The average decision maker and its properties utilizing the generalized information system model

Marshall C. Yovits and Robert M. Kleyle

Journal of the American Society for Information Science, 1993, vol. 44, issue 6, 352-363

Abstract: This article emphasizes and expands upon two important concepts suggested in previous work; namely, the average decision maker and the information state. We have taken a new approach to these topics to make them more precise and scientifically and mathematically tractable and coherent. We are able to identify many of their essential properties. In particular we establish ten important properties of the average decision maker. At the same time we have made more precise some of our previously proposed measures including decision maker effectiveness and the information measure. Our approach emulates, in the information universe, the general paradigms of the physical world. We treat the decision model and the relationship of information to decision making recognizing the probabilistic nature of information and the wide spectrum of effectiveness of decision makers for any decision making problem. The information state is defined in terms of the decision maker's probability of choice of various courses of action. These probabilities also define the information measure as well as the decision maker effectiveness. © 1993 John Wiley & Sons, Inc.

Date: 1993
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https://doi.org/10.1002/(SICI)1097-4571(199307)44:63.0.CO;2-P

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Persistent link: https://EconPapers.repec.org/RePEc:bla:jamest:v:44:y:1993:i:6:p:352-363

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