Noisy information value in utility-based decision making
Clayton T. Morrison, Paul R. Cohen · 2005
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.