EV with PI is
1) No answer text provided
2) the expected value of the payoffs if we could determine which state would occur
Expert Answer
Ans: Expected value of perfect information is the extra value that a decision maker has to pay to get information of best possible options in an uncertain situation. It is defined as
EVPI = EV with perfect information – Best EV without information.
Here the first term is the EV when one knows the best option in each scenario, while in second term, the EV is with uncertainty.