NASA/DOD Aerospace Knowledge Diffusion Research Project. Paper 24: A general approach to measuring the value of aerospace information products and services

Abstract

This paper discusses the various approaches to measuring the value of information, first defining the meanings of information, economics of information, and value. It concludes that no general model of measuring the value of information is possible and that the usual approaches, such as cost/benefit equations, have very limited applications. It also concludes that in specific contexts with given goals for newly developed products and services or newly acquired information there is a basis for its objective valuation. The axioms and inputs for such a model are described and directions for further verification and analysis are proposed