The Value of Information
Information is worth gathering only if it could change what is done next. That is how one measurement is ranked against another, and why some questions are not worth asking yet.
L2Level 2 of 3 · no narrower concepts
What it rests on, and what rests on it
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 “Which inputs matter most: ranked by expected shortfall”
- 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
- Ronald A. Howard, Management Science 34(6), Decision Analysis: Practice and Promise, 1988.
- Douglas W. Hubbard, How to Measure Anything, 2007.