<p>This paper considers decision problems involving partial information, and presents a conception of commodification of information under which a buyer with limited probabilistic sophistication can reduce any resulting ambiguity through purchases of new probabilistic information. In the specific formulation articulated herein, a lottery of information batches helps overcome the induced holdup during the contracting process. Under the proposed formulation, additional noise in the lottery leads to a reduction in the randomness of the buyer’s ambiguity by the introduction of an expectation operator for random sets of beliefs. We show that the buyer’s utility function for information, formalized as Hurwicz expected utility, is monotone, continuous and linear in information. We then discuss the value of information within the corresponding decision problem and contrast it with the influential formulation of Radner–Stiglitz.</p>