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dc.contributor.authorBörgers, Tilmanen_US
dc.contributor.authorHernando-Veciana, Angelen_US
dc.contributor.authorKröhmer, Danielen_US
dc.description.abstractThe 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 complementarity 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 characterization that permits an intuitive interpretation of complementarity and substitutability. We demonstrate how these conditions extend to more general settings.en_US
dc.publisherNorthwestern Univ., Kellogg Graduate School of Management, Center for Mathematical Studies in Economics and Management Science Evanstonen_US
dc.relation.ispartofseriesDiscussion Paper, Center for Mathematical Studies in Economics and Management Science 1488en_US
dc.subject.keywordvalue of informationen_US
dc.subject.keywordBlackwell orderingen_US
dc.titleWhen are signals complements or substitutes?en_US
dc.typeWorking Paperen_US
Appears in Collections:Discussion Papers, Kellogg School of Management, Northwestern University

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