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An Example of the Value of Information

Using "expected value" to determine the value of information. Examples: Without information, should we drill for oil or not? With geological information, should we drill or not?

Author(s):

Ted Bainbridge, Ph.D.

Date Accepted: 2017-04-18 Grade Group: High School (9-12) Benchmarks: M1.4.2 M3.4.1 M7.4.10 M7.4.13 Keywords: conditional probabil probability expected value value of information risk PDF Document: 09_22_16_2_2.pdf