Abstract
Let {n} be the set of systems n (e.g., production plants) offered to a potential user. We assume that he assigns a prior probability distribution to a relevant random index z (the “environment” — e.g., the future demand for his product) and uses for his decisions the pair of real-valued functions
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v(η,z) (revenue function)
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k(η,z) (cost function).
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Marschak, J. (1974). Value and Cost of Information Systems. In: Eichhorn, W., Henn, R., Opitz, O., Shephard, R.W. (eds) Production Theory. Lecture Notes in Economics and Mathematical Systems, vol 99. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-80864-7_19
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DOI: https://doi.org/10.1007/978-3-642-80864-7_19
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