Information Systems in Management Science—Bayesian Information Economics: An Evaluation
Published Online:1 Jun 1980https://doi.org/10.1287/inte.10.3.93
Abstract
In the columns of this journal Vazsonyi has advocated the use of decision calculus in the economic evaluation of management information systems [Vazsonyi, A. 1976. The decision to inquire. Interfaces7 (1, November) 73–80; Vazsonyi, A. 1978. Geometry of information systems. Part II. Interfaces8 (2) 88–94.]. The reader may also know this calculus under such names as Bayesian Decision Analysis or Information Economics. The purpose of this contribution is to discuss the advantages and disadvantages of such an approach.
