An empirical application of the information-structures model: The postal authority case |
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| Affiliation: | 1. Antai College of Economics and Management, Shanghai Jiao Tong University, 200030 Shanghai, People''s Republic of China;2. School of Artificial Intelligence and Automation, Huazhong University of Science and Technology, 430074 Wuhan, People''s Republic of China;3. College of Engineering, Ocean University of China, 266100 Qingdao, People''s Republic of China;4. Department of Chemical Engineering and Biotechnology, University of Cambridge, CB3 0AS, Cambridge, United Kingdom |
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| Abstract: | The information-structures model is one of the fundamental models of information economics and the theory of information systems. It provides a theoretical framework for assessing the normative value of information. This paper applies the information-structures model to quality control attribute sampling, by analyzing a real life situation in the Postal Authority. The paper demonstrates how decision makers can assess the value of information of surveys, their cost effectiveness, and the value of information of a second survey. |
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