Welfare Measures when Agents can Learn: A Unifying Theory
将Graham的不确定性福利分析扩展到动态环境，其中代理人可以延迟决策并获取信息。动态支付意愿曲线统一了期权价格、动态支付意愿、承诺成本和准期权价值等概念，并分析了状态依存合同在异质性代理人间的价值。
We extend Graham's (1981) welfare analysis under uncertainty to a dynamic environment where the agent can delay and obtain information. The dynamic willingness to pay locus unifies the concepts of option price, dynamic WTP, commitment costs and quasi-option value. Option price (dynamic WTP) corresponds to the "ex ante" WTP when the agent ignores (recognises) the learning opportunity. The commitment cost, or the difference between option price and dynamic WTP, equals the annualised and monetised quasi-option value. State contingent contracts have added value by allowing trading among agents with heterogeneous access to future information and delay opportunities. Copyright © The Author(s). Journal compilation © Royal Economic Society 2009.