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Risk and Uncertainty

8.2 Imperfect information

 Perfect information is only rarely accessible. In fact, information sources such
as market research or industry experts are usually subject to error.

 Market research findings, for example, are likely to be reasonably accurate but
they can still be wrong.

 Therefore, our analysis must extend to deal with imperfect information. The
question is as follows: how much would it be worth paying for such
imperfect information, given that we are aware of how right or wrong it is
likely to be?

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