Construct · 1 fields · 1 citations

value of information: a standalone construct

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Decision science

the most a decision maker should pay for information, equal to the expected gain in decision quality it brings.

In decision science, value of information refers to the most a decision maker should pay for information, equal to the expected gain in decision quality it brings. This meaning comes from Howard (1966) in IEEE Transactions on Systems Science and Cybernetics.[1]

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Nearby constructs

gain4 fields · 4 citationsjingle · one word, four constructs information4 fields · 5 citationsjingle · one word, four constructs quality6 fields · 13 citationsjingle · one name, six constructs

References

Howard, R. (1966). Information Value Theory. IEEE Transactions on Systems Science and Cybernetics, 2(1), 22-26. https://doi.org/10.1109/tssc.1966.300074

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