Noisy information value in utility-based decision making

Research output: Chapter in Book/Report/Conference proceedingConference contribution

8 Scopus citations

Abstract

How much is information worth? In the context of decisions, the value of information is the expected increase in utility of the decision as a result of having the information. When the information might be noisy, the model is slightly more complicated. We develop a model of the value of noisy information in the context of a plausible intelligence information gathering and decision making scenario.

Original languageEnglish (US)
Title of host publicationProceedings of the 1st International Workshop on Utility-Based Data Mining, UBDM '05
Pages34-38
Number of pages5
DOIs
StatePublished - Dec 1 2005
Event1st International Workshop on Utility-Based Data Mining, UBDM '05 - Chicago, IL, United States
Duration: Aug 21 2005Aug 21 2005

Publication series

NameProceedings of the 1st International Workshop on Utility-Based Data Mining, UBDM '05

Other

Other1st International Workshop on Utility-Based Data Mining, UBDM '05
CountryUnited States
CityChicago, IL
Period8/21/058/21/05

Keywords

  • decision theory
  • economic utility
  • intelligence analysis
  • noise
  • uncertainty
  • value of information

ASJC Scopus subject areas

  • Computational Theory and Mathematics
  • Computer Science Applications

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  • Cite this

    Morrison, C. T., & Cohen, P. R. (2005). Noisy information value in utility-based decision making. In Proceedings of the 1st International Workshop on Utility-Based Data Mining, UBDM '05 (pp. 34-38). (Proceedings of the 1st International Workshop on Utility-Based Data Mining, UBDM '05). https://doi.org/10.1145/1089827.1089831