The __________ provides us with an upper limit for how much we should pay for additional information to improve our decision.
A)expected value of perfect information (EVPI)
B)expected value under risk (EVUR)
C)expected value under certainty (EVUC)
D)expected monetary value (EMV)

Question

Quizplus · Accepted Answer

The Expected Value of Perfect Information (EVPI) gives us the maximum amount we should be willing to pay for information that would make our decision-making process perfect, essentially providing an upper limit on the value of additional information.

The __________ Provides Us with an Upper Limit for How