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:
“We hear a great deal of lamentation these days about writers having all taken themselves to the colleges and universities where they live decorously instead of going out and getting firsthand information about life. The fact is that anybody who has survived his childhood has enough information about life to last him the rest of his days.”
—Flannery O’Connor (1925–1964)