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TTImi TTImi
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6 years ago
Describe the meaning of EVPI.
 
  What will be an ideal response?
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6 years ago
EVPI is defined as the expected value of perfect information. It is found by taking the expected value with perfect information and subtracting the maximum expected monetary value (EMV) from it, and it is the maximum amount that we would be willing to pay for additional (perhaps, perfect) information.
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