Question

It seems obvious that if you can purchase information before making an ultimate decision, this information...

It seems obvious that if you can purchase information before making an ultimate decision, this information should generally be worth something, but explain exactly why (and when) it is sometimes worth nothing.
Math   Statistics-And-Probability   
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Answer #1

Here the cost of information is discussed.
Sometimes information is purchased to make a decision, In some cases it can be helpful and save a company a lot of money.

In other cases, the information purchased is something that is already known, or it does not give precise information.

example:

A market research study where information was collected on a consumer product. The information was grouped into two categories.

category 1: Love it and will buy it again, or like it somewhat, may or may not buy it again.

category 2: A little vague for the company, because they don't know how many from this group will buy their product.
The company will have to do their own test marketing which is what they were trying to avoid by purchasing the information in the first place.

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