Please use this identifier to cite or link to this item: https://hdl.handle.net/20.500.11851/5606
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dc.contributor.authorBakır, Niyazi Onur-
dc.contributor.authorKlutke, G. A.-
dc.date.accessioned2021-09-11T15:19:22Z-
dc.date.available2021-09-11T15:19:22Z-
dc.date.issued2014en_US
dc.identifier.issn2194-5403-
dc.identifier.urihttps://doi.org/10.1007/s10669-013-9478-x-
dc.identifier.urihttps://hdl.handle.net/20.500.11851/5606-
dc.description.abstractBeing able to determine in advance whether certain events occur or not enables a decision maker to reduce the uncertainty of a two-action lottery, although the exact outcome of the lottery may still not be known with certainty. This paper studies the á priori value of information in such a decision making environment. Of interest to the decision maker is to compare the value of information about different events in advance of gathering the information. Using buying price as value of information, we show that when information about the occurrence of two different events are offered to a risk neutral decision maker, the event with a greater contribution in absolute value to the expected value of the lottery has higher value in terms of its buying price. For risk averse decision makers, a preference condition needs to be imposed on the set difference of two events to obtain a generic conclusion. We provide several examples that demonstrate the usefulness of these results. © 2013 Springer Science+Business Media New York.en_US
dc.language.isoenen_US
dc.relation.ispartofEnvironment Systems and Decisionsen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectBuying priceen_US
dc.subjectDecision analysisen_US
dc.subjectEvent informationen_US
dc.subjectTwo-action lotteryen_US
dc.subjectValue of informationen_US
dc.titleBuying Price of Event Information in Two-Action Decision Problemsen_US
dc.typeArticleen_US
dc.departmentFaculties, Faculty of Engineering, Department of Industrial Engineeringen_US
dc.departmentFakülteler, Mühendislik Fakültesi, Endüstri Mühendisliği Bölümütr_TR
dc.identifier.volume34en_US
dc.identifier.issue1en_US
dc.identifier.startpage38en_US
dc.identifier.endpage48en_US
dc.identifier.scopus2-s2.0-84897584806en_US
dc.institutionauthorBakır, Niyazi Onur-
dc.identifier.doi10.1007/s10669-013-9478-x-
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.identifier.scopusqualityQ3-
item.openairetypeArticle-
item.languageiso639-1en-
item.grantfulltextnone-
item.fulltextNo Fulltext-
item.openairecristypehttp://purl.org/coar/resource_type/c_18cf-
item.cerifentitytypePublications-
crisitem.author.dept06.03. Department of Industrial Design-
Appears in Collections:Endüstri Mühendisliği Bölümü / Department of Industrial Engineering
Scopus İndeksli Yayınlar Koleksiyonu / Scopus Indexed Publications Collection
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