When More Is Better

Michael Jones ()
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Michael Jones: University of Cincinnati

Chapter Chapter 5 in More Judgment Than Data, 2022, pp 63-81 from Springer

Abstract: Abstract After exploring how people themselves can present a challenge to processing more data, we now discuss an approach to address the remaining economic constraints in the decision-making framework of the OODA (Observe, Orient, Decide, Act) loop. Time, money, and resources are all used to create and analyze data. Because individuals only possess a limited amount of these, the degree to which they are deployed will require a cost–benefit analysis. Only when the benefits of more data exceed the costs should decision-makers use the necessary time, money, and resources for the creation of more data. This chapter introduces many benefits of possessing more data.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-99472-3_5

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DOI: 10.1007/978-3-030-99472-3_5

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