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

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  • Irving H. LaValle

    (Tulane University, New Orleans, Louisiana)

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.

Suggested Citation

  • Irving H. LaValle, 1980. "On Value and Strategic Role of Information in Semi-Normalized Decisions," Operations Research, INFORMS, vol. 28(1), pages 129-138, February.
    • Handle: RePEc:inm:oropre:v:28:y:1980:i:1:p:129-138
    DOI: 10.1287/opre.28.1.129
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