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
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“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.”
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“So while it is true that children are exposed to more information and a greater variety of experiences than were children of the past, it does not follow that they automatically become more sophisticated. We always know much more than we understand, and with the torrent of information to which young people are exposed, the gap between knowing and understanding, between experience and learning, has become even greater than it was in the past.”
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