Decisions and Information
Decisions and Information
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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