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The Economic Value of Information

The Economic Value of Information

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This is a book about the evaluation and choice of information sources by individuals and the design and management of information systems by organizations. The book studies the determinants of the value and cost of information, both to the individual andto the organization, provides technqiues for the assessment of the value of information and the comparison of informativeness among alternative sources, and presents principles for the optimal design and management of information systems. These topics are unified by the thesis that both information sources and information systems are valuable to the extent they contribute to better decision making. By providing students, researchers, and practitioners with a coherent notation and framework throughout, the book integrates the decision-theoretic approach to the evaluation of information with knowledge from Information Science and Management Information Systems on the design, management, and cost of cooperative information systems, thereby demonstrating themultidisciplinary applicability of a unifying approach based on decision theory. Researchers and graduate students in economics, operations research, management information systems, and information science will find this book useful.