Analysis of the value of information

Authors

  • László Cselők Csokonai Vitéz Mihály Teachers’ Training College, H-7400 Kaposvár, Bajcsy-Zs. u.10., Pannon University of Agriculture, Faculty of Animal Science, H-7400 Kaposvár, Guba S.u.40. , Csokonai Vitéz Mihály Tanítóképző Főiskola, 7400 Kaposvár, Bajcsy-Zs. u. 10., Pannon Agrártudományi Egyetem, Állattenyésztési Kar, 7400 Kaposvár, Guba S. u. 40.

Keywords:

information, expected value, income

Abstract

Information, which means the interpretation of different data by people, represents different values for different users. The determination of the value of information is subjective for two reasons. It is difficult to determine the volume of profit gained by having the information, while the value of information is also influenced by its authenticity. This article describes a method for objective decision-making, using the theory of probability to determine the value of information. The value of information is determined by the analysis of the expected value of the income. Changes in the expected value of the income are presented in the form of four cases, in which the degree of available information is varied. Information can be absolutely reliable, unreliable, absolutely incorrect or missing. The value of information is then determined by the increase in the expected value of the income.

Author Biography

  • László Cselők, Csokonai Vitéz Mihály Teachers’ Training College, H-7400 Kaposvár, Bajcsy-Zs. u.10., Pannon University of Agriculture, Faculty of Animal Science, H-7400 Kaposvár, Guba S.u.40., Csokonai Vitéz Mihály Tanítóképző Főiskola, 7400 Kaposvár, Bajcsy-Zs. u. 10., Pannon Agrártudományi Egyetem, Állattenyésztési Kar, 7400 Kaposvár, Guba S. u. 40.

    cselok@csoki.csvmtkf.hu

References

Kovács, G. (1994). Gazdasági informatika mezőgazdasági alkalmazásokkal. Gödöllői Agrártudományi Egyetem, Gödöllő, 210.

Neumann, J., Morgenstern, O. (1944). Theory of Games and Economic Behavior. Princeton University Press, Princeton, 350.

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Published

1999-02-15

Issue

Vol. 3 No. 1 (1999): Acta Agraria Kaposváriensis

Section

Articles

License

Copyright (c) 1999 Cselők László

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

How to Cite

Cselők, L. (1999). Analysis of the value of information. Acta Agraria Kaposváriensis, 3(1), 61-71. https://journal.uni-mate.hu/index.php/aak/article/view/1354