Related papers: Adding Decision Problem Makes Information More Val…
A seller posts a price for a single object. The seller's and buyer's values may be interdependent. We characterize the set of payoff vectors across all information structures. Simple feasibility and individual-rationality constraints…
One of the consequences of persistent technological change is that it force individuals to make decisions under extreme uncertainty. This means that traditional decision-making frameworks cannot be applied. To address this issue we…
We propose indifference pricing to estimate the value of the weak information. Our framework allows for tractability, quantifying the amount of additional information, and permits the description of the smallness and the stability with…
This paper addresses decision-aiding problems that involve multiple objectives and uncertain states of the world. Inspired by the capability approach, we focus on cases where a policy maker chooses an act that, combined with a state of the…
This paper studies a communication game between an uninformed decision maker and two perfectly informed senders with conflicting interests. Senders can misreport information at a cost that increases with the size of the misrepresentation.…
In a decision problem, observations are said to be material if they must be taken into account to perform optimally. Decision problems have an underlying (graphical) causal structure, which may sometimes be used to evaluate certain…
We introduce a class of learning problems where the agent is presented with a series of tasks. Intuitively, if there is relation among those tasks, then the information gained during execution of one task has value for the execution of…
It is introduced the concept of Superiority Degree one competitive decision over another. On the basis of this concept the mathematics theoretic structure is developed, which is part of pairs comparisons branch in modern decision making…
Mutual information has been successfully adopted in filter feature-selection methods to assess both the relevancy of a subset of features in predicting the target variable and the redundancy with respect to other variables. However,…
The concept of information has emerged as a language in its own right, bridging several disciplines that analyze natural phenomena and man-made systems. Integrated information has been introduced as a metric to quantify the amount of…
When additional information sources are available, an important question for an agent solving a certain problem is how to optimally use the information the sources are capable of providing. A framework that relates information accuracy on…
A decision is an act or event of decision taking. Decision making always includes decision taking, the latter not involving significant exchanges with non-deciding agents. A decision outcome is a piece of storable information constituting…
Critical decisions in hiring, college admissions, and credit lending are guided by predictions made in the presence of uncertainty. While uncertainty imparts errors across all demographic groups, this paper shows that the types of errors…
Is reduction always a good scientific strategy? Does it always lead to a gain in information? The very existence of the special sciences above and beyond physics seems to hint no. Previous research has shown that dimension reduction…
Information accounting provides a better foundation for hypothesis testing than does uncertainty quantification. A quantitative account of science is derived under this perspective that alleviates the need for epistemic bridge principles,…
Information is increasingly being viewed as a resource used by organisms to increase their fitness. Indeed, it has been formally shown that there is a sensible way to assign a reproductive value to information and it is non-negative.…
A decision maker is choosing between an active action (e.g., purchase a house, invest certain stock) and a passive action. The payoff of the active action depends on the buyer's private type and also an unknown state of nature. An…
We initiate an investigation how the fundamental concept of independence can be represented effectively in the presence of incomplete information in relational databases. The concepts of possible and certain independence are proposed, and…
A decision-maker faces uncertainty governed by a data-generating process (DGP), which is only known to belong to a set of sequences of independent but possibly non-identical distributions. A robust decision maximizes the expected payoff…
The proliferation of information disseminated by public/social media has made decision-making highly challenging due to the wide availability of noisy, uncertain, or unverified information. Although the issue of uncertainty in information…