• DocumentCode
    1081636
  • Title

    Value of Information Lotteries

  • Author

    Howard, Ronald A.

  • Author_Institution
    Division of Engineering-Economic Systems, Stanford University, Stanford, Calif.
  • Volume
    3
  • Issue
    1
  • fYear
    1967
  • fDate
    6/1/1967 12:00:00 AM
  • Firstpage
    54
  • Lastpage
    60
  • Abstract
    The essence of decision-making is understanding the economic impact of uncertainty. In this paper a previous discussion of information value theory is extended to illustrate how the availability of information on the uncertain factors of a problem affects the probability density function of profit, the profit lottery. A bidding problem serves to demonstrate the type of calculations required and their implications.
  • Keywords
    Application software; Computer displays; Hardware; Layout; Man machine systems; Random variables; Solids; Systems engineering and theory; Time sharing computer systems; Uncertainty;
  • fLanguage
    English
  • Journal_Title
    Systems Science and Cybernetics, IEEE Transactions on
  • Publisher
    ieee
  • ISSN
    0536-1567
  • Type

    jour

  • DOI
    10.1109/TSSC.1967.300108
  • Filename
    4082085
    • Link To Document
    https://search.isc.ac/dl/search/defaultta.aspx?DTC=49&DC=1081636