Discussion
What is the value of information?
Answer: B
An observation is worth acquiring only if it might change the decision, and its value is the expected gain in utility from acting on it, compared against the cost of obtaining it. Entropy reduction is a related information measure that ignores the decision. Cost is what the value is compared against. That an observation which cannot change the decision is worthless, however informative, is the point most easily missed and the most useful in practice.
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