Applied Information Economics: A Universal Approach to Measurement Define the decision. Determine what you know now. Compute the value of additional information. (If none, go to step 5.) Measure where information value is high. (Return to steps 2 and 3 until further measurement is not needed.) Make a decision and act on it. (Return to step 1 and repeat as each action creates new decisions.) Each of these steps will be explained in more detail in chapters to come. But, in short: measure what matters, make better decisions. My hope is that as we raise the curtain on each of these steps in the
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