359f1a24e8 (MD5)","Made available in DSpace on 2013-02-03T19:30:38Z (GMT). No. of bitstreams: 3 Zhengwei_Sun.pdf: 2382913 bytes, checksum: cf7e420db2c1dee0229411359f1a24e8 (MD5) dissertation_Zhengwei Sun.docx: 4456035 bytes, checksum: bea20905cbbb537ed0cb1b826f09ccb0 (MD5) license.txt: 4059 bytes, checksum: e5b0b9aeae100d14785338b83b469b01 (MD5)"],"dc:identifier":["http://hdl.handle.net/2142/42295"],"dc:language":["en"],"dc:rights":["Copyright 2012 Zhengwei Sun"],"dc:subject":["risk aversion","value of information","Ross's measure","stochastic dominance"],"dc:title":["Effects of risk aversion on value of information in two-action decision problems"],"dc:type":["text"],"thesis:degree_discipline":["Industrial Engineering"],"thesis:degree_level":["Dissertation"],"thesis:degree_name":["Ph.D."],"thesis:institution_name":["University of Illinois at Urbana-Champaign"]},"updated_at":"2026-07-22T22:25:33Z"}