Models with Convenient Assessment and Interpretation

Abstract

Both the economic structure of the outcome and the DM’s personal preferences are factors that affect the tractability of assessing and interpreting the value of information. This chapter covers practical or prescriptive techniques for quantita­tively assessing the value of an information structure in the context of a number of convenient problem framings. Such models are also useful in the early stages of user information processing, when the DM has no specific source in mind but is merely interested in what information wouled be worth, if it had given proper­tis.