Information Value Theory¶
Howard, R. (1966). Information Value Theory. IEEE Transactions on Systems Science and Cybernetics, 2(1), 22-26.
Cited by¶
4 citations across 4 artifacts.
Each citation links to the sentence it supports in the citing article.
Primes¶
- External Analytic Challenge
- What the prime adds is a set of refusals and a decision procedure — a counterfactual run against the exchange itself, asking whether any possible content of the challenge could have changed the work.
This sourceValues an observation by whether its possible results would change the decision that follows, so an inquiry no outcome of which could alter the choice has no value at all.
Supported in partVerified against the publisher's abstract
Howard's abstract supplies the value-of-information frame — uncertainty matters through its consequences for a decision — but not the stipulation that an outcome-proof challenge did not occur.
“The failure of these attempts could have been predicted because no theory that involves just the probabilities of outcomes without considering their consequences could possibly be adequate in describing the importance of uncertainty to a decision maker. It is necessary to be concerned not only with the probabilistic nature of the uncertainties that surround us, but also with the economic impact that these …”
- What the prime adds is a set of refusals and a decision procedure — a counterfactual run against the exchange itself, asking whether any possible content of the challenge could have changed the work.
Mechanisms¶
- Bayesian Value-of-Information Update
- That reframing is the value of information: an observation is worth its cost only when the expected improvement in the decision exceeds it.
This sourceDefines value of information economically as the expected decision benefit from reducing uncertainty, which can be compared with the cost of obtaining it.
- That reframing is the value of information: an observation is worth its cost only when the expected improvement in the decision exceeds it.
- Pilot Option Probe
- The discipline that keeps it honest is the expected-value-of-information test: run the probe only when its result could actually change the choice, size it to the value of that information, and treat scale-dependent effects as unresolved rather than as passed.
This sourceValues information by how reducing uncertainty can alter a decision and improve its expected economic consequence.
- The discipline that keeps it honest is the expected-value-of-information test: run the probe only when its result could actually change the choice, size it to the value of that information, and treat scale-dependent effects as unresolved rather than as passed.
- Research Continuation Gate
- It is a practical reading of the value of information: a study is worth running only when the expected value of what it teaches exceeds its cost.
This sourceValues information by combining uncertainty with the economic consequences of decisions, thereby bounding what it is worth paying to reduce uncertainty.
- It is a practical reading of the value of information: a study is worth running only when the expected value of what it teaches exceeds its cost.
Verification¶
Does it exist? Confirmed. This work's DOI resolves to a registered record, which fixes its identity. That is all it fixes.
Does it back the claim? Read against the text for 1 of 4 citations: 1 supported in part. Each verdict is shown under its citation below, with what in the work backs the sentence.
Support is checked per citation rather than per work — the same source can be cited soundly in one article and wrongly in another. Per-citation recording began recently, so a citation with no recorded check is a gap in the record rather than evidence it went unchecked.
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