The value of information in economic contexts
Conference paper
Behringer, S. and Belavkin, R.V. 2025. The value of information in economic contexts. 43rd International Workshop on Bayesian Inference and Maximum Entropy Methods in Science and Engineering. Ghent, Belgium 01 - 05 Jul 2024 MDPI. https://doi.org/10.3390/psf2025012006
| Type | Conference paper |
|---|---|
| Title | The value of information in economic contexts |
| Authors | Behringer, S. and Belavkin, R.V. |
| Abstract | This paper explores the application of the Value of Information, (VoI), based on the Claude Shannon/Ruslan Stratonovich framework within economic contexts. Unlike previous studies that examine circular settings and strategic interactions, we focus on a non-strategic linear setting. We employ standard economically motivated utility functions, including linear, quadratic, constant absolute risk aversion (CARA), and constant relative risk aversion (CRRA), across various priors of the stochastic environment, and analyse the resulting specific VoI forms. The curvature of these VoI functions play a decisive role in determining whether acquiring additional costly information enhances the efficiency of the decision making process. We also outline potential implications for broader decision-making frameworks. |
| Sustainable Development Goals | 9 Industry, innovation and infrastructure |
| Middlesex University Theme | Creativity, Culture & Enterprise |
| Conference | 43rd International Workshop on Bayesian Inference and Maximum Entropy Methods in Science and Engineering |
| Proceedings Title | Physical Sciences Forum 12, no. 1: The 43rd International Workshop on Bayesian Inference and Maximum Entropy Methods in Science and Engineering |
| ISSN | |
| Electronic | 2673-9984 |
| Publisher | MDPI |
| Publication dates | |
| Online | 23 Sep 2025 |
| Publication process dates | |
| Accepted | 2025 |
| Deposited | 30 Sep 2025 |
| Output status | Published |
| Publisher's version | License File Access Level Open |
| Copyright Statement | © 2025 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). |
| Digital Object Identifier (DOI) | https://doi.org/10.3390/psf2025012006 |
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