Information Analysis Without States of the World
Published Online:1 Jun 1969https://doi.org/10.1287/opre.17.3.413
Abstract
A set of acts is specified. The decision maker can perform an experiment to learn more about his environment before he selects an act. Potential outcomes of each experiment are assumed to be known. Models are provided for determining optimal decision rules and an optimal experiment regardless of whether detailed consequences or states of the world have been formulated.
