BayesFusion Support Forum

The reason is that VOI is calculated as the difference between the expected utility or expected monetary value of the information-gathering alternative (info) and the non-info gathering alternative (no_info). For linear value functions, which are equivalent to expected monetary value this difference ...

What language/syntax does SMILE use?

I have a GeNIe influence diagram that I would like to run several times, iterating through many different values for a pair of model parameters, calculating the value of information each time. Is this possible working with GeNIe? With SMILE?

The one remaining is: does GeNIe compute VOI for nonlinear utility/value functions?

Yes.

Actually, I doubt this. Remember that for a nonlinear utility/value function, you cannot simply take the difference of the utilities and infer VOI. Can GeNIe compute certainty equivalents? For a utility ...

Given an influence diagram that has a probabilistic node with several possible outcomes and an expected utility node as its child, how is expected utility calculated?

I would have expected: sum{j}{p_ j * u(x_ j) }, where the j denote the outcomes, the u(x_ j) denote the tabulated utilities for the ...

Actually, your response answered most of my questions. The one remaining is: does GeNIe compute VOI for nonlinear utility/value functions?

I've created an influence diagram and am trying to compute value of information associated with the Node "Downstream Water Clarity". The VOI would be computed in "value" or "utility" units. When the value of this node is known with certainty, the decision changes; yet, VOI is computed as zero. Does ...