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Keywords: expected value of information
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Journal Articles
Publisher: ASME
Article Type: Research Papers
J. Mech. Des. October 2010, 132(10): 101009.
Published Online: October 5, 2010
...Shun Takai This paper presents the use of a mathematical model in updating a decision maker’s belief before selecting a product/system concept and demonstrates a procedure to calculate the maximum monetary value of such a model in terms of the expected value of information. Acquiring information...