Abstract
Individuals constantly exchange information, goods, and services. Possessing information about these often results in more beneficial exchanges. An individual’s assets and income are often used to obtain goods, such as food or housing, or to obtain services, such as a paying someone to improve one’s residence. An asset, such as possessed information, may prove useful for its possessor, with the economic value of the information often being dependent on the value or expected value of actions or decisions that are made, or might be made, using the information. By value in this chapter we always mean the economic benefit or worth, rather than the characteristics of a variable, such as that x is 3.
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Notes
- 1.
4 islands times \(\frac{1}{2}\) and 0 island times \(\frac{1}{2}\) which is \(4 \times \frac{1}{2} + 0 \times \frac{1}{2} = 2\) islands.
- 2.
\(6 \times \frac{1}{3} + 3 \times \frac{2}{3} = 4.\)
- 3.
\( - \sum _{i=1}^{8} \frac{1}{8} \log _{2} \frac{1/8}{1/2} = 2 \) bits.
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© 2012 Springer-Verlag Berlin Heidelberg
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Losee, R.M. (2012). Economic Value. In: Information from Processes. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-31190-1_6
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DOI: https://doi.org/10.1007/978-3-642-31190-1_6
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Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-31189-5
Online ISBN: 978-3-642-31190-1
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