Expected value of sample information
- Expected value of sample information
In decision theory, the expected value of sample information (EVSI) is the price that one would be willing to pay in order to gain access to a sample from the distribution about which the prediction has to be made. For example, if one needs to predict whether a coin is fair, a valuable sample might be the result (number of heads and number of tails) of a number of flips that were done with the coin.
The expected value of sample information is defined to be the difference between the expected value "given" the sample information and the expected monetary value (without that information)::
ee also
*Expected value of perfect information
References
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