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Value of Information

In: Sensitivity Analysis

Author

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  • Emanuele Borgonovo

    (Bocconi University)

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.

Suggested Citation

  • Emanuele Borgonovo, 2017. "Value of Information," International Series in Operations Research & Management Science, in: Sensitivity Analysis, chapter 0, pages 93-100, Springer.
    • Handle: RePEc:spr:isochp:978-3-319-52259-3_11
    DOI: 10.1007/978-3-319-52259-3_11
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    Citations

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    Cited by:

    1. Zhu, Xiaoyan & Chen, Zhiqiang & Borgonovo, Emanuele, 2021. "Remaining-useful-lifetime and system-remaining-profit based importance measures for decisions on preventive maintenance," Reliability Engineering and System Safety, Elsevier, vol. 216(C).
    2. Fissler, Tobias & Pesenti, Silvana M., 2023. "Sensitivity measures based on scoring functions," European Journal of Operational Research, Elsevier, vol. 307(3), pages 1408-1423.
    3. Straub, Daniel & Ehre, Max & Papaioannou, Iason, 2022. "Decision-theoretic reliability sensitivity," Reliability Engineering and System Safety, Elsevier, vol. 221(C).
    4. Emanuele Borgonovo & Alessandra Cillo & Curtis L. Smith, 2018. "On the Relationship between Safety and Decision Significance," Risk Analysis, John Wiley & Sons, vol. 38(8), pages 1541-1558, August.
    5. Tobias Fissler & Silvana M. Pesenti, 2022. "Sensitivity Measures Based on Scoring Functions," Papers 2203.00460, arXiv.org, revised Jul 2022.
    6. Zou, Guang & Faber, Michael Havbro & González, Arturo & Banisoleiman, Kian, 2021. "Computing the value of information from periodic testing in holistic decision making under uncertainty," Reliability Engineering and System Safety, Elsevier, vol. 206(C).
    7. Zhu, Tiantian & Haugen, Stein & Liu, Yiliu & Yang, Xue, 2023. "A value of prediction model to estimate optimal response time to threats for accident prevention," Reliability Engineering and System Safety, Elsevier, vol. 232(C).
    8. Silvana M. Pesenti, 2022. "Reverse Sensitivity Analysis for Risk Modelling," Risks, MDPI, vol. 10(7), pages 1-23, July.
    9. Xianzhen Huang & Frank PA Coolen, 2018. "Reliability sensitivity analysis of coherent systems based on survival signature," Journal of Risk and Reliability, , vol. 232(6), pages 627-634, December.
    10. Pesenti, Silvana M. & Millossovich, Pietro & Tsanakas, Andreas, 2019. "Reverse sensitivity testing: What does it take to break the model?," European Journal of Operational Research, Elsevier, vol. 274(2), pages 654-670.
    11. Michael Felix Pacevicius & Marilia Ramos & Davide Roverso & Christian Thun Eriksen & Nicola Paltrinieri, 2022. "Managing Heterogeneous Datasets for Dynamic Risk Analysis of Large-Scale Infrastructures," Energies, MDPI, vol. 15(9), pages 1-40, April.

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