Noisy information value in utility-based decision making

  • Authors:
  • Clayton T. Morrison;Paul R. Cohen

  • Affiliations:
  • USC Information Sciences Institute, Marina del Rey, CA;USC Information Sciences Institute, Marina del Rey, CA

  • Venue:
  • UBDM '05 Proceedings of the 1st international workshop on Utility-based data mining
  • Year:
  • 2005

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Abstract

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.