The Value of Information in Human-AI Decision-making

Multiple agents -- including humans and AI models -- are often paired on decision tasks with the expectation of achieving complementary performance, where the combined performance of both agents outperforms either one alone. However, knowing how to improve the performance of a human-AI team is often difficult without knowing more about what particular information and strategies each agent employs. We provide a decision-theoretic framework for characterizing the value of information -- and consequently, opportunities for agents to better exploit available information -- in AI-assisted decision workflows. We demonstrate the use of the framework for model selection, empirical evaluation of human-AI performance, and explanation design. We propose a novel information-based explanation technique that adapts SHAP, a saliency-based explanation, to explain information value in decision making.