Value of Information
The starting point for economic analysis is the observation that information has economic value because it allows individuals to make choices that yield higher expected payoffs or expected utility than they would obtain from choices made in the absence of information.
Read more about this topic: Information Economics
Famous quotes containing the word information:
“If you have any information or evidence regarding the O.J. Simpson case, press 2 now. If you are an expert in fields relating to the O.J. Simpson case and would like to offer your services, press 3 now. If you would like the address where you can send a letter of support to O.J. Simpson, press 1 now. If you are seeking legal representation from the law offices of Robert L. Shapiro, press 4 now.”
—Advertisement. Aired August 8, 1994 by Tom Snyder on TV station CNBC. Chicago Sun Times, p. 11 (July 24, 1994)