The Value of Certainty
What it is worth to a party to be less unsure: of where it stands now, and so of where it is headed. It is what a measurement is worth.
L2Level 2 of 3 · no narrower concepts
What it rests on, and what rests on it
It rests on
Rests on it
Nothing rests on it yet.
Where it is used
Articles
- Definition before decision
Characters
- John Smithin Definition before decision
- Monty Carloin Definition before decision
- The oraclein Definition before decision
In the model
- The model's assumption “Risk aversion the value of defining a fact is taken at”
- The model's assumption “How far defining a fact narrows its range”
Sources
- John W. Pratt, Econometrica 32(1/2), Risk Aversion in the Small and in the Large, 1964.