Entropy, Economics, Physics
CALIFORNIA UNIV LOS ANGELES WESTERN MANAGEMENT SCIENCE INST
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The entropy formula of information theory measures, in the limit, the minimum expected number of symbols needed to store or transmit a long sequence of decodable messages. It is not related to other quantities, also relevant to the cost, or relevant to the benefit, of information. And if it is at all useful to compare degrees of uncertainty, any concave symmetric function on probability space has the intuitively desirable properties.