The expected value of sample information (EVSI)can be used to
A)establish a maximum amount to spend on additional information.
B)calculate conditional probabilities.
C)establish risk avoidance.
D)provide points on a utility curve.
E)None of the above

Question

Quizplus · Accepted Answer

The expected value of sample information (EVSI) is used to calculate the maximum amount of money that should be spent on obtaining additional information before making a decision. It helps in determining the value of the additional information and whether it is worth the cost. Therefore, it is useful for establishing a maximum amount to spend on additional information.

The Expected Value of Sample Information (EVSI)can Be Used to