Abstract : The following question is addressed: Given a real-valued function on the partitions of a measure space, what are necessary and sufficient conditions in order that it be the value of information function for a Bayesian decision maker? A characterization is provided, and the analysis reveals a close relationship to cooperative game theory. The tools developed for characterization can also be used to derive somewhat surprising results regarding the properties of information functions.
Itzhak Gilboa, Ehud Lehrer. The Value of Information - An Axiomatic Approach. Journal of Mathematical Economics, Elsevier, 1991, vol. 20, issue 5, pp. 443-459. ⟨10.1016/0304-4068(91)90002-B⟩. ⟨hal-00753232⟩