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The Value of Sequential Information
Management Science, 1975In decision analysis we normally consider the value of information to be a constant against which the cost of information is compared. However, when it is possible to buy information sequentially, the value of information is not a constant. Rather, it is a function of the prices of the various pieces of information, or “observables.” When we are faced
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IEEE Transactions on Systems Science and Cybernetics, 1966
The information theory developed by Shannon was designed to place a quantitative measure on the amount of information involved in any communication. The early developers stressed that the information measure was dependent only on the probabilistic structure of the communication process.
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The information theory developed by Shannon was designed to place a quantitative measure on the amount of information involved in any communication. The early developers stressed that the information measure was dependent only on the probabilistic structure of the communication process.
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The Value of Information in Production Economies
Journal of Economic Theory, 2001For decades, economists have conjectured that the value of information may not be necessarily positive in decision making. Moreover, it is known that Blackwell's theorem [\textit{D. Blackwell}, Ann. Math. Stat. 24, 265-272 (1953; Zbl 0050.36004)] which claims that the value of information is always, does not hold in many economic circumstances.
Eckwert, Bernhard, Zilcha, Itzhak
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A Bound on the Financial Value of Information
IEEE Transactions on Information Theory, 1988It will be shown that each bit of information at most doubles the resulting wealth in the general stock market setup. This information bound on the growth of wealth is actually attained for certain probability distributions on the market investigated by \textit{J. Kelly} [Bell Syst. Tech. J. 35, 917-926 (1956)].
Andrew R. Barron, Thomas M. Cover
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On the Value of Commitment with Asymmetric Information
Econometrica, 1996Summary: Several recent papers have emphasized that long-term relationships can be efficiently governed by short-term contracts, provided that there is no asymmetric information at the contracting dates. This excludes not only adverse selection problems, but also moral hazards problems in which hidden actions generate private information over the ...
Rey, Patrick, Salanie, Bernard
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Value in Informational Capitalism and on the Internet
The Information Society, 2012We engage with recent applications of the Marxist “labor theory of value” to online prosumer practices, and offer an alternative framework for theorizing value creation in such practices. We argue that the labor theory of value is difficult to apply to online prosumer practices for two reasons. One, value creation in such practices is poorly related to
Adam Arvidsson, Elanor Colleoni
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Development of modern economic science in the context of digitalization, 2021
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The value of information services
Journal of the American Society for Information Science, 1984openaire +1 more source