The Marginal Utility of Information: Its Effects upon Decision‐Making*
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This paper specifies how the importance or marginal utility of information can change as a function of both its amount and evaluation. Three simple mathematical models are presented: each describes a different relation between decision‐making and the amount and evaluation of information available to actors. The model which best describes the data suggests that it cannot be assumed that information of the same type necessarily has the same weight or utility for actors' decision‐making. Copyright © 1980, Wiley Blackwell. All rights reserved
author list (cited authors)
Martin, M. W., & Sell, J.