re: #2, VoI doesn’t need to be constrained to be positive. If in expectation you think the information will have a net negative impact, you shouldn’t get the information.
re: #3, of course VoI is subjective. It MUST be, because value is subjective. Spending 5 minutes to learn about the contents of a box you can buy is obviously more valuable to you than to me. Similarly, if I like chocolate more than you, finding out if a cake has chocolate is more valuable for me than for you. The information is the same, the value differs.
RE “re: #3”, my point was that it doesn’t seem like VoI is the correct way for one agent to think about informing ANOTHER agent. You could just look at the change in expected utility for the receiver after updating on some information, but I don’t like that way of defining it.
re: #2, VoI doesn’t need to be constrained to be positive. If in expectation you think the information will have a net negative impact, you shouldn’t get the information.
re: #3, of course VoI is subjective. It MUST be, because value is subjective. Spending 5 minutes to learn about the contents of a box you can buy is obviously more valuable to you than to me. Similarly, if I like chocolate more than you, finding out if a cake has chocolate is more valuable for me than for you. The information is the same, the value differs.
FWICT, both of your points are actually responses to be point (3).
RE “re: #2”, see: https://en.wikipedia.org/wiki/Value_of_information#Characteristics
RE “re: #3”, my point was that it doesn’t seem like VoI is the correct way for one agent to think about informing ANOTHER agent. You could just look at the change in expected utility for the receiver after updating on some information, but I don’t like that way of defining it.