Expected Value Of Sample Information
In decision theory, the expected value of sample information (EVSI) is the expected increase in utility that you could obtain from gaining access to a sample of additional observations before making a decision. The additional information obtained from the sample may allow you to make a more informed, and thus better, decision, thus resulting in an increase in expected utility. EVSI attempts to estimate what this improvement would be before seeing actual sample data; hence, EVSI is a form of what is known as preposterior analysis.
Read more about Expected Value Of Sample Information: Formulation, Computation, Example, Historical Background, Comparison To Related Measures
Famous quotes containing the words expected, sample and/or information:
“What is a country without rabbits and partridges? They are among the most simple and indigenous animal products; ancient and venerable families known to antiquity as to modern times; of the very hue and substance of Nature, nearest allied to leaves and to the ground,—and to one another; it is either winged or it is legged. It is hardly as if you had seen a wild creature when a rabbit or a partridge bursts away, only a natural one, as much to be expected as rustling leaves.”
—Henry David Thoreau (1817–1862)
“All that a city will ever allow you is an angle on it—an oblique, indirect sample of what it contains, or what passes through it; a point of view.”
—Peter Conrad (b. 1948)
“Information networks straddle the world. Nothing remains concealed. But the sheer volume of information dissolves the information. We are unable to take it all in.”
—Günther Grass (b. 1927)