Economic models of information value have had little impact on the theory and practice of MIS. This is due in part to difficulties in operationalizing these models, but more importantly, it is due to problems in the theory that stem from descriptively invalid assumptions. This paper examines those assumptions and reviews five major areas for modification: the decision process, human judgment under uncertainty, the choice of actions, multiple information signal resolution, and multiple decisions over time. Incorporation of valid descriptive assumptions in the economic theory wi I I move the field toward a behaviorally grounded theory of information value.