in the ordering di is made after knowing uj if and only if di comes after uj in the ordering Consider cases where the decision-maker is enabled to know the outcome of some additional uncertainties earlier in his/her decision situation, i.e., some ui are moved to appear earlier in the ordering. In such case, VoC is quantified as the highest price which the decision-maker is willing to pay for all those moves. Generalized The standard then is further generalized in team decision analysis framework where there is typically incomplete sharing of information among team members under the same decision situation. In such case, what is made or known might not be known in later decisions belonging to different team members, i.e., there might not exist linear ordering of decisions and uncertainties satisfying perfect recall assumption. VoC thus captures the value of being able to know "not only additional uncertainties but also additional decisions already made by other team members" before making some other decisions in the team decision situation. Definitions in other domains In the field of the Internet of Things and sensor networks, the concept of value of information (VoI) has started to attract attention recently. In their paper of 2022, Alawad and Kraemer discussed the definitions of VoI in the context of sensor networks, as well as its applications and use cases. Their work shed some light on the connection between VoI and machine learning models. Characteristics There are four extremely important characteristics of VoI that always hold for any decision situation: The value of information can never be less than zero since the decision-maker can always ignore the additional information and make a decision as if such information is not available. No other information gathering/sharing activities can be more valuable than that quantified by value of clairvoyance. Observing multiple new evidences yields the same gain in maximum expected utility regardless of the order of observation. The VOI of observing two new evidence variables is not additive. Instead it is equivalent to observing one, incorporating it into our current evidence, then observing the other. Computation VoC is derived strictly following its definition as the monetary amount that is big enough to just offset the additional benefit of getting more information. In other words; VoC is calculated iteratively until "value of decision situation with perfect information while paying VoC" = "value of current decision situation". A special case is