Toward a Complete Criterion for Value of Information in Insoluble Decision Problems
Abstract: In a decision problem, observations are said to be material if they must be taken into account to perform optimally. Decision problems have an underlying (graphical) causal structure, which may sometimes be used to evaluate certain observations as immaterial. For soluble graphs — ones where important past observations are remembered — there is a complete graphical criterion; one that rules out materiality whenever this can be done on the basis of the graphical structure alone. In this work, we analyse a proposed criterion for insoluble graphs. In particular, we prove that some of the conditions used to prove immateriality are necessary; when they are not satisfied, materiality is possible. We discuss possible avenues and obstacles to proving necessity of the remaining conditions.
Submission Length: Long submission (more than 12 pages of main content)
Changes Since Last Submission: Revised last sentence of Section 5 for precision.
Assigned Action Editor: ~Fabio_Stella1
Submission Number: 2941
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