Everything Has a Price

Michael Jones ()
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Michael Jones: University of Cincinnati

Chapter Chapter 6 in More Judgment Than Data, 2022, pp 83-91 from Springer

Abstract: Abstract Significant benefits accompany more data, but any attempt to acquire more data should be pursued only if the benefits exceed the costs of acquisition. Eventually, there will be a point where the additional costs of acquiring more data will exceed the benefits because the value of additional information diminishes. Costs of data frequently change based on advances in technology and regulations, so the cost–benefit equation for more data should be re-evaluated as often as needed. This chapter describes the different costs that a decision-maker should consider in that evaluation.

Date: 2022
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DOI: 10.1007/978-3-030-99472-3_6

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