Math — Decision Analysis
Expected value and the value of information.
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EV = \sum_i p_i x_i
\text{choose the maximum-EV option}
EVPI = EV_{perfect} - EV_{best}
\text{roll back the decision tree}
Expected value and the value of information.
EV = \sum_i p_i x_i
\text{choose the maximum-EV option}
EVPI = EV_{perfect} - EV_{best}
\text{roll back the decision tree}