Abstract
The words ‘amount of information’, ‘value of information’, ‘cost of information’, ‘piece-wage to the informant’ have been much in use recently, but the relations between these quantities are not always made clear. Perhaps an attempt at clarification is in order. Though for some listeners it will elaborate the obvious, the attempt seems to be justified by the existing state of discussion.1
Author’s note: The paper, completed during the author’s year on a rotating visiting research professorship at Carnegie Institute of Technology, was started under a contract of the Office of Naval Research with the Cowles Foundation for Research in Economics. Acknowledgments are due to my colleagues at the Cowles Foundation, M. Beckmann, G. Debreu, C. B. McGuire, J. Harsanyi, and R. Radner, and to a correspondence with C. B. Tompkins. See also the author’s earlier paper [1954] and, of course, L. J. Savage’s book [1954], especially Chapters 6–7.
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© 1974 D. Reidel Publishing Company, Dordrecht, Holland
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Marshak, J. (1974). Remarks on the Economics of Information (1959). In: Economic Information, Decision, and Prediction. Theory and Decision Library, vol 7-2. Springer, Dordrecht. https://doi.org/10.1007/978-94-010-9278-4_6
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