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SIMULATION OF INFORMATION CHOICE
Author(s) -
Fellingham John C.,
Mock Theodore J.,
Vasarhelyi Miklos A.
Publication year - 1976
Publication title -
decision sciences
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.238
H-Index - 108
eISSN - 1540-5915
pISSN - 0011-7315
DOI - 10.1111/j.1540-5915.1976.tb00672.x
Subject(s) - computer science , value of information , variety (cybernetics) , decision maker , optimal decision , operations research , decision analysis , decision support system , value (mathematics) , decision rule , management science , mathematical optimization , data mining , machine learning , artificial intelligence , decision tree , mathematical economics , mathematics , economics
Beginning with the information economics framework and a multi‐period decision model [15], this paper considers the use of computer simulation methods within an information system choice environment. Actual decision behavior is replaced by optimal decision rules, and simulation is used to evaluate the effects of parameter changes in the environmental model. Simulation is shown to be functional (1) in estimating the value of alternative information structures within a fifteen period decision model and (2) in providing sensitivity and statistical data which would be useful both for different decision maker utility functions and for a variety of information system design questions.