A Semiotic Approach to Valuing Information in Decision Analysis with Concerning Intrinsic Characteristics of Information

Binbin Liu and Keiichi Nakata
Informatics Research Centre
Henley Business School
University of Reading

Abstract: Assigning value to information is a process of sign interpretation especially in decision analysis, which is determined by the decision context. Modelling the value of information faces a great challenge because of the intangible nature of the information. Much research has assessed the information value by many different techniques, each of which has advantages and limitations, but little regards the semiotic analysis or considers jointly the decision analysis and the intrinsic characteristics of information. This paper, thus, aims to demonstrate and implement a semiotics based approach for information value modelling. Through assessing the attributes of the information, analysing the outcomes of the decisions, and calculating the information gain in the decision context, the paper attempts to interpret information characteristics and decision context into the science of information value.

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