Decision Analysis 2: EMV & EVPI - Expected Value & Perfect Information

In this tutorial, we discuss Decision Making With Probabilities (Decision Making under Risk).
We calculate Expected Monetary Value (EMV) and Expected Value of Perfect Information (EVPI).
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• Decision Analysis 1b: ...
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• Decision Analysis 3: D...
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I have been lost in this topic for weeks, professor could not help me at all, I spent 3.47 minutes and all is cleared. Thank you so much, hope your contributions return to you :)

[@revengergamer-fh8jy]

Speechless at how easily you explained it

[@Silumbe]

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[@ast123f5]

Great explanation, thank you so much!!

[@amyscott7256]

Joshua, thank you! Your videos are the clearest I've found and I truly appreciate your channel. Please keep making them for those of us for whom this doesn't automatically click!

[@walterday8901]

Thanks for this video. I've spent a few hours this morning reading my textbook and various websites, and you just explained this concept more clearly than any of them in under 4 minutes. Awesome.

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Josh, thank you very much for the professional way of explaining it, Our professor took 37 min in a class, and I didn't get it. god bless.

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[@flyhigh651]

Thank you for making the definitions and calculations of EVPI and EVWPI!!! so clear I was having trouble grasping the concept! :D

[@joshemman]

Fly High You're welcome.

[@fahaqaq6298]

sir plz tell me about the probability where 0.2 0.50 and 0.3 came from

[@peekatchu1383]

it will be given in the question

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Simply and beautifully explained , thank you so much . you have just saved me 30 min of reading unnecessary long theory

[@MrGomezzo]

Joshua, I just want to thank you for this and say that your videos were of great help during my graduate studies. Thank you for these videos.

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Thank you so much. I was struggling for so long to learn these concepts and you made it clear in less than 4 minutes. Thanks you!

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Thank you, you explain so well! God bless you more!

[@zacedx]

You saved my life I am eternally grateful!

[@shaekmrsyahoocom]

Hello Joshua! Thank you so much for taking the time to create this video. Not much quality tutorials available online on this topic.

[@Jettaboz]

taught me in 3 minutes what my professor couldnt for a week

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Same🙋🏻‍♀️🙋🏻‍♀️

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Love from Bangladesh ❤️
It helps a lot 💞💞

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[@CarmelCortado]

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30 min and thand you have 3 min vids loving it

[@Jason-bj9zn]

made it much easier to understand than my college professor. thank you!

[@joshemman]

You're welcome 😄

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Simple but clear, thank you so much for the tutorial!

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Simple, lucid & self explanatory

[@pieterjacobs6709]

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Yet another excellent video by Joshua

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[@joshemman]

You're welcome!

[@dbzfreak83]

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[@Spinning_a_yarn]

I think there is an error at 3:04, the calculation for EVwPI is not correct. You should have taken 40 instead of 70

[@joshemman]

Hmmm...it is correct. You choose the best payoff in each state of nature for EVwPI.

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This is clear and easy to understand. Thank you!

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Very helpful, thanks a lot Joshua.

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Brilliantly explained, thank you very much sir

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Welcome

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Nice coverage.

[@oldtimes4474]

Very nicely explained ... Thank you very much..

[@Monoslay]

This was very usefull, thank you!

[@TheAl217]

Thank you for this video. Can you please explain how you calculated the probabilities?

[@Panthergrl99]

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[@alial-ansari8815]

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[@klaudiakrajnik741]

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[@triplediff]

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[@XenoContact]

Great explanation. I would like to know a practical example of the utility of the EVPI please.

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[@junjie2525]

Hi Joshua, thank you so much for your explanation!! It was clear and straight to the point. I wish I can say the same about my textbook .....

[@MrToasty901]

Textbooks suck, videos are better :D

[@danielmoranga7487]

simple and clear, thanks alot

[@kwabenadavid7802]

Thank you very much for your video. But please how do you generate the probabilities of the state of nature

[@RaonGamingOfficial]

Thank you so much sir!

[@joshemman]

Most welcome!

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[@anongmarion2680]

Well explained

[@ALEXANDROSCHATZIXENITIDIS]

Mate GOD BLESS YOU

[@joshemman]

Bless you too, Alexandros. 🙏

[@yi-tingwei2442]

Thanks for your clear tutorial! I’d like to ask since in EMV should invest all in bonds, how should we invest in EVPI? Thank you!

[@joshemman]

EVPI is the value of of perfect information. It is the maximum you should pay for information in general. It is not a decision alternative.

[@yi-tingwei2442]

@@joshemman thank you very much! I think I got my answer in your EVSI video!