04 Jun

Exploration of Visual Data (The International Series in

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Language: English

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It is notably difficult to consummate transactions when the parties have differential information because of the "fundamental paradox" of information: "its value for the purchaser is not known until he has the information, but then he has in effect acquired it without cost" (Arrow, 1971, p. 152). Let us verify that the sum of these probabilities is 1, as it must be for any proper probability distribution: Now let's consider an encoding ideally suited to this probability distribution.

Pages: 187

Publisher: Springer; 2003 edition (September 30, 2003)

ISBN: 1402075693

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