On Value and Strategic Role of Information in Semi-Normalized Decisions

Abstract

EVPI and its extensions to nonlinear utility were developed under formulations and probability assumptions not ordinarily encountered in general decision-analytic contexts other than classical sampling. This note extends the framework for evaluating a prospective acquisition of information in two ways: first, by showing how information value may depend upon judgments not needed in the natural (but nonclassical) formulation of some decision problems; and second, by examining the impact that a “public” acquisition of information might have upon the decision-maker's prior judgments—and thus upon the value of such information, even to the possible extent of making its value negative.

Cite this work

No public copy is stored for this record, so only the metadata is cited.

Stored only when both papers are in the corpus — 7 citations exist upstream.

Papers that cite the same references — the relational fallback while embeddings are still backfilling.