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An Example of the Value of Information

Using "expected value" to determine the value of information. Examples: Without information, should we drill for oil or not? With geological information, should we drill or not?

Grade Level: High School (9-12)
Curriculum Topic Benchmarks: M1.4.2, M3.4.1, M7.4.10, M7.4.13
Subject Keywords: conditional probabil, Probability, expected value, value of information, risk, attitudes toward risk

Author(s): Ted Bainbridge, Ph.D.
PUMAS ID: 09_22_16_2
Date Received: 2016-09-22
Date Revised: 2017-04-18
Date Accepted: 2017-04-18

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