Talking Turkish Names

I once read about how to price the “Information gap”. Basically it went like this: You enumerate the possibilities in a situation and assign probabilities and resultant expected values for each eventuality. In one main brach, you assume that you have no information and in the other branch you assume that you have full information, generated by research. The difference in total expected value between the two branches gives you the “information gap”. In other words you can spend research money up to that value because research will pay for itself.  The Times [of London] had yesterday an interesting piece that reminded me of the concept of this information gap. Apparently, following a series of misrepresentation scandals, the BBC is to buy training to teach its staff the importance of telling the truth. The training will cost 1 million pounds sterling.