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What is the Expected Value of Sample Information? What do you compare it to in order...

What is the Expected Value of Sample Information? What do you compare it to in order to calculate its efficiency?

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Answer #1

Expected value of sample information (EVSI) - It is related with the decision thoery. It the benefit derived from the additional sample of observations. The information provided by the sample information will increase if more number of element is added into the sample onservation.

We know if the sample size will increase the decisoin uncertainity will reduce and the decision will more approach to certainity. So, we need to increase the sample size or look for additional samples as it reduces the probability and expected loss of making inefficient decision.

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