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Gurus and OraclesThe Marketing of Information$
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Gurus and Oracles: The Marketing of Information

Miklos Sarvary

Print publication date: 2011

Print ISBN-13: 9780262016940

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262016940.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 24 June 2022

Decisions and Information

Decisions and Information

Chapter:
(p.9) 2 Decisions and Information
Source:
Gurus and Oracles
Author(s):

Miklos Sarvary

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262016940.003.0003

This chapter describes how people use information in making decisions, which could be considered as an analysis of consumer behavior which constitutes the basis of all demand analysis. It explains that information only has value to a decision maker if it has the potential to change his decision and that the exact value of information cannot be calculated without knowing the details of the corresponding decision. It also contends that information has three key perceived choice attributes which include reliability, independence, and price.

Keywords:   information, decision making, consumer behavior, demand analysis, reliability, independence, price

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