Explain in general why EVSI is independent of the actual cost of the information. For example, in the Acme problem, EVSI is the same regardless of whether the actual cost of the test market is...


Explain in general why EVSI is independent of the actual cost of the information. For example, in the Acme problem, EVSI is the same regardless of whether the actual cost of the test market is $100,000, $200,000, or any other value. Then explain how EVSI, together with the actual cost of the information, leads to the decision about whether to purchase the information.



May 25, 2022
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