**Instructions:** Use this calculator to make a step-by-step calculation of the Expected Value With Perfect Information associated to several decision alternatives under uncertainty. First you need to type the number of decision alternatives and states of nature. Then, you need to specify the corresponding payoff matrix, the probabilities associated to the states of nature and optionally the name of the decision alternatives and states of nature in the form below

## Expected Value WITH Perfect Information

The Expected Value WIth Perfect Information (EVWPI) corresponds to the average payoff if we knew the states of nature in advance. It is computed by computing the maximum value of the payoffs associated to each state of nature, and finding the expected value of those maximum values.

Mathematically, the Expected Value With Perfect Information (EVWPI) is computed as follows:

\[ EVWPI = \sum_{i=1}^k = p_k \cdot max_k \]The expected value of perfect information is related to the expected value of perfect information (EVPI), since \(EVPI = EVWPI - EMV^*\).

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