EXPECTED VALUE OF SAMPLE INFORMATION IN FACILITY LOCATION

Expected Value of Sample Information in .facility

In this paper we discuss the stochastic facility location model in which the distances between the facility and demand points are rectangular and each weight is normlilly distributed independent random variable with unknown mean and known variance. We are interested in rmding the value of information. In general, perfect information is not attainable, but sample information may be obtained. Thu...

Expected Net Present Value of Sample Information

Expected value of sample information calculations in medical decision modeling.

There has been an increasing interest in using expected value of information (EVI) theory in medical decision making, to identify the need for further research to reduce uncertainty in decision and as a tool for sensitivity analysis. Expected value of sample information (EVSI) has been proposed for determination of optimum sample size and allocation rates in randomized clinical trials. This art...

Expected value of sample information for Weibull survival data.

Expected value of sample information (EVSI) involves simulating data collection, Bayesian updating, and re-examining decisions. Bayesian updating in Weibull models typically requires Markov chain Monte Carlo (MCMC). We examine five methods for calculating posterior expected net benefits: two heuristic methods (data lumping and pseudo-normal); two Bayesian approximation methods (Tierney & Kadane...

Estimating the Expected Value of Sample Information Using the Probabilistic Sensitivity Analysis Sample

In the Ades et al. method we calculate, for each sampled dataset, either the exact posterior expected net benefit for each decision option, or some close analytic approximation. We denote the analytically calculated posterior expected net benefit for data sample k and decision option d as NB