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The Impact of Testing Errors on Value of Information: A Quality-Control Example

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  • Gaba, Anil
  • Winkler, Robert L

Abstract

In this article, we extend recent work on the inferential impact of errors in data to a decision-making setting. In the context of a simple quality-control example, we illustrate how errors can cause substantial reductions in the value of information from a sample and how uncertainty about error rates can lead to yet further reductions in EVSI. Moreover, we extend the notion of an equivalent error-free sample size (which indicates the reduction in effective sample size due to errors) from an inferential framework to a decision-making framework and find that as uncertainty about error-rate parameters increases, reductions in effective sample size are even greater for a decisionmaker than the inferential measures suggest. Copyright 1995 by Kluwer Academic Publishers

Suggested Citation

  • Gaba, Anil & Winkler, Robert L, 1995. "The Impact of Testing Errors on Value of Information: A Quality-Control Example," Journal of Risk and Uncertainty, Springer, vol. 10(1), pages 5-13, January.
    • Handle: RePEc:kap:jrisku:v:10:y:1995:i:1:p:5-13
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    Cited by:

    1. T. Pham-Gia & N. Turkhan, 2005. "Bayesian decision criteria in the presence of noises under quadratic and absolute value loss functions," Statistical Papers, Springer, vol. 46(2), pages 247-266, April.

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