Moral Value of Information

Ausdruck 7: "B" equals normal distribution left parenthesis, "b" Subscript, "m" , Baseline , "b" Subscript, "s" , Baseline , right parenthesis

MittelwertStandardabweichung

I've highlighted the critical part of B that changes your mind. These values of B are impossible to get after the trial, because you would just prescribe A if they occurred. This increases the expected value of the trial.

Ausdruck 9: 0 less than "y" less than left brace, "b" Subscript, "m" , Baseline greater than "a" Subscript, "m" , Baseline : left brace, "x" less than "a" Subscript, "m" , Baseline : "B" .pdf left parenthesis, "x" , right parenthesis , 0 , right brace , left brace, "x" less than "a" Subscript, "m" , Baseline : 0 , "B" .pdf left parenthesis, "x" , right parenthesis , right brace , right brace

Moral Value of information after researching B

Ausdruck 11: "v" equals "B" .cdf left parenthesis, negative 20 , "a" Subscript, "m" , Baseline , right parenthesis times "a" Subscript, "m" , Baseline plus Start integral from "a" Subscript, "m" , Baseline to 20, end integral, "b" times "B" .pdf left parenthesis, "b" , right parenthesis "d" "b"

equals

2.0 8 3 3 1 5 4 7 0 5 9

Marginal value of information for researching B

Ausdruck 13: "v" negative left brace, "b" Subscript, "m" , Baseline greater than "a" Subscript, "m" , Baseline : "b" Subscript, "m" , Baseline , "b" Subscript, "m" , Baseline less than or equal to "a" Subscript, "m" , Baseline : "a" Subscript, "m" , Baseline , right brace

equals

0.0 8 3 3 1 5 4 7 0 5 8 7 9