The Value of the Informed Decision

  • David B. Lawrence


This chapter presents the general model for decision making under uncertainty with the option to incorporate information. The chapter introduces several of the analytical tools that are useful in the sequel, and shows that the incorporation of information cannot make the expected-utility-maximizing decision maker worse off.


Utility Function Posterior Distribution Decision Problem Perfect Information Initial Wealth 
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Copyright information

© Springer Science+Business Media New York 1999

Authors and Affiliations

  • David B. Lawrence
    • 1
  1. 1.College of Business and Public AdministrationDrake UniversityDes MoinesUSA

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