Emanuele Borgonovo Wins Academic Award

Emanuele Borgonovo, of Bocconi’s Department of Decision Sciences, has been awarded the 2023 Clemen-Kleinmuntz Decision Analysis Best Paper Award for his research paper titled “Information Density in Decision Analysis”, written with Gordon Hazen (Northwestern University) and Xuefei Lu (SKEMA Business School).

When deciding under uncertainty, gathering additional data can lead us to make better choices. The value of information is the quantity that tells us how much such an effort is worth and which information sources we should prioritize. The paper introduces a new notion, information density, that accompanies a value of information analysis. The new notion demonstrates where the information value concentrates and allows us to visualize how an uncertain variable becomes informative. Thus, the value of information from a given source becomes even more transparent.

The Clemen–Kleinmuntz Decision Analysis Best Paper Award is awarded annually for the best paper published in the INFORMS journal Decision Analysis in the previous calendar year. The criteria for the paper most worthy of special recognition are that the paper is foundationally based on decision analysis, that the paper makes an important contribution to theory and/or practice and that the paper is influential to a wide portion of the decision analysis community.