 Expected value of sample information

The Expected Value of Sample Information (EVSI) is a concept used in decision-making and statistics that quantifies the value of obtaining additional information before making a decision. It assesses how much a decision-maker would be willing to pay for the information because it helps in making better decisions. Here's a breakdown of the concept: 1. **Decision Analysis Context**: In situations where decisions are made under uncertainty, having additional information can significantly impact the outcomes. EVSI helps measure that impact.