Abstract
This section investigates the concept of expected value of perfect information. The definition we present here is the definition used in classical decision-analysis courses for decision making under risk.
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For a formal definition of algebra and a thorough overview of the fundamentals of probability theory, we refer the reader to dedicated monographs, such as Malliavin et al. (1995).
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Borgonovo, E. (2017). Value of Information. In: Sensitivity Analysis. International Series in Operations Research & Management Science, vol 251. Springer, Cham. https://doi.org/10.1007/978-3-319-52259-3_11
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DOI: https://doi.org/10.1007/978-3-319-52259-3_11
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