How do we measure the value of information and if it worth the money we spent to obtain it. What comprise information usefulness.
Dear Dr. Yasseri,
Information reduces uncertainty and helps a decision-maker to make better decisions.When a decision maker facing a choice under uncertainty, greater access to information permits actions that are better suited to the circumstances.
These articles and citations whitin may help you with your research.
Stigler, G. J. (1961). The economics of information. The journal of political economy, 213-225.
Hirshleifer, J. (1971). The private and social value of information and the reward to inventive activity. The American Economic Review, 61(4), 561-574.
Morris, S., & Shin, H. S. (2002). Social value of public information. The American Economic Review, 92(5), 1521-1534.
Best regards,
Behrouz
Dear Dr. Yasseri,
Information reduces uncertainty and helps a decision-maker to make better decisions.When a decision maker facing a choice under uncertainty, greater access to information permits actions that are better suited to the circumstances.
These articles and citations whitin may help you with your research.
Stigler, G. J. (1961). The economics of information. The journal of political economy, 213-225.
Hirshleifer, J. (1971). The private and social value of information and the reward to inventive activity. The American Economic Review, 61(4), 561-574.
Morris, S., & Shin, H. S. (2002). Social value of public information. The American Economic Review, 92(5), 1521-1534.
Best regards,
Behrouz
From its applications to everyday life or to make life better.
Why get information on comets? So as to prepare ourselves in case one decides to collide with the earth and eliminate life altogether more or less.
Dear Behrouz,
Thank you for references. Very useful.
Am I right to conclude that you and Mr Issigonis ( and I of course) concur that value of information is, in its usefulness to reduce uncertainty and guide us what action to take. In other word, value of information is enabling hence has value.
If we believe this is the case, then we need to attach attributes such as reliability, dependability, timely and relevance to information.
Yes, I completely agree.
Information has a great impact on decision making, and hence its value is closely tied to the decisions that result from its use. Information does not have an absolute universal value. Its value is related to those who use it, when it is used, and in what situation it is used.
Information supports decisions, decisions trigger actions, and actions affect the achievements or performance of a person or organization.
The characteristics of good information are relevance, timeliness, accuracy, cost-effectiveness, reliability, usability, exhaustiveness, and aggregation level. Information is relevant if it leads to improved decision making. It might also be relevant if it reaffirms a previous decision. If it does not have anything to do with your problem, it is irrelevant.
Timeliness refers to the currency of the information presented to the users. Accuracy is measured by comparing the data to actual events.
http://www.fao.org/docrep/w5830e/w5830e0k.htm
As Behrouz so rightly puts it information reduces uncertainty. In addition, information also adds structure to data. This is an additional step in providing not just certainty but a better layout for actionable events based on information
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