Value of information
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The value of information is a quantitative measure of the value of knowing the outcome of an uncertainty variable prior to making a decision. Decision theory provides a means for calculating the value of both perfect and imperfect information. The former value, informally known as the value of clairvoyance, is an upper bound for the latter. Obtaining meaningful value-of-information measurements requires an awareness of important restrictions (concerning the nature of free will) on the validity of this kind of information.
