Information Procurement Decisions

Rudolf Grünig () and Richard Kühn ()
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Rudolf Grünig: University of Fribourg

Chapter 13 in Successful Decision-Making, 2013, pp 159-168 from Springer

Abstract: Abstract Chapter 13 introduces into information procurement decisions. Such decisions come up in the context of “normal” decision problems: The actor has to choose whether to decide on the basis of the existing information or to invest time and money in gaining additional information. Following the introduction into this issue, the approach of Bayes is explained. Based on Bayes’ decision theory, practical recommendations are deducted.

Keywords: Procedural Information; Successful Product Launch; Actor Knows; Single Decision Criterion; Complete Decision Tree (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-642-32307-2_13

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DOI: 10.1007/978-3-642-32307-2_13

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