13. Changes in Utility as Information

  1. Giovanni Parmigiani1 and
  2. Lurdes Y. T. Inoue2

Published Online: 1 DEC 2010

DOI: 10.1002/9780470746684.ch13

Decision Theory

Decision Theory

How to Cite

Parmigiani, G. and Inoue, L. Y. T. (2009) Changes in Utility as Information, in Decision Theory, John Wiley & Sons, Ltd, Chichester, UK. doi: 10.1002/9780470746684.ch13

Author Information

  1. 1

    Johns Hopkins University, Baltimore, USA

  2. 2

    University of Washington, Seattle, USA

Publication History

  1. Published Online: 1 DEC 2010
  2. Published Print: 17 APR 2009

Book Series:

  1. Wiley Series in Probability and Statistics

Book Series Editors:

  1. Walter A. Shewhart and
  2. Samuel S. Wilks

ISBN Information

Print ISBN: 9780471496571

Online ISBN: 9780470746684

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Keywords:

  • changes in utility as information;
  • measuring value of information;
  • value function;
  • information from a perfect experiment;
  • distribution of information;
  • tasting grapes - prior probabilities for quality of grapes;
  • utilities associated with action and quality of grapes;
  • medical testing and classic two-stage decision tree;
  • Lindley information - value associated with decision problem

Summary

This chapter contains sections titled:

  • Measuring the value of information

  • Examples

  • Lindley information

  • Minimax and the value of information

  • Exercises