Useless Information in Decision Making

I stumbled on an old article On The Pursuit and Misuse of Useless Information. The title lays it out pretty clearly. In ambiguous situations, participants pursued information that would not have impacted decisions of those who knew the information at the outset. 

Further, when the information that was received is "good news" (better than expected at the outset), participants treated it as better than people who received the same "good news" information from the beginning. "Bad news" was also more heavily penalized. 

A extension of this could be: what about when the pursuit of information is costly? How do people weigh gathering more information/waiting vs. risk when it diminishes their rewards? I'm sure this has been tackled at some point.