A decision-maker should acquire new information:
A)only if it can be acquired at a low cost.
B)only if its expected value is greater than its cost.
C)whenever the information will have an impact on the manager's decision.
D)only if the information is falsifiable.
E)only if the expected value without the information is positive.

Question

Quizplus · Accepted Answer

A decision-maker should acquire new information only if its expected value is greater than its cost, meaning the benefits outweigh the costs. This is the most rational and efficient use of resources for decision-making.

A Decision-Maker Should Acquire New Information