COMPARATIVE EVALUATION OF INFORMATION UNDER TWO BUSINESS OBJECTIVES
作者:
Niv Ahituv,
Yair Wand,
期刊:
Decision Sciences
(WILEY Available online 1984)
卷期:
Volume 15,
issue 1
页码: 31-51
ISSN:0011-7315
年代: 1984
DOI:10.1111/j.1540-5915.1984.tb01195.x
出版商: Blackwell Publishing Ltd
关键词: Decision Analysis;Information Economics;Risk and Uncertainty;and Statistical Decision Theory.
数据来源: WILEY
摘要:
ABSTRACTInformation economics models evaluate the value of information under the assumption that decision makers wish to maximize their expected payoff. This assumption has been criticized for not being realistic enough since decision makers usually consider more than one business objective and might be satisficers rather than optimizers.This paper attempts to apply an information economics model to decision situations where two business performance criteria, expected payoff and risk, are considered. In order to overcome the difficulty of unknown trade‐off between the two criteria, one criterion is used as an objective to be optimized, while the other is set as a constraint. This may be interpreted as a combination of optimizing and satisficing approaches. It is shown how an information system can be evaluated in terms of both expected payoff and risk. The model suggests the trade‐off between the two criteria as an additional trait of an information system. In the last part of the paper, a numerical example illustrates how a comparative evaluation of information structures is performed when risk minimization and expected payoff maximization are concurrently used as business performance crite
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