Abstract
Chapter 7 illustrated the value of information in the context of a particular decision. In this chapter the work of information economists will be used to provide a formal structure for the analysis of such a problem. Information economics was developed in the late 1960s and early 1970s, notably by Marschak and Radner (1972). This work was firmly grounded in the statistical decision theory which was being used by accounting researchers to introduce uncertainty into their decision models; for instance, into C-V-P analysis and the variance investigation models discussed in Chapers 4 and 5.
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© 1985 Robert W. Scapens
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Scapens, R.W. (1985). Information Economics. In: Management Accounting. Macmillan Series in Finance and Accounting. Palgrave, London. https://doi.org/10.1007/978-1-349-18054-7_8
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DOI: https://doi.org/10.1007/978-1-349-18054-7_8
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-35932-7
Online ISBN: 978-1-349-18054-7
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