Comparison To Related Measures
Expected value of sample information (EVSI) is a relaxation of the expected value of perfect information (EVPI) metric, which encodes the increase of utility that would be obtained if one were to learn the true underlying state, . Essentially EVPI indicates the value of perfect information, while EVSI indicates the value of some limited and incomplete information.
The expected value of including uncertainty (EVIU) compares the value of modeling uncertain information as compared to modeling a situation without taking uncertainty into account. Since the impact of uncertainty on computed results is often analysed using Monte Carlo methods, EVIU appears to be very similar to the value of carrying out an analysis using a Monte Carlo sample, which closely resembles in statement the notion captured with EVSI. However, EVSI and EVIU are quite distinct—a notable difference between the manner in which EVSI uses Bayesian updating to incorporate the simulated sample.
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