June 2009
Intermediate to advanced
416 pages
9h 5m
English
Content preview from The Flaw of Averages: Why We Underestimate Risk in the Face of Uncertainty
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PART 3
DECISIONS AND INFORMATION
Information reduces uncertainty. As such, it must be worth something. In fact, most people agree that we now have an information economy. So what’s a fair price for a piece of information? Here’s a clue. If it cannot impact a decision, it’s worthless.
Part 3 formalizes the connection between decisions and information.
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