Value of control

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The value of control is a quantitative measure of the value of controlling the outcome of one or more clearly defined uncertain variables in the context of a given decision basis (eg, a basic relevance diagram). Decision theory provides a means for calculating the value of both perfect and imperfect control. The former value, informally known as the value of wizardry, is an upper bound for the latter. Obtaining meaningful value-of-control measurements requires an awareness of important restrictions (about the nature of free will and the meaning of counterfactual statements) on the validity of this kind of analysis. The value of perfectly controlling an uncertain variable is also an upper bound on its value of perfect information.

See also: clairvoyant, clarity test and wizard.