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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