Bayesian Decision Analysis

Quantifying the Expected Value of Information

TLDR We sometimes have the option to purchase additional information (like paying for an experiment to be performed, or for a report from an expert consultant) to help us in problems of decision making under uncertainty.

Inspection Planning of Hazardous Locations Using a Value of Information Analysis

Extension of Bayesian decision theoretic framework to account for risk of inspection activities in quantifying the expected value of information.