Information Procurement Decisions

Rudolf Grünig and Richard Kühn
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Richard Kühn: (1939−2023)

Chapter 11 in Solving Complex Decision Problems, 2025, pp 103-110 from Springer

Abstract: Abstract This chapter introduces information procurement decisions. In such decisions, the actor must choose whether to decide based on the available information or to obtain additional information. First, it is shown that an information procurement problem is overlaying another decision problem and that information procurement decisions are therefore meta-decisions. Then, the analytical approach of Bayes for deciding on additional information is introduced. The chapter concludes with a heuristic approach for deciding on additional information.

Date: 2025
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DOI: 10.1007/978-3-662-71620-5_11

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