Assessment of Risk of Misinforming: Dynamic Measures

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Copyright: 2024
Pages: 11
Source title: Quantitative Measures and Warranty Coverage of the Risk of Misinforming
Source Author(s)/Editor(s): Dimitar Grozdanov Christozov (American University in Bulgaria, Bulgaria)
DOI: 10.4018/978-1-6684-8800-3.ch010

Keywords: Communications Theory / Information Science Reference / Information Value & Quality / Library & Information Science

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Abstract

This chapter discusses some ideas regarding how to model the changes of the value of misinforming after the wrong purchase decision is made. How the likelihood and impact of the risk changes as a result of adoption of the newly acquired product during the initial period of using it. Changes in assessment of a product's suitability are considered for the two categories of users – optimists and pessimists. The role of encouraging pessimists to purchase the product by providing incentives in the form of warranty that offer free trial period may serve as a bridge to the fourth part of the book.

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Assessment of Risk of Misinforming: Dynamic Measures

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