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The Value of the Informed Decision

  • David B. Lawrence

Abstract

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.

Keywords

Utility Function Posterior Distribution Decision Problem Perfect Information Initial Wealth 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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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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