Information Utility based Decision Support Framework

Manish Aggarwal

No WP2016-03-04, IIMA Working Papers from Indian Institute of Management Ahmedabad, Research and Publication Department

Abstract: We introduce a novel entropy framework for the computation of utility on the basis of an agent’s subjective evaluation of the granularized information source values. A concept of evaluating agent as an information gain function of this entropy framework is proposed, which takes as its arguments both an information source value and the agent’s evaluation of the same. A method to determine the agent’s perceived utility values is also developed. Based on these values, several new utility measures are designed for the valuation of the information source values, perceived utilities, and the evaluating agent.

Date: 2016-03-04
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Persistent link: https://EconPapers.repec.org/RePEc:iim:iimawp:14423

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