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Information Procurement Decisions

In: Solving Complex Decision Problems

Author

Listed:
  • Rudolf Grünig
  • Richard Kühn

    ((1939−2023))

Abstract

This chapter introduces information procurement decisions. In such decisions, the actor must choose whether to decide based on the available information or to obtain additional information. First, it is shown that an information procurement problem is overlaying another decision problem and that information procurement decisions are therefore meta-decisions. Then, the analytical approach of Bayes for deciding on additional information is introduced. The chapter concludes with a heuristic approach for deciding on additional information.

Suggested Citation

  • Rudolf Grünig & Richard Kühn, 2025. "Information Procurement Decisions," Springer Books, in: Solving Complex Decision Problems, edition 0, chapter 11, pages 103-110, Springer.
    • Handle: RePEc:spr:sprchp:978-3-662-71620-5_11
    DOI: 10.1007/978-3-662-71620-5_11
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