EVOI

AcronymDefinition
EVOIExpected Value of Information
References in periodicals archive ?
The EVOI of this query is $44: this is the amount by which the expected value of the post-query decision, $464 = 0.52 x $396 + 0.48 x $537, improves the expected value of the prequery decision, $420.
Sequential EVOI takes into consideration all possible future questions and answers, providing an optimal trade-off between query costs (the burden of elicitation) and the potentially better decisions one can make with additional preference information.
A myopic strategy selects a query that greedily maximizes its EVOI without considering the impact of future queries (Chajewska, Koller, and Parr 2000; Braziunas and Boutilier 2005).